My suggestion is not to choose a program according to the payment scheme, but rather according to the kind of people who are likely to visit your website. For example, if you are targeting parents on your site, links to affiliates with educational software, books and the like may generate more revenue than banners that link to web hosting companies. The most important rule of choosing an affiliate program is to know your target audience.
Another point to consider is whether you really want to join every single affiliate program that comes your way. Some studies suggest that sites that make the most money from affiliate programs are affiliates of only a small handful of programs. Furthermore, concentrating your advertisements from one network may allow you to be paid faster. If you advertise for hundreds of different affiliate networks on your site, you may end up earning only (say) a few dollars per month from each network. If your advertiser's minimum payment amount is higher than what you can earn each month, it may take you a long time before you accrue enough to be paid.
On the other hand, that formula does not necessarily hold true for every site (or every page on your site, for that matter). For example, if your site has a particular theme, and an affiliate network only supports one or two suitable advertisers, you might want to sign up for a few affiliate networks so as to get a greater number of relevant advertisers. After all, advertisements that are relevant to your audience are more likely to be taken up than general advertisements. (What's the point of putting banners from only one affiliate if nobody is going to click them?)
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