Every single time I purchase something online I just type in the name of the retailer on www.mycheapergoods.com and click on the link or logo of the retailer. Simple as this and I get referred to their shopping portal, I shop as I would do normally but the difference this time is that I get paid back in cash a certain percentage on my purchase. What's even better is that if any of my friends purchase through their shopping portal I get paid too - obviously a whole lot less but nevertheless passive income.
Basically the retailers are happy that you start your own portal as this mean they don't need to fork out on advertising cost and as such can pay you commission instead. Sounds like a fair deal to me.
The commissions vary from retailer to retailer. The lowest around are around 0.5%, some go up to 10% (rare). I think the average is around 2%.
Insurance companies seem to pay rather well. if the commissions are low you might think it is not worth bothering. Do you say this when you use your clubcard to gather points on the checkout? If you had the same opportunity with your supermarket loyalty card as you do with Ei42, would you refer your friends so that you all benefited? Of course you would. When you earn 1p it is really not much but when hundreds, thousands or tens of thousands of people earn 1p for you. Now thats worthwhile.
The other thing I hear sometimes from people is that they don't have enough friends to make this worthwhile. This is the beauty of www.mycheapergoods.com, you do not need to tell many people. It is not a quick rich scheme. Set yourself a goal and refer 5 friends, if your friends refer another 5 friends and they refer another 5 friends well then you have exceeded more than one hundred people in your group who can earn money for you and obviously they earn money for them.
Currently there are about 1500 retailers in the UK and equally there are as many retailers in the US. So even if you have friends in the US they can buy through your website and you will get paid.
For the purpose of the challenge setting up your own shop will cost you nothing at all and as such there is no risk in loosing anything.
Why did I not choose a cash back website?
There are a lot of cashback sites and they all make a lot of promises. If you added together the number of users of cashback sites in the UK I'd say there would be at most 2 million users, but lets cut them some slack and assume there are 3 Million users. In the UK there are about 30 Million adults using the internet so my view is simple. Lets leave the 3 Million cashback site users alone with the possibility of earning a larger percentage on a smaller amount if that is what they want. They probably wont see the bigger picture and therefore will not see that their own spending governs what they can earn and not just the percentage the cashback site pays them. So the cashback sites get 3 Million users and we get the 27 Million people that would never use a cashback site. I'd fit into that category and perhaps you do too? I would not be the slightest interested in the hassle of buying through cashback sites, giving them all my details, the possibility of receiving loads of spam emails or doing surveys to earn a few pence for myself. Ei42 or MyCheaperGoods.com is different, you give up a little financially now to gain a HASSLE free purchasing method as you just use the site and do not worry about what the commission is. Then in the medium to long term you will make Much Much more than those using any cashback site.
Signing up is easy … go to www.mycheapergoods.com, click on the right top corner and join. Your own shop could be up and running in a matter of minutes.
Thanks - From Thomas!
It sounds interesting Thomas, are you using this for your current challenge? if not at which point would you use it?
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