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I've been with text-link-ads since February 2006 and have had no problems with them.
They pay, promptly, on the first of the month, every month.
As an affiliate, I have had 400 clicks and that resulted in 2 actual referrals.
(One was quite a while ago and I have been paid for it. One was too recent, but I expect I'll get paid for it on October 1st)
Other payments have come from being a publisher there as well.
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