April 7, 2023
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PayPal is an OF (Original FinTech). Long before Wise, Square, and Stripe, PayPal supported online payments, money transfers, and digital wallets in the late 1990s. Dubbed the “PayPal Mafia,” many former PayPal founders and employees founded and developed other technology companies, including Tesla, LinkedIn, SpaceX, Affirm, Slide, Kiva, YouTube, Yelp, and Yammer. Elon Musk is one of the notable members of the group.
PayPal went public in 2002, and eBay purchased it later that year. PayPal was spun off and regained independence in 2015. Since then, it has grown significantly and spent billions on acquisitions, including Xoom, iZettle, and Honey. PayPal operates in more than 200 markets and is one of the 500 largest corporations by revenue in the U.S.
PayPal’s core offerings have remained the same, i.e., e-commerce payments, local and global money transfers, and digital wallets to send, receive, and hold funds in multiple currencies. It offers credit, debit, and prepaid cards. Customers can purchase cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. SMBs, enterprise, and non-profit customers use PayPal for payment and donation processing, invoicing, fulfillment, loyalty programs, risk/fraud management, dispute resolution, and more.
The sky is the limit for PayPal. It wants to become a “super app” with a range of banking, investment, and insurance products/services to enhance its appeal. It would compete better with Wise, Revolut, Chime, and other challenger banks by taking that approach.
The topic of money transfers gets tricky with PayPal. It’s free to send money with PayPal and Venmo (which PayPal owns) in the same currency. When a currency conversion is necessary, PayPal’s high fees range from 3 to 4 percent. It uses a “wholesale rate” from its bank and tacks on a currency conversion/transaction fee. Xoom’s approach is similar. It states, “In addition to the transaction fee, Xoom also makes money when it changes your send currency into a different currency.” Those scenarios are why I stopped using them and don’t recommend PayPal or Xoom for sending money. Better options exist, including Wise, Remitly, and TransferGo. Each has an affiliate program, which we’ll review later.
PayPal Affiliate Program
In affiliate marketing, PayPal is a standard payment option and an affiliate’s best friend. Many affiliate marketing apps and networks use PayPal Payouts (formerly Mass Pay) to send affiliate commissions in bulk. PayPal’s omnipresence in affiliate marketing gets many people wondering, “Does PayPal have an affiliate program?” or “Does PayPal have a referral program?” The answers may surprise you.
PayPal doesn’t have an affiliate program. However, it could have a private affiliate or partner program with select publishers. PayPal used to have an affiliate program on CJ Affiliate (Commission Junction) and FlexOffers. It was for their Canadian website, PayPal.ca, and they paid $8 to $10 per lead. FlexOffers also had offers for PayPal credit products. When eBay owned PayPal, many affiliates promoted the companies to make money through eBay’s affiliate program.
PayPal has grown so much that it doesn’t need an affiliate program. Affiliate programs are excellent for start-ups seeking to scale. Once a company reaches its growth targets or matures, it may continue or terminate its program. For example, Walmart has a program, whereas Netflix ended its offer years ago.
PayPal Referral Program
PayPal uses referral programs periodically. In the 2000s, users got unlimited bonuses for referring customers. PayPal paid $5 for each conversion.
PayPal has relaunched its referral program, which pays $10 for new users.
PayPal Alternatives
The financial technology sector is exciting, expanding, and lucrative, so you’ll want to explore opportunities. Advertisers in this space typically pay per sale or lead. For instance, a conversion might equate to a new account and deposit. Impact, CJ Affiliate, and FlexOffers attract many financial advertisers.
PayPal’s core offerings include money transfers and online payment services. So, let’s explore substitutes for those categories. Conversely, their credit products and crypto trading are less critical. So, you can read about the best financial and cryptocurrency affiliate programs for alternatives. Like PayPal, customers should be watchful of fees from Payoneer and Skrill. Since they have affiliate programs, I have included them below.
Wise
Wise enables people and businesses to send, receive, and hold money in multiple currencies at midmarket exchange rates and low fees. Customers can also get international bank details and debit cards. Businesses can access invoice and batch payment solutions. Wise outperforms PayPal for international money transfers and offers an excellent alternative to PayPal Payouts. Learn more and join the Wise affiliate program.
- Cost per action (CPA): Cost per transaction
- Commission rate: Starts at £10
- Cookie duration: Lifetime
- Affiliate software/network: Partnerize
Remitly
Remitly is a global payments company that leverages digital channels, including mobile phones, to send money internationally. Delivery options include bank deposit, cash pickup, mobile money, and home delivery. Remitly’s exchange rates and low fees make it a worthy competitor to PayPal. However, it doesn’t advertise services for business customers. Learn more and join the Remitly affiliate program.
- CPA: Cost per transaction
- Commission rate: Up to $20
- Cookie duration: 30 days
- Affiliate software/network: Impact
Shopify Payments
Shopify Payments allows merchants to instantly accept credit cards and other popular payment methods while skipping third-party entities. Shopify Payments integrate seamlessly into the Shopify commerce ecosystem, including online store software, point-of-sale hardware, website hosting, email marketing, drop shipping, and more. Learn more and join the Shopify affiliate program.
- CPA: Cost per sale
- Commission rate: $100
- Cookie duration: 30 days
- Affiliate software/network: Impact
Skrill
Skrill provides digital payment solutions to consumers and businesses around the world. From betting and trading to shopping to gaming, their online and mobile payment solutions help customers make payments when and how they want. Their business solutions let companies of all sizes participate in the global marketplace. Learn more and join the Skrill affiliate program.
- CPA: Cost per transaction
- Commission rate: 20%
- Cookie duration: Undisclosed
- Affiliate software/network: In-house
Square Payments
Square builds essential business tools in unconventional ways so more people can start, run, and grow their businesses. Whether you’re a small business or enterprise, Square accepts card payments fast, painlessly, and securely, with no extra fees or long-term contracts. It supports in-person, online, remote, and manually entered payments through its many POS hardware devices. Cash App is a mobile payment service developed by Square. It allows users to transfer money to one another using a mobile phone app. Learn more and join the Square affiliate program.
- CPA: Cost per sale
- Commission rate: Up $202
- Cookie duration: 45 days
- Affiliate software/network: Impact
TransferGo
TransferGo wants to make sending money abroad quick, easy, and hassle-free. Its product selection for individuals is limited to international money transfers. However, it does support sending money to over 160 countries at competitive rates and low fees. Its batch payments feature allows users to pay up to 50 suppliers or salaries in one go and reach multiple countries with a single local payment. Learn more and join the TransferGo affiliate program.
- CPA: Cost per transaction
- Commission rate: £10
- Cookie duration: 30 days
- Affiliate software/network: Impact
Venmo for Business
Venmo has an affiliate program for its business offerings, i.e., Venmo for Business. VOB enables users to accept payments via the app, online, or in person. Paying through Venmo already has the support of millions of merchants. Venmo also has a referral program where you and your friend can earn five dollars. Learn more and join the Venmo affiliate program.
- CPA: Cost per lead
- Commission rate: Up to $125
- Cookie duration: 30 days
- Affiliate software/network: Impact
Payoneer
Payoneer empowers businesses, online sellers, and freelancers to pay and get paid globally as quickly as they do locally. Its services include receiving/sending cross-border payments, client billing, working capital, tax solutions, and risk management. Learn more about the Payoneer affiliate program. (Note: Payoneer doesn’t disclose critical program details on its affiliate landing page, making the lack of transparency questionable.)
