We propose a modification of the equivalent photon approximation (EPA) for
processes which involve the parton content of the photon, to take into account
the suppression of the photonic parton fluxes due to the virtuality of the
photon. We present simple, physically motivated ans\"atze to model this
suppression and show that even though the parton content of the electron no
longer factorizes into an electron flux function and a photon structure
function, it is still possible to express it as a single integral. We also show
that for the TRISTAN experiments its effect can be numerically of the same size
as that of the NLO corrections. Further, we discuss a possible measurement at
HERA, which can provide an experimental handle on the effect we model through
our ans\"atze.Comment: 8 pages, LaTeX with equations.sty, 3 figures (not included); to
appear in the Proceedings of "Photon95", Sheffield, April 1995. A complete
compressed PS file, including figures, is available via anonymous ftp from
ftp://phenom.physics.wisc.edu/pub/preprints/1995/madph-95-891.ps.