Learn All You Need to Know about Payment Pools Are and How to Create One to Take Control of Your Finances
What is a Payment Pool?
Payment pools are funds created for the purpose of pooling resources to make payments or cover expenses. In influencer marketing, these pools are particularly useful for managing payments to influencers.
How to create a Payment Pool?
Once you had added the influencers to your invoice, they will now appear under the Payment tab. The next step is to add a description, country and amount.
For example, to add information about JC, we’d hover the cursor over the Description field and add information about this payment (for example, “Samsung Spring Campaign”). We’d repeat the same for his country of residence and the amount he will be paid for this activity.
If JC has done multiple campaigns for us, we can add multiple lines to represent each payment (for example, “Samsung Spring Campaign”, "Samsung Holiday Campaign”, “Brand Ambassador Fee”, etc.
Tip: Use mass actions to fill in multiple cells at once. For example, if all your influencers are located in the UK, go to Actions, Add country to all, and select “United Kingdom”.
Once the description, amount, and currencies have been filled in, we can start adding influencers to the payment pool. To do this, click Add to payment pool one by one, or as a mass action.
Note: Only influencers with a full name and email address can be added to the payment pool.
The number of influencers that you’ve added will be reflected in the button on the top right. In our example, 5 influencers have been added to the payment pool. To continue, click Add {number} influencers to payment pool.
Benefits of Payment Pools in Influencer Marketing
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Simplified Financial Management: Payment pools make it easier to manage payments to multiple influencers, reducing the complexity of handling individual transactions for each influencer campaign.
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Efficiency: Pooling payments minimizes administrative tasks and streamlines the payment process, allowing marketing teams to focus more on strategy and less on logistics.
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Flexibility: Payment pools can be used for various influencer marketing activities, such as paying for sponsored posts, product reviews, or collaborative campaigns, providing versatility for different marketing needs.
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Reduced Costs: Consolidating payments into a single transaction helps reducing transaction fees and other costs associated with making multiple individual payments to influencers.
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Enhanced Collaboration: Payment pools facilitate smoother collaboration between brands and influencers by ensuring that funds are readily available for disbursement, leading to more successful and timely campaigns.
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Improved Planning: Brands and marketing agencies can better plan their influencer marketing budgets, knowing exactly how much they need to contribute to the pool and when payments will be made.
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Convenience: Payment pools offer a convenient way to manage financial responsibilities in influencer marketing, eliminating the need for constant back-and-forth payments and reminders, and ensuring a seamless payment experience for influencers.