The New Customer Bounty payment type rewards affiliates for referring new customers to a business, with commissions paid only for new customers and not past ones who have already made purchases.
Affiliates and New Customer Bounty Payment Type
As an entrepreneur, you understand the value of affiliates to your business. Affiliates can be brands, influencers, or individuals who promote your products or services to their followers in exchange for a commission.
One payment type that is becoming popular among many businesses is the New Customer Bounty payment type. This payment type offers affiliates a commission for each new customer they refer who has not previously purchased from your business.
What is the New Customer Bounty Payment Type?
The New Customer Bounty payment type is a commission type that offers affiliates a commission for each new customer they refer to your business. It is a popular payment type because it incentivizes affiliates to bring in new customers, which can help expand your customer base.
This payment type is different from other payment types that offer commissions for all sales referred by affiliates. The New Customer Bounty payment type only rewards affiliates for new customers who have not yet made a purchase from your business.
How Does the New Customer Bounty Payment Type Work?
To use the New Customer Bounty payment type, you need to set up a system that identifies new customers who make a purchase through an affiliate’s referral link. This can be done through tracking software or manually tracking new customers.
Once a new customer is identified, the affiliate who referred them will receive a commission. The commission rate can vary depending on your business’s policies, but it typically ranges from 5%-20% of the customer’s purchase value.
Why Use the New Customer Bounty Payment Type?
The New Customer Bounty payment type offers several benefits to businesses:
- Encourages affiliates to bring in new customers: The commission is only paid out for new customers, which incentivizes affiliates to focus on bringing in new customers to your business.
- Helps expand your customer base: Bringing in new customers can help your business grow and expand its customer base.
- Cost-effective: The commission is only paid out for new customers, which makes it a cost-effective payment type compared to other payment types.
FAQs
What if a customer has made a purchase from my business before, but not through an affiliate’s referral link?
The New Customer Bounty payment type only rewards affiliates for new customers who have not yet made a purchase from your business. If a customer has made a purchase before, they are not eligible for the commission.
How do I set up the New Customer Bounty payment type?
You can set up the New Customer Bounty payment type by creating a system for tracking new customers who make a purchase through an affiliate’s referral link. This can be done through tracking software or manual tracking. Once a new customer is identified, the affiliate who referred them will receive a commission.
What is the typical commission rate for the New Customer Bounty payment type?
The commission rate for the New Customer Bounty payment type can vary depending on your business’s policies. However, it typically ranges from 5%-20% of the customer’s purchase value.
Can I use the New Customer Bounty payment type with other payment types?
Yes, you can use the New Customer Bounty payment type alongside other payment types. For example, you can offer a commission for all sales referred by an affiliate in addition to the commission for new customers referred by the same affiliate.
Final Thoughts
The New Customer Bounty payment type offers several benefits to businesses, including incentivizing affiliates to bring in new customers and helping to expand your customer base. If you’re considering using this payment type, make sure to set up a system for tracking new customers to ensure that commissions are only paid out for new customers who have not yet made a purchase from your business.
