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Clearly, an initial benefit of mystery shopping comes from the free stuff you are able to experience. A mystery shopper may be offered a free meal at a restaurant for their feedback. Or, you may be offered free movie tickets at the local theater or even a free round of golf at the nearby miniature golf course. In these instances, the benefit clearly comes from the free activity you are able to participate in. However, often times, these free activities also come with either a hourly payment or a up front overall payment for taking part in the mystery shopping.
Typically, you are paid per job. You aren't going to make boat loads of money and people who have claimed to make $100+ per hour for a secret shopper job are most likely not telling the truth. The rate you are paid per job often is correlated to the type of work you are doing. If you are eating at a low cost restaurant, or seeing a movie' you aren't going to get paid a lot per job. However, if you shop in a luxury store or dine at a fancy restaurant - you have the chance to get paid more per job because those businesses earn more revenue per customer so they generally can pay more to people that work for them.
Many people have complained about a long wait time with getting paid from a given mystery shopping company. But again, these are high in demand jobs, and because of this, sometimes they may not pay as much or pay as quickly. However, if you can secure a good mystery shopping job, it can be an unbelievable experience because it is a great thrill to get paid while you do what you love.