Toronto-based Masterfile has announced the launch of an “Ambassador Program”—a North American referral program that pays fees.
The concept is not new in the world of e-commerce, where referral and affiliate programs are now viewed as a proven model by both businesses and consumers. In the stock industry, however, referral programs remain largely the domain of microstock sellers.
Masterfile’s program encourages buyers and photographers to recommend the agency to others and offer a 20% discount. If redeemed within 90 days of invitation, the referrer—or Ambassador—is rewarded with a 10% cash referral fee. Ambassadors receive this commission every time the person they recommended uses the Ambassador’s referral code; there are no limits on transaction volumes or earning amounts.
According to the company’s Masterfile’s typical transaction exceeds $500.