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If the operators know what the keyword was from analytics and the placement from the referrer string why won’t they just optimize for the terms themselves?
It shouldn’t make any difference for affiliates that rank themselves and then direct their visitors to the merchant once “adding value” on their own site.
For affiliates that try to rank their affiliate URL within the search engines directly there will be issues but these can be mitigated and managed with careful planning.
If you’re concerned then I will be happy to provide the answers, on the back of your cashed check!