This is where you choose the time frame and the amount for the budget. It affects all ads and keywords under the campaign.
For the time frame, I prefer to set a daily budget. The WADS service won't exceed this amount in any given day. Some give a choice between spending the budget as quickly as possible, or spreading the ad spend throughout the day.
What to choose depends on what you are trying to achieve. If running a quick test to a lander or sales page, just to see if it converts, spending fast may be a better choice. Otherwise, choose an equal spend throughout the day.
Check the currency in use. Since I'm in Canada, I prefer my ad spend to be in Canadian dollars. That way the ad spend correlates directly to my deposits and I don't have to wrangle with conversion rates.
Thank you for all the unique and interesting marketing ideas. I'm happy to say that I'm getting significantly more revenue thanks to your tips and advice.
The last tip is to set the daily amount as high as you can and watch it like a hawk for the first couple of hours. There is some evidence to suggest that a high bid has an effect on the WADS quality score by sending an "initial high quality" signal. So as a general rule, enter a value between $200-$500 as the daily ad spend and watch it carefully. Then once the ads start running, scale it back to $50-$100
That said however, if your budget goes quickly and the merchant's sales page is converting, up your budget right away. Because if it starts being profitable, you'll want to buy all the ad inventory that you can from that WADS.
If the budget goes quickly and there's low or no conversions after 300 clicks, pause it. Check the WADS to see where the clicks are coming from. You might want to block certain geographic locations if they are just clicking but not buying.
If you can get within 20% or so of being profitable, try tweaking the ads and landers. That little extra effort can often make a huge difference in revenues.