Referral partnerships are an easy way for your business to add additional income with little effort. Just by recommending your partner to others, your business gains either discounts or revenue. Your business is valuable as a referral partner, and companies are eager to offer you benefits for the value you bring to their sales process. Payline is one such company, and we want to work with you and provide your business rewards to help us grow. We want a relationship where everyone wins.
What is a Referral Partnership?
As a referral partner, you would recommend your partner’s services to other businesses you interact with. In exchange for these leads, your partner will offer you a percentage of the revenue from the sale or may provide you with a discount if you use their service.
Why do Companies Offer Referral Partnerships?
Becoming a referral partner is an effortless way for your business to develop an additional revenue stream. Your referrals make potential customers much more trusting of your partner and overcome one of the most significant hurdles for your partner’s sales team. Because of this clear value, you can bring, many companies are eager to begin referral partnerships with companies like yours.
When a potential partner seeks to make a referral partnership with your business, it means they respect your opinion. They think you are a reliable source of information and want to add your valuable insight to their business.
Suppose a company you work with offers you a referral partnership. In that case, it means that they are committed to the services that they provide to customers. They are interested in long-term growth for everyone involved, not just short-term profits for themselves.
By having a referral program, a company is indicating that they are committed to long-term customer engagement. They want to offer you excellent service and have you tell others about it. You win by getting quality service and referral rewards, and they gain new customers. Everyone wins.
You know better than anyone what it is like to work with your partner, making you an ideal candidate to sell your partner’s service to others.
How are Referral Partnerships Different from Other Partnerships?
Referral partnerships are different from affiliate partnerships for a couple of reasons. First, affiliate partners advertise their partner with their content that a wider audience engages with. Second, these affiliate partners rarely know the people they are recommending their partner to.
With referral partnerships, you do not have to conduct a marketing effort for your partner. Instead, you pass on those you personally know and give your partner a smaller but much higher quality set of leads. Such high-quality leads are more likely to close, and your business gains part of the revenue with each close.
Other more intensive partnerships will get your business a higher share of the revenue, but these will require much more effort on your part. However, suppose you are interested in opening a new revenue stream with very little effort on your part. In that case, a referral partnership is a perfect choice.
Benefits of being a Referral Partner
Companies seeking referral partners will go out of their way to create incentives for your business to bring in other customers for them. As discussed, this can take the form of discounts for your business with them or revenue sharing for sales you helped them close.
It’s common for these companies to continue to stack on rewards for customers that continue getting them leads from referrals. The more you help their sales, the more your business benefits.
Must Haves from a Referral Partner Program
The Right Incentives
Your partner must offer the right incentives for your business to repay you for your referral efforts.
Easy to Use
Also, look for partners that have one integrated rewards system. This allows you to easily track the benefits you can gain from being a partner. You are a partner, not an employee, with your own business to run. Refrain from wasting your time dealing with your partner’s clunky referral system. Only work with partners who make referrals as easy as possible.
Clear Goals and Good Support
Make sure your partner’s goals are really clear and that they have an easy onboarding process for partners. If you both are not on the same page, then you are unlikely to complete many sales, thereby taking away the point of the partnership.
Also, ensure that they are able to provide you assistance once you have been onboarded as a partner. What is the point of being partners with a business that will not provide service or information?
Referral Partnerships with Payline
Here at Payline, we are excited to offer straightforward referral partnerships. We want to allow your business to easily add a new revenue stream for leads you send our way. If you have worked with us for any length of time, you are well aware of our commitment to service. We offer excellent support for our customers and do likewise for our partners.
Our team will work with you to make the referral process as easy as possible. This way, you can easily send us high-quality leads, and you can add revenue to your business quickly.
Most importantly, we offer competitive rewards for your business to refer others to Payline. You get 10% to 25% of the revenue, depending on the sale. Additionally, thanks to our low processing costs and excellent service, you can easily recommend our service to others. With each one of these finalized as Payline customers, your business gains that much more.
If you are interested in a more comprehensive relationship with Payline, where you get more revenue share, ask about our agent partnership program. With that, you can earn 40%-75% by assisting us with our sales.
A referral partnership should be an easy and low-effort option for your business. It is essential that whatever partner you go with makes this entire process as easy as possible. With Payline, you can quickly become a referral partner, and we will work to make it incredibly convenient for your business. By sharing Payline with others, your business can gain additional revenue, and we gain new customers. It’s a win-win for everyone.