Wasn't it that they paid $.10 per user, and then, if they converted, got $1-$3? Without knowing the conversion ratio you wouldn't be able to say what the margin was.
I kept things simple to explain how the business worked. There were other factors like this at play.
By the way, a big one was fraud. I remember seeing my first washed check. That's where someone took a check our company made out for $25 or so. Washed our ink of it, and rewrote the check for much more money.
Supposedly there are special inks that help with that. But even so checks are hard to control, and the company I worked for switched to paypal for international payments.
