Banking Needs of an Online Affiliate Business:
You will need to pay suppliers including sites that bring you traffic and generate leads like Google or Facebook. As an affiliate business you also need to pay for your IT network, operational costs, social media accounts, content writers, domain, servers and website maintenance. Affiliate businesses will need to pay employees, office staff, lawyers and other service providers.
Affiliate companies need to be able to receive funds from sales through their affiliate programs and from direct customers (B2B). If your affiliate business sells media or traffic to a third party, you may need to receive funds from media brokers. Perhaps your company has digital marketing agencies that pay for your online assets.
What are the Financial and Banking Needs of an Affiliate Marketing Businesses
- Business bank account at a local brick-and-mortar bank
- E-Money account
- Debit card
- E-wallet (PayPal, Skrill)
With the above list of payment options your affiliate business will be able to send and receive funds. You could use several banking services or a single financial institution that covers all your banking needs.
Opening a Bank Account in Europe for an Affiliate Business
EMIs in Europe offer full-service banking where you can send and receive funds; make wire transfers (SEPA and SWIFT) and have an international debit card for online and in-store payments plus cash withdrawals from ATMs. For affiliate businesses an EMI can be the perfect banking solution. You can get a dedicated IBAN from the EMI; perform currency exchange and manage your business finances from the comfort of your own mobile, laptop or desktop. EMI accounts are a simple, efficient and reliable way of running the finances of an affiliate business.
Where and How to Open your Affiliate Business Bank Account
For companies with most of their affiliate programs, customers and suppliers in Europe it is best to open your affiliate business bank account in Europe. This will reduce banking costs and allow for speedy SEPA and SWIFT Euro transactions. You can open an account in Europe remotely but will need to visit the physical bank to finalize the account. Affiliate companies often encounter difficulties when trying to open a business bank account with a traditional bank. Without understanding your business model or the affiliate industry traditional banks find it hard to evaluate an affiliate company’s risk level when complying with AML and KYC regulations during the onboarding process. For this reason, many affiliate companies turn to EMIs which are usually more technically advanced, flexible and willing to consider new clients from the affiliate business while still upholding the required standards of compliance.
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