All You Need to Know About Earning Money From Surveys

It’s no surprise that the most profitable methods of earning money, online or offline, are only possible due to you having a valuable skill. Yet, among the vast possibilities of the internet, there are options for you to earn money while investing nothing but some of your free time.

Filling out online surveys is one of the most promising methods. If you have enough resilience to look into it professionally, you can earn a significant additional income. This article serves as a stepping stone for those who need some knowledge about earning money from online surveys.

Why is your opinion valuable?

When organizations set out to develop a product or a service, they take a huge risk. They allocate finances and other resources towards a goal that might not bring profit after all. Teams of marketers and other specialists work to mitigate such risks, and among their vast arsenal of tools is customer surveys. 

In fact, this is one of the oldest and most reliable methods for knowing whether something will become profitable. Other methods of gathering data, from social media, for example, aren’t that reliable as customers don’t provide opinions directly. Companies invest in effective methods for collecting opinions because it pays for itself eventually. 

So, if you are a potential customer of a product or service, you might be able to earn money just by honestly answering questions about your preferences. Usually, the questions are related to what you would be willing to spend money on – product preference, customer satisfaction, possible improvements, and similar.

However, non-profit or government organizations use surveys as well to source information about educational, employment, or world event topics. These are only broad strokes of what you can expect to be asked as a survey earner. Sometimes, the questions might not seem a bit random, but if somebody is paying for it – it’s valuable.

Organizations are struggling to acquire such customer feedback. It’s risky to intrude on their customers, and compiling thousands of answers requires well-established infrastructure. That’s why specialized platforms, such as Pawns, YouGov, or Survey Junkie, organize most surveys.

How much can you earn?

All instant paying surveys have some peculiarities, but most give a limited number of surveys per day to one user, and an earning threshold one must surpass to receive a payout. The whole process is simple: you register, get your personal details approved, and receive surveys.

After filling out a survey, you can see that your balance has increased, and after a while, you’ll be able to receive the money. Pawns, for example, pay around $1 per survey, and the minimal payout is $5. I was able to complete two to three surveys per day there, so I was averaging around $25 per week from this site alone.

Nobody is stopping you from using multiple websites concurrently, so if you manage to fill out 10 surveys per day, you might earn $10 dollars easily. It should be noted that not all websites are as generous as Pawns, so the payouts differ.

Realistically, $7 daily is doable without disrupting your day too much. This is also on the condition that you overcome some other challenges and can receive smooth payments.

Challenges to overcome

You must have enough free time to fill out online surveys. It might sound like an undemanding side hustle, but if you want to make a more significant income, you might need three or even four hours each day. It’s easier if you have a good smartphone and can complete surveys while on public transport or in a line at a grocery store.

Still, some surveys require complete concentration for 30 minutes, although the average is closer to 15 minutes per survey. If you think you don’t have that much time, that’s fine. The whole beauty of online surveying is that you can dedicate as much time as you want with no pressure.

Location restrictions are the hardest restriction to overcome. Western Europe and North America are the locations with the most need for surveys. If you are from there, you will easily collect enough surveys for $10 per day. If you are from somewhere else, you’ll receive fewer surveys or less of those that pay well.

The worst case scenario is when your country is not supported at all, but with enough research, you can find a survey site for every country. Unless it’s a dictatorship with strict internet censorship, such as North Korea.

Legality and taxes associated with filling out online surveys can also be a deal breaker. Once you start receiving payments, your bank might want to know what the source of this income is, and the government might want to tax it.

In some countries, the taxes are so high that it might not be profitable to spend time on surveys. This is especially true if you need to register this activity in some formal way. To avoid such hassle, you should look for the most suitable payment method in your country.

Payment methods

If not for taxes and banking fees, a simple bank transfer would be the best option. You fill out a survey, and money pops up into your account. Unfortunately, this is too expensive for most surveying sites.

PayPal is the most common alternative as it supports the biggest number of countries. Its banking practices are also quite respected and won’t attract much attention from other banks or the government. However, using PayPal doesn’t solve the problem of high taxes.

Cryptocurrencies and gift cards are the most common options provided by survey sites. However, I would recommend avoiding cryptocurrencies unless you know what you are doing. Cashing out gift cards is much easier.

Wrapping up

These are all the basics about making money online from online surveys. Understanding why your opinion matters, managing your expectations, and learning about the challenges ahead will ensure a smooth journey. Further knowledge can only come from practice, so don’t wait and get started.

About Shashank

Leave a Reply

Your email address will not be published. Required fields are marked *