Payment Systems

iPT lessons are free thanks to our trusted partners: My Personal Trainer Website – https://bit.ly/32AKe3y PT Distinction – https://bit.ly/2VOfx8C Online Trainer Academy – https://bit.ly/2ptaVc5 PT Minder – https://bit.ly/2IWHfuC In this lesson, we review the top 5 payment processors for in-person…

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iPT lessons are free thanks to our trusted partners:
My Personal Trainer Websitehttps://bit.ly/32AKe3y
PT Distinction – https://bit.ly/2VOfx8C
Online Trainer Academyhttps://bit.ly/2ptaVc5
PT Minder – https://bit.ly/2IWHfuC

In this lesson, we review the top 5 payment processors for in-person personal trainers and online coaches.

Original Article: https://www.instituteofpersonaltrainers.com/payment-systems.html

In the past, being able to accept payments with things such as debit and credit cards required a merchant bank account. This allowed businesses to take payments with independent payment processors. 

However, the modern payment processors we review in this article no longer require these merchant bank accounts – which is great news for us as fitness coaches(!)

When we have to spend the majority of our time on the gym floor, writing programs or creating content, having simple ways to accept payments means we can focus on the things that truly matter.

First, let’s look at Stripe
Stripe’s signup process is straightforward and almost instant. It’s a very easy way to take credit card payments and their software dashboard makes it easy to track incoming payments. They offer email and live chat support to answer your queries.
* Transaction fees: 2.9% plus $0.30 per charge
* International fees: 3.9% plus $0.30 per charge
* Set-up/monthly fees: none
* Charge-back cost: $15
* Deposit speed: 2 business days (first transfer is 7 to 10 business days)
Is Stripe for you?
Stripe would make sense if you were planning to just take debit/credit card payments from your website. It’s great when you’re first starting out for its ease of use and speed to set up.

Next, let’s look at Braintree By PayPal
Braintree is owned by PayPal and offers integrations to allow you to manage credit card payments and PayPal payments. Braintree’s application process takes around 2 days and requires some underwriting. The payment processor is available in more countries than Stripe and also accepts Venmo, a popular payment processor in America.

* Transaction fees: 2.9% plus $0.30 per charge
* International fees: 3.9% plus $0.30 per charge
* Set-up/monthly fees: none
* Charge-back cost: $15
* Deposit speed: 2 to 3 business days, 3 to 5 for American Express transactions.

Is Braintree for you?
Braintree is best to use if you are taking lots of payments via PayPal as well as debit/credit card payments, as it offers seamless integration between the two platforms.

Also, we have PayPal 
PayPal is probably the most well-known payment processor on the planet. If you are accepting credit card payments via PayPal, we recommend using Braintree. However, if you want to accept PayPal payments, you can use the Express Checkout. Each PayPal user has a virtual wallet, and funds are deducted and transmitted to your business wallet.

* Transaction fees: 2.9% plus $0.30 per charge
* International fees: 4.4% plus a fixed fee depending on currency
* Setup/monthly fees: none
* Charge-back cost: $20
* Deposit speed: 3 to 5 business days

Is PayPal for you?
You can use PayPal in conjunction with any of the other payment processors discussed here. It’s worth setting one up and including it on your website to give customers more options to pay.

There’s also Square 
Square’s signup requires no underwriting and is almost instant. Additionally, Square allows you to take payments via a mobile attachment. This is particularly advantageous if people want to pay up-front during a consultation. Also, Square offer POS’s, which stands for points of sale. These act as a cash register, and would suit gyms and PT studio owners. Square also offers a $0 charge-back fee.

* Transaction fees: 2.9% plus $0.30 per charge
* International fees: n/a – no support
* Setup/monthly fees: none
* Charge-back cost: $0
* Deposit speed: 1 to 2 business days –  immediate deposits for 1% more

Is Square for you?
If you want to take payments during a consultation, or install a POS in your gym/studio, Square is a great option. If you anticipate owning a studio in the future, it may be worth using Square from day 1 to make integration easier at a later date.

And finally, we have GoCardless
GoCardless allows you to set up Direct Debits with clients. This allows you to collect funds automatically on a specific date. This removes the need to have an awkward conversation with your client when they are ready to renew sessions. It’s free to set-up, or alternatively, they offer paid options where you can add your name to the bank statements of your client.
* Transaction fees: 1%, capped at £2
* International fees: As above
* Set-up/Monthly Fees: none
* Deposit Speed: Instant

Is GoCardless for you?
We recommend all coaches, that take monthly payments, to start getting their clients onto Direct Debit, so GoCardless is a must!

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