The high ticket coaching merchant processing industry is a niche sector that provides merchant accounts to high-risk businesses processing high transaction amounts.
Payment gateways for high risk business are often more tailored to specific needs allowing these merchants to process transactions without interruptions. However, there are also many similarities between low-risk and high-risk merchant services and it’s important to know the difference.
High Ticket merchant accounts providing coaching and seminars payment acceptance face the same basic challenges as any other business when choosing an outsourced payment processing solution:
In this article, we’ll explore what you should look for when comparing high ticket coaching merchant processing providers and offer some helpful tips for making sure you find the right one for your business.
Reputation and Review of High Ticket Coaching Merchant Services
When you begin shopping for a high ticket coaching merchant services provider to accept credit cards and eChecks, it makes sense to start with reputation. You might want to start by checking out reviews for providers in your area.
You can check out high ticket coaching merchant processing review sites, which will give you a good sense of how the industry works as a whole and the different factors that businesses should consider when choosing a provider.
It’s also smart to check sites like the Better Business Bureau and the Consumer Financial Protection Bureau to make sure the company or provider you are considering hasn’t had any serious issues or complaints.
A Look at High Ticket Coaching Merchant Services
When choosing a high ticket coaching merchant services provider, the first thing to understand is that there are no standard definitions for “high-risk high volume merchant accounts.” The term is broad and often includes different business models and types of services.
You can think of it as a catch-all category for businesses that handle high-dollar transactions or are high risk and high volume. One way to break it down is through the transaction dollar threshold.
For example, some providers specialize in businesses that make $25,000 or more in monthly card sales. Other providers cater to businesses that make $100,000 or more per month in card sales.
Annual and Monthly Processing Fees for High-Risk Merchants
While annual and monthly processing fees are standard across the industry, the way they are calculated can vary significantly between providers.
You should always ask for an annual and monthly fee breakdown to make sure you understand how the numbers are calculated and how they compare to others in the space.
The one thing you can expect is that most high-risk merchant account high ticket coaching service providers will charge a higher processing fee than a standard provider.
That’s because high-end providers often have a wider range of acquiring banking relationships. They also provide additional payment acceptance services, like chargeback management and fraud prevention tools, with access to multiple merchant accounts payment processing for high ticket coaching merchant services.
You should always look for providers with terms and conditions that make financial and business sense for your coaching businesses. As you’re comparing annual and monthly fees, you need to think beyond the figures on the page.
All pricing models are based on risk, and high-end providers are taking on more risk than a standard provider. Expect your provider to charge more for that risk and their additional services and security.
Acquiring Bank Fees for High Ticket Coaching Merchant Processing
While some providers quote fees based solely on volume, they often don’t include card schemes, network fees, or interchange charges. For the most part, these fees are included in the overall processing costs. Understand what you pay for high risk merchant accounts fees is of utmost importance.
One important factor to consider when choosing a merchant account for high ticket coaching provider is the acquiring bank they use.
Different types of high-end providers can charge the same fees in different ways. Learning how to properly read a merchant statement will help you better understand the fee structure you are paying.
A payment provider’s acquiring bank is the institution that approves the merchant account. You may have heard that all acquiring banks are created equally, but this is not always the case.
Some acquiring banks are more expensive for businesses to work with than others, and each has its own set of rules and regulations. If you don’t have a preference, you might want to look into fees charged by different acquiring banks and factor that into your decision.
Please also note that card network fees may vary depending on your business type (like volume, risk, etc.).
Make sure your provider is transparent about all fees, including card network fees.
High Ticket Coaching Merchant Processing with Fraud Prevention and Detection
Fraud and chargebacks are a risk in any industry, especially high-ticket industries such as high-ticket coaching.
One way that high-end providers can try to protect you from chargebacks is through fraud detection tools. It’s important to note that not all fraud detection tools are created equal.
Some providers use a single algorithm that’s meant for all industries when they process payments. Others use algorithms that are specific to high-ticket industries. Some allow you to configure rules based on suggestions. Look for a provider that uses tools specific to high-ticket businesses.
It’s also important to note that not all fraud detection tools are designed to prevent chargebacks when accepting online payments.
Some tools are designed to flag suspicious transactions for further review. Other tools are designed to prevent chargebacks.
It’s important to ask your provider what type of fraud detection tool they use and what it does.
Customer Service – Responsiveness and Speed
The quality of customer support is a key factor to consider when choosing a high ticket coaching merchant services provider.
It’s important to note that different providers have different standards for what constitutes high-priced or “high-end” merchants. What one provider considers high-end may be different from another provider’s standard.
You should expect a high-end provider to have a wide range of support options including online chat, phone support, and email support.
High-end providers should also have a supported SLA (Service Level Agreement) that guarantees a certain level of response time.
Merchant Account for High Ticket Coaching – Key Practices
There are a few key things to keep an eye out for when comparing merchant accounts for high ticket coaching providers. Remember that the numbers only tell part of the story.
While it’s important to take a look at a potential processor’s fee structure and network, there are other factors to consider before making a final decision. Here are a few important considerations:
- Beware of Hidden Fees. As we’ve discussed, various fees are common in a merchant account for coaching and mentoring category. Ask for a fee breakdown to see exactly what you’re paying.
- Know Your Terminology. Terminology is often used interchangeably in the high ticket coaching merchant accounts service industry. Terms like “reserve amount”, “funds on hold”, “basis points”, and “interchange” are common, but some are also niche specific.
- You want to work with a processor that is transparent in the way they do business. Make sure you have access to an easily accessible online portal where you can log in and view your transaction data at any time. It should also be easy to navigate and understand.
- You will want to make sure your processor is secure and follows robust compliance and risk management protocols. This will help ensure your business stays compliant and protected from fraudulent transactions.
- Make sure to work with a processor that offers a variety of convenient payment options for your customers. This is especially true if you work with high-ticket items. In most cases, you may want to offer your customers several different checkout options that can help expedite the payment process.
These should help you find a provider that is worth what they charge, sometimes the more expensive provider provides better value in the long run due to the features and services they offer.
Wrapping Up – High Ticket Coaching Merchant Processing
Choosing the right high ticket coaching merchant processing provider can be a bit of a challenge – there are many different options out there, and it can be difficult to know which one is best for your business.
One way to make this process easier is to create a list of your must-have features and expectations.
Next, you can use this list to compare different providers and make sure each one is a good fit for your needs.
If you find a good payment processor, remember to make sure you stay on top of your account and make any necessary changes as your business grows or changes. This will help you avoid any unexpected fees or termination of service.