Clickbank products have a higher payout, but you get a comission on sale while MOST cpa offers are cpa (cost per action) based so it will convert better. In the end it depends on the product/offer and their conversion rates with the traffic that you are bringing in.
For example: To get a 20$ comission on a clickbank product I have to spend 10$ in advertising, so that's 10$ profit. But if I have to spend 2$ to get a 5$ comission on a CPA offer, that is MUCH better, because when I spend 10$ in advertising I will earn 25$ instead of 20$.
If you are just starting CPA is much easier anyways
There are many factors to consider, but one has to be testing CPA offers. Lead gen offers will generally have a higher conversion than a clickbank product so they are quicker to test. It is common to find email submits and short forms converting at 10%.
In terms of higher returns it will depend on the EPC.
it depends on the budget you have and the type of traffic you're buying.
CPA is good because you don't need to spend too much to test an offer, and also you don't have to deal with refunds etc .. what you get is what you get (usually).
Otherwise if you're doing big media buys it's better to go with high priced CPS products.
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