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How do you split the money during a collaboration?

Me and another artist are doing a dubstep song together. We've never met, and we live far away from each other, therefore we keep in touch by facebook, e-mail, soundcloud, etc. But I'm not sure how we're going to split the money when we release it. I have a bandcamp account, but I don't know if that would do anything. How are me and him going to split the money with him living so far away?

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By way of A Mediator, or other third party...

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paypal?

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