The quest for the right personal trainer payment provider can be a tricky one. Yet, armed with the information below you can choose the payment method that will help maximize the success of your personal training business.
Why You Need an Online Payment Provider
There are several critical reasons personal trainers need to use an online payment provider for their business. The first of these is that it will save you plenty of valuable time. After all, by using an online payment provider invoices, records, and recurring payments are all handled for you, leaving you to focus on what you do best - personal training!
Also, customers love being able to pay via a third-party online provider. The reason for this is that they are seen as both trustworthy, and convenient, as clients won't have to worry about writing checks, or entering all their details every time they make a payment.
Lastly, using an online payment provider is also essential if you want to grow your business into the online market, something that many people have had great success with since COVID! This is because when you are offering instant access or scheduled classes remotely online, you need a method that allows clients from all over the world to complete their payment.
Also, customers love being able to pay via a third-party online provider. The reason for this is that they are seen as both trustworthy, and convenient, as clients won't have to worry about writing checks, or entering all their details every time they make a payment.
Lastly, using an online payment provider is also essential if you want to grow your business into the online market, something that many people have had great success with since COVID! This is because when you are offering instant access or scheduled classes remotely online, you need a method that allows clients from all over the world to complete their payment.
Why You Need to Pay Fees
Many personal trainers are hesitant to sign up for an online payment provider for their business because of the fees involved. However, while fee vary, they do tend to be only a small percentage of the total payment.
These fees also ensure you get access to some very useful benefits as well including advanced security, high-level tech support, and even the good name and reputation of the payment company you are using. Something that can have a huge impact on customer confidence and trust and so help secure many more clients for your business.
These fees also ensure you get access to some very useful benefits as well including advanced security, high-level tech support, and even the good name and reputation of the payment company you are using. Something that can have a huge impact on customer confidence and trust and so help secure many more clients for your business.
PayPal
Now you know about the advantages of using a third-party online payment provider for your business, it's time to look at the options in more detail. The first, and probably best-known online payment provider to consider for your fitness business is PayPal with over 170 million users worldwide.
Indeed, PayPal is the primary method of payment of eBay, and because of this, likely, many of your clients will already have, and regularly use an account with them. The great thing about this is they will already be family with how quick, easy, and trustworthy completing a PayPal payment is something that should help boost your business’s conversion rate.
However, it is worth noting that there are some potential issues with choosing PayPal for your business as well, mostly stemming from their high level of security. The first one of these to be mindful of is that while payments may be instant, the money from your clients might not hit your account for up to 21 days. This is something PayPal does to prevent fraud, but it could make a big difference to a small business!
Additionally, PayPal security is so good that it has been known to free accounts when a transaction that is out of the ordinary happens. Unfortunately, this could be the first time a customer signs up for a course of personal training rather than a single session your account or theirs gets frozen, something that can be a real pain to resolve.
Indeed, PayPal is the primary method of payment of eBay, and because of this, likely, many of your clients will already have, and regularly use an account with them. The great thing about this is they will already be family with how quick, easy, and trustworthy completing a PayPal payment is something that should help boost your business’s conversion rate.
However, it is worth noting that there are some potential issues with choosing PayPal for your business as well, mostly stemming from their high level of security. The first one of these to be mindful of is that while payments may be instant, the money from your clients might not hit your account for up to 21 days. This is something PayPal does to prevent fraud, but it could make a big difference to a small business!
Additionally, PayPal security is so good that it has been known to free accounts when a transaction that is out of the ordinary happens. Unfortunately, this could be the first time a customer signs up for a course of personal training rather than a single session your account or theirs gets frozen, something that can be a real pain to resolve.
Stripe
Another option for an online payment provider for your fitness business is Stripe. Stripe is an Irish company that is used worldwide and is particularly popular in Australia. One of the biggest advantages of using Stripe is that it doesn't suffer from the bad press that has sometimes impacted PayPal, something that means you could keep your customers happier by using it.
Also, Stripe is great for personal trainers that are looking to work off a subscription model. Indeed, with both payments and subscriptions, Stripe will accept currencies from all over the world, and deal with the conversion rates for you, making running your fitness business a breeze.
On the other hand, there are some downsides to choosing Stripe that it's a good idea to be aware of. The most important of these is that, unlike PayPal, setting up a Stripe account is more complicated, something that may put both you and your clients at a disadvantage.
GoCardless
GoCardless also has some benefits worth mentioning here. In particular, the ease with which it can be used to set up regular payments from customers could be very useful to personal trainers.
Indeed, by using a regular payment you can mimic the business model of the traditional gym, one that is known to be very profitable. Although to benefit from this you will need to integrate GoCardless into your website.
Indeed, by using a regular payment you can mimic the business model of the traditional gym, one that is known to be very profitable. Although to benefit from this you will need to integrate GoCardless into your website.
Also, some users have reported issues with being able to correctly integrate GoCardless with some type of accounting software. While others have reported that direct debits are slow to be activated with this service.
What About Cash?
If you think that cash is the easier option for your personal training business, it may be time to think again. While it's true that nearly everyone has access to cash, it's all too easy for a client to forget to bring it to their session. It's also more work for you to use cash because you will need to make sure you have enough change and that you don't lose it and protect it from being stolen as you are working.
Cash for online payments is an obvious no-go as well, and then there is all the additional time and hassle it takes to bank it, record you have received it, and the like. Not to mention the potential for fraud!
Cash for online payments is an obvious no-go as well, and then there is all the additional time and hassle it takes to bank it, record you have received it, and the like. Not to mention the potential for fraud!
What About Cheques?
Similar to cash, cheques can be a real pain to handle as well, as they take time to process, and then can bounce. Demanding cheques above all other payments from your clients also doesn't make your fitness business look very progressive either, and the time and hassle they take to be filled out could put your clients off.
OK, Bank Transfers?
Finally, we have the option of bank transfers. Indeed, many personal trainers wonder why they should not use bank transfers instead of online payment providers as they essentially do the same thing, right?
Well, yes and no as a bank transfer will allow you to send and receive money without using cash or cheque. However, there are fees involved, and the process can be lengthy, often requiring up to 5 days for payments to clear, which does not make it ideal for those that want to be able to access their payments right away.
Well, yes and no as a bank transfer will allow you to send and receive money without using cash or cheque. However, there are fees involved, and the process can be lengthy, often requiring up to 5 days for payments to clear, which does not make it ideal for those that want to be able to access their payments right away.
Wrapping Up
In summary, it is vital that as a personal trainer you have an online payment option to offer your customers. This is because it saves you time, and improves your customers' overall experience.
The good news is there is a range of online payment options on the market all with different advantages. Therefore, it should be easy to find one that best matches your needs and help to propel your personal training business to success.
The good news is there is a range of online payment options on the market all with different advantages. Therefore, it should be easy to find one that best matches your needs and help to propel your personal training business to success.
