Business Bank Accounts for Affiliate Businesses

This article is essential reading for anyone involved in affiliate marketing, affiliation online and digital marketing.

In this article we will deal with the financial and business side of operating an affiliate program, for example payments and banking issues faced by affiliate businesses. Instead of looking at various affiliate systems and programs we will focus on the banking needs of affiliate businesses.

Looking for a Business Bank Account in Europe?

Banking Needs of Affiliate Businesses:

Paying Suppliers

    1. Traffic Generators – Affiliate businesses need to pay Google, Facebook or any other platform that directs traffic to their site, leads, expressions etc.
    2. IT Networks – Affiliate businesses need to pay for the creation, maintenance and operation of their websites. This can involve several suppliers including content writers, social media accounts, servers, domains, computers and office expenses.
    3. Business Operation – The affiliate business will have to have a physical address and office where payments will need to be made to employees, legal services, office space, office equipment, utilities and more.

Receiving Funds

    1. Affiliate Programs – The main income channel for an affiliate business is the revenue made from marketing products listed in the affiliate program. Your affiliate business needs to have a way of receiving these profits.
    2. B2B Income – If your business runs an affiliate program for a specific product connected to the business then you will need a way of receiving the profits from the direct customers.
    3. Income from Third Parties – Some affiliate companies act as media brokers selling traffic and media to a third party. These funds will also need to be received.
    4. Other Income – Some affiliate companies receive revenue from digital marketing agencies that pay for your online assets.

Banking and Finance Options for Affiliate Marketing Businesses

As an affiliate marketing company you need to set up certain official channels for receiving funds and making payments. The minimum financial requirements for an affiliate company are:

  • A business bank account at a brick-and-mortar bank.
  • An digital emoney account
  • A business debit card
  • An ewallet such as those offered by Skrill, Paypal etc. A business ewallet can only be opened once you have officially established your new business and opened your business bank account.

Once you have set up the essential financial infrastructure of your business you can make payments and receive funds. Ideally you can find one service that offers all or most of the above mentioned financial services instead of spreading your company across several financial institutions. For example a brick-and-mortar bank that also offers digital emoney accounts and debit cards.

All-in-One EMI Affiliate Bank Account in Europe

You can get all the financial services you need for your affiliate business from an EMI (Electronic Money Institute). A full-service account offered by EMIs in Europe allows you to receive and send funds; make wire transfers, SWIFT transactions; SEPA transactions; take out an international debit card and withdraw money from ATM machines. Affiliate businesses with an account at an EMI receive their own dedicated IBAN making international wire transfers and currency exchange streamline. You can access your EMI business account via your desktop computer or mobile device for hassle-free, speedy and secure transactions.

Opening an Affiliate Business Bank Account

Where to open your affiliate company bank account – If most of your transactions; customers and affiliate programs are in Europe and if most of your transactions are in Euros – SEPA or SWIFT, then the best place to open a bank account for your affiliate business is in a European country. You can open the account remotely without even setting foot in Europe.

How to Open an Affiliate Business Bank Account – Opening a corporate bank account at a traditional bank can be challenging especially for affiliate companies where it may be difficult to explain their business model to the bank. If the bank can’t understand your business model they won’t be able to assess your level of risk for onboard process Compliance (KYC, AML) and may reject your bank account application. EMIs on the other hand tend to be more flexible, receptive to affiliate company business plans and often more technically up-to-speed than traditional banks. For this reason many new start-up businesses including affiliate companies are moving away from traditional banking and opting for EMI business accounts.