October 27, 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 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. To enhance its appeal, it wants to become a “super app” with various banking, investment, and insurance products/services. That approach would compete better with Wise, Revolut, Chime, and other challenger banks.
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%. 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 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. Therefore, 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). It was for their Canadian website, PayPal.ca, and they paid $8 to $10 per lead.
FlexOffers had offers for PayPal’s credit products. Finally, when eBay owned PayPal, many affiliates promoted the companies together to make money through eBay’s affiliate program.
PayPal has grown so much that it doesn’t need an affiliate program, whereas 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 occasionally runs referral programs, which pay $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 or deposit. Impact, CJ Affiliate, ShareASale, and FlexOffers have many financial advertisers.
PayPal’s core offerings include money transfers and online payment services. So, let’s explore substitutes for those items. Its credit products and crypto trading are less critical. So, you can read about the best financial and cryptocurrency affiliate programs for alternatives.
Wise
Wise allows 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.
The Wise affiliate program offers the following incentives:
- Cost per action (CPA): Cost per transaction
- Commission rate: Starts at £10
- Cookie duration: Lifetime
- Payout threshold: £30
- 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.
The Remitly affiliate program has the following benefits:
- CPA: Cost per transaction
- Commission rate: Up to $20
- Cookie duration: 30 days
- Payout threshold: $10
- Affiliate software/network: Impact
Shopify Payments
Shopify Payments allows merchants to accept credit cards and other popular payment methods instantly 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.
The Shopify affiliate program is lucrative for these reasons:
- CPA: Cost per sale
- Commission rate: Up to $150
- Cookie duration: 30 days
- Payout threshold: $10
- Affiliate software/network: Impact
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.
The Square affiliate program offers the following benefits:
- CPA: Cost per sale
- Commission rate: Up $202
- Cookie duration: 45 days
- Payout threshold: $10
- 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.
The TransferGo affiliate program offers the following benefits:
- CPA: Cost per transaction
- Commission rate: £10
- Cookie duration: 30 days
- Payout threshold: $10
- Affiliate software/network: Impact
Venmo for Business
Venmo has a referral program. You and your friend can earn $10 through the referral program if the following criteria are met:
- Your friend makes a qualifying payment.
- It must be at least $5.
- A bank account or card must fund it.
- It must be made to another user within 14 days of the referral link creation.
Referrers can earn up to 10 referral bonuses (for a maximum total of $100 in referral bonuses). Additional terms apply.
Skrill
Skrill provides digital payment solutions to consumers and businesses around the world. From betting and trading to shopping to gaming, its online and mobile solutions help customers make payments when and how they want. Its business solutions allow companies of all sizes to participate in the global marketplace.
The Skrill affiliate program offers the following:
- CPA: Cost per transaction
- Commission rate: 20% recurring
- Cookie duration: Undisclosed
- Payout threshold: Undisclosed
- Affiliate software/network: Income Access
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.)
