The frequency and method of payment vary as well. Most programs pay their affiliates monthly, although a few pay more frequently. Some require that affiliate earnings reach a specific threshold, which can be as low as $25 or as high as $100. Some programs don't have a threshold. There are programs that pay through direct deposit into your bank, but a vast number pay through PayPal.
It also shows that you need substantial traffic to make much money through advertising. At a CPM Of £10 with 2 ad units on the site, you would make just £4,000 per month even with a million page views per month for which you serve paid ads to 20% of the audience. Set this to 100% if you are selling all your ad inventory, as for example through Google Adsense.