Payouts are the money a publisher receives for each action completed. An action can be anything from a user inputting their email address all the way up to the purchase of a product.
EPC, or Earnings Per Click, is how we measure the success of a campaign. To figure out EPC, you take the total payout earned and divide it by the number of clicks the offer received. This will give you the amount earned for each unique visitor that came to the offer. So, if an offer generated $1,000 and received 100 clicks, then the EPC is $10.
If we compare Payout and EPC, we can see how to most accurately measure the strength of an offer:
If an one offer is paying out $50 per lead, seeing 100 visitors a day and only converting 10%, then the EPC is $500 divided by 100 visitors...making it $5
Another network is offering the ad at $40 per lead, seeing 100 visitors a day and converting 25%, then the EPC is $1000 divided by 100 visitors, making it $10
Some people only look at big payouts and miss the boat because the conversion rate and EPCs are lower than other offers they could be running.
When comparing two like offers be sure to take a look at the EPC and not just the payout, since that is how you will really see how much revenue you can generate from the offer.