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Billy Kay - I don't expect you to give away any secrets or anything but in regards to "Do my homework and research and compare similar merchants so as to avoid the "dogs"
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some quick and easy things to do:
1. Send an email to the AM before applying... with a question - any question. Such as "How often do you update your coupons?"
See how long it takes to get a response - or even IF you get a response.
2. If the AM's email address is MERCHANTNAME-at-linkshare or valueclick (etc), rather then john-at-MERCHANTNAME, then you can assume the merchant cares so little about it's affiliates that they hire network wanks to deal with all the issues, so don't expect much from that merchant
3. Of course, if the AM's email ends in 5staraff, partnerc, amswo, etc... these merchants are paying someone to run their programs because they care about the success of their program
4. Do a test sale - or search the boards for someone who did a test sale - to see if sales even track
5. Go to the merchant site and follow the order process all the way thru - until the final "the next click will bill your credit card" link - to see what suprises the merchant throw out. For example, if you enter the wrong coupon code at a merchant, the screen says "Please call us and place this order by phone". You wouldn't see this if all you do is check links to see they work.
there's more, but those are basics I do before joining a program