Business coaching is a lucrative business. Steering a business or start-up in the right direction and helping them achieve their business goals is extremely rewarding. This is why the most successful business coaches charge high fees for their online coaching and mentoring services and specifically use a business coaching merchant account to accept these larger payments.
Business coaches need reliable merchant payment processing solutions that cover all aspects of their business model. A reliable business coaching merchant account is of utmost importance when accepting these higher fees and high ticket items for business coaching merchant payments.
These large ticket transactions, among other factors, make business coaching service providers classified as high-risk businesses. Many financial institutions avoid providing payment services to business coaches. Yet, as a business owner, you need a rock-solid business coaching merchant account to facilitate a smooth payment process.
SecureGlobalPay is one of the leading payment processors that offer high-risk and high-ticket merchant accounts. Their payment gateway for high risk business offers intelligent payment gateway routing to multiple acquirers. Your business coaching business can easily benefit from these merchant services and that’s why choosing the right payment provider has never been more important.
What is an Online Coaching Merchant Account?
An online coaching merchant account is an account used to accept payments for the sale of products and services. Online coaching merchant accounts are typically used by entrepreneurs and business owners who are in need of high ticket coaching merchant processing.
A merchant account authorizes you to take credit card payments online and have the proceeds deposited into the bank account of your choice. It is required whether you are a coach, consultant, or other business in the online space.
A business coaching merchant account also allows you to set up authorization holds, as well as receive and print statements and invoices. This can help you keep track of finances and get paid faster.
Online coaching merchant accounts provide businesses with a range of benefits.
- A high-ticket merchant account for mentoring allows businesses to accept large transactions online. This also means that they can accept multiple currencies to accept payments from anywhere in the world via a payment gateway for high-risk business.
- An online coaching merchant account provides businesses with a way to track their sales and inventory.
- They can help businesses monitor their spending and prevent fraud.
Online coaching merchant accounts are very similar to traditional merchant accounts in most ways. The main difference is that they are designed specifically for online businesses that take credit and debit card payments online, such as coaches, consultants, virtual assistants, etc.
Why do I Need a Merchant Account for a Coaching Business?
A high-ticket merchant account is a specific type of merchant account that allows coaches to accept payments from customers.
The most common use for a merchant account is accepting payment for goods or services sold online. If you run a coaching business, you may want to open a merchant account so you can easily accept payments for your coaching services.
There are two main reasons why you might need to open a merchant account for coaching business:
- To receive recurring payments (such as service subscriptions). With a merchant account for recurring billing, you can accept payment online, over the phone, or in person. You can also track sales and automate recurring billing.
- To process credit card payments.
Without a business coaching merchant account, you can’t accept credit card payments for services like coaching or personal training.
Why a Business Coaching Merchant Account is Considered High Risk
Business coaching, educational seminars, corporate training, and similar lines of business are major red flags for banks. Therefore, you will find it difficult to find a business coaching merchant account from many financial institutions and payment processors. There are several reasons why processors consider business coaching to be high risk.
Large Transaction Sizes
Business coaches typically charge high fees for their services. These large transactions pose large financial risks. Many banks and payment processors would therefore not be willing to provide high ticket coaching merchant services for these businesses.
The coaching business has a higher-than-average number of chargebacks. Due to clients’ unmet expectations, customers may initiate chargebacks. In addition, the performance metrics of coaching services are not always quantifiable. Customers with significant expectations are therefore likely to file for chargebacks.
Business coaches offer services, not tangible goods. Intangible products cannot be validated objectively. Therefore, the reputation of your coaching or seminar sessions depends on how satisfied customers are with the services.
Online and Over the Phone Sales
Business coaches accept payments in person, over the phone, or online through their websites. Transactions that are not done face-to-face are prone to fraud. Merchants need the best payment gateway for high risk business that offer fraud prevention tools that will help them reduce fraud and chargebacks.
Irregular Business Patterns
Business coaching services do not process payments daily. Instead, high-volume transactions are made via a high-volume merchant account a few days before a major event, seminar, or training program. Other periods might experience low-fee tickets or no fees at all. These fluctuations make the coaching business less attractive to payment gateway providers.
SecureGlobalPay has a thorough understanding of how business coaching works, including the risks associated with the business. Additionally, SecureGlobalPay has been voted the best payment gateway for high-risk business which can help protect your business from the risks associated with online payment systems.
What is a Life Coaching Merchant Account Payment Gateway?
A life coaching merchant account payment gateway is a third-party service that allows you to accept payments via a website. Most life coaching merchant account payment gateway providers offer a variety of payment options, including credit cards, debit cards, and a high risk eCheck payment gateway for paperless checks.
The most common use of a merchant account for coaching business gateway is to accept recurring payments from memberships of coaching programs and recurring donations. This allows you to accept payments directly from customers and enables you to process recurring subscriptions and other recurring payments.
There are many benefits to using a life coaching merchant account payment gateway, including increased sales and decreased risk of chargebacks. A payment gateway can also provide fraud protection and additional security features such as PCI compliance.
However, there are some potential downsides to consider before choosing a merchant account for coaching business payment gateway providers.
First, it’s important to understand how the provider processes payments. Some life coaching merchant account payment gateway providers may charge a fee for each transaction or require monthly minimums for certain types of transactions.
Some life coaching merchant account payment gateway providers may impose limits on the number of transactions that can be processed in a given month or even block certain types of transactions altogether.
How do I Get Approved for a Merchant Account for a Coaching Business?
When applying for a business coaching merchant account, it is useful to be aware that the coaching industry is often classed as high-risk. Because of this, a specialist provider is often the best place to start.
That said, many companies (including our own), support high-ticket coaching businesses.
As a life coach, you might need to be licensed by the state where you’re based. Once that’s out of the way, you’ll need to complete an application and provide documentation regarding assets and liabilities.
The best way to do this is by creating a business plan with supporting documentation such as bank statements and tax records. You can also submit a copy of your business license if it’s not already on file with the state or other licensing bodies.
Once you’ve done all that, it’s time to wait for the business coaching merchant account approval. Approval time varies depending on the provider; from just a few days to weeks.
If approval for a merchant account for recurring billing is denied, there are several options available to help remedy the situation. These include contacting the merchant account for coaching business providers directly to appeal their decision or requesting a different type of merchant account.
Where do I Apply for a Merchant Account for Coaching and Mentoring?
A merchant account for coaching and mentoring is one of the best ways for you to collect payments from customers for coaching and mentoring.
Accepting credit card payments online is crucial if you want to begin selling your products or services online. In addition, a business coaching merchant account allows you to track and keep records of all business transactions.
There are three main types of merchant accounts: Aggregated merchant accounts, low-risk retail accounts, and specialized high-risk merchant accounts. SecureGlobalPay specializes in all three and is able to place your business with the best solution available based on your specific needs. Merchant accounts for coaching and mentoring vary in terms of fees and benefits.
Here are the key options:
- Banks typically are cheaper than other options because they offer lower fees and no setup fees or minimum deposits. However, they require personal identification and credit checks, which can delay the process. They can also shut down your service if you get a lot of chargebacks, etc.
- Specialist provider merchants – tend to be more expensive than bank accounts but offer advanced features such as fraud protection and advanced reporting. They also are familiar with the industry and
sotherefore can be more accommodating than banks.
- Software-based merchants are generally less expensive than bank accounts but require more setup time and maintenance fees.
Why SecureGlobalPay is the Best Option for Business Coaching Merchants
SecureGlobalPay collaborates with a large network of banking partners to ensure access to a wide range of payment solutions. With an elite portfolio of high-risk merchant account services, the company is the best fit for business coaches. Furthermore, SecureGlobalPay offers custom-tailored merchant services to meet the specific integration needs of its clients.
Many high-risk businesses leverage SecureGlobalPay’s payment gateway solutions to process secure payments via their omnichannel payments platform. A merchant account for coaching and mentoring with SecureGlobalPay guarantees smooth credit card processing. This service provides your clients with the convenience they need when making such payments.
We are also a reliable partner that seeks to ensure you have a pleasant experience when processing high-risk payments. This is why we offer the following:
- High approval rates
- Fast approvals
- 100% digital application
- Affordable rates and fees
With over 25 years of experience, we are your best choice for your coaching business. Your website’s checkout can allow for multiple merchant accounts to be utilized at the same time. Multiple merchant account payment processing helps manage chargeback ratios and ensures uninterrupted payment processing.
Conclusion – Business Coaching Merchant Services
Don’t let inefficient payment systems deter you from closing big deals with big corporations. A reliable business coaching merchant account is what you need to accept credit cards and other convenient payment methods. You can find these payment solutions at SecureGlobalPay. Contact our customer service team to learn more about their services and apply for a merchant account for high ticket coaching.