How Innovative Payment Methods are Helping Online Stock Photography Grow

Online, affordable Stock Photography is a fairly new concept born in 2001. Since then, the industry has grown exponentially, and has expanded into short video, flash and animation, creating lucrative opportunities for photographers and artists around the world.

There are now a number of micro-stock photography websites, sharing royalties with their photographer and offering flexible, quick and easy payments. The industry is large and getting larger every day. Measured at $27B in 2006, the online Stock Photography market is expected to grow to $91B in 2010. While the photographers are based all over the world, the fastest growth is among photographers in Asia and Europe contributing to US-based stock photography sites. Leading sites include iStockphoto, Fotolia, Dreamtimes, Shutter stock, Stockport and Snap village.

Another advantage of the online photography sites are the communities they create for their contributors and customers, making them an even more dynamic workplace. Almost all the sites include forums, articles, featured artists and more. The social nature of the Internet supports the exchange of ideas among contributors and allowing customers to learn more about their favored photographers and artists.

While business models vary, the stock photographers usually earn small payments based on the sales of their images. Once these payments accumulate to reach a pre-determined minimum, the contributor may request payment by a number of options. Choosing the right payment method is crucial and making the wrong choice can be a costly mistake both in time and money.

Direct deposit is by far the easiest and most cost effective method available IF the photographer has a bank account in the United States. Other traditional payment methods - wire transfers and paper checks - are relatively cumbersome and expensive compared to the newer, online methods available. Check can take one week to arrive within the US, or up to four weeks for photographers living outside the US and Canada. Wire transfer fees are so high that they eat up a significant percentage of the photographer's royalties and are generally not offered as an option.

The introduction of innovative payment methods has meant that contributors can receive their money more quickly and keep more of it. For example, online payments offer more flexibility and are more cost-effective for international photographers and US-based photographers who do not have bank accounts. These methods generally offer an online account or "wallet" where money can be deposited and spent. This is an excellent option for Stock Photography who may have a lot of online expenses and generally spend their earnings with participating suppliers. However, cashing out payments from online wallets can be complicated and can become as cumbersome as using the traditional payment methods.

The funds are transferred to the card accounts, and are accessible instantly online, at shops and restaurants or at ATMs.

Regardless of the payment method selected, online stock photography sites offer professional and talented hobbyist photographers and artists both a market place and a community.