I don't think it matters at all really. I'm quite happy being an affiliate, 'cos when people ask me what I do for a living and I say, "Affiliate Marketeer" they haven't got a clue what I'm on about.
The term Advertiser is relevant to "one who advertises", as we are the ones doing the advertising then surely we should be the Advertisers.
Merchants are Merchants 'cos they sell stuff. Pure and simple. Okay, so they do do other advertising, but if you put both my examples together, we would be advertisers as well as them, so it would be an Advertiser / Advertiser relationship!![]()
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