EFT Made Easy

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Everyone always talks about the benefits of EFT and they’re right – you need to be doing it in your business. Real businesses accept credit cards… that’s just the way it is. Plus, there are a ton of benefits to accepting recurring payments as well (Most of which include saving you time, book keeping, and making you more money!). So instead of telling you what you already know I’m going to actually show you in this video how I use EFT in my fitness business to bill out about 1,000 sessions a month. It’s fast, effective, and it’s something you can implement into your business this month. Check out the video now:

I’m not going to go into the benefits of EFT too much today because it’s been talked about sooooo much.

Here’s what I will say before showing your the video.

EFT is the only sure fire way to consistently know what your business income will be 2-3 or more months down the road. It allows you to sleep easy at night knowing clients are locked into 3+ month payment contracts.

Plus, the whole thing is just super simple. When I first signed up for Practice Pay Solutions I thought I was going to be in way over my head. Back then I only took cash and checks… no credit cards of any type.

However, I soon realized all my business clients wanted to try to write off the sessions and were even willing to pay a slightly higher rate to pay with their credit card.

Okay, enough talk…

I use Humbolt Merchant Services and Practice Pay Solutions as my merchant gateway.

>>> Practice Pay Solutions

Basically the “gateway” is where you can manually enter credit card transactions and also check in on how much money you’re making in sales. It’s a clean system that I really like a lot. They typically only charge about $10 a month for the merchant account and then your credit card company’s charge 2-4% per transaction on average (you’ll be able to set those up through PPS). I accept Mastercard, Visa, and American Express. Discover charges way too high a fee so I don’t accept it.

Also, American Express also charges about 1% higher than Visa/Mastercard, but half of my clients prefer to may with AMEX so I accept it and just pay the fee as part of the cost of doing business…

Practice Pay Solutions has been around for awhile and can handle huge accounts… or small accounts.

Now check out the video below to see how easy it is to use:

I hope this video helped you see how I run my transactions at my studio and if you have any additional questions please leave them in the comment area below and I’ll be sure to get back to you!

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  • Heather Hall

    Hi Stephen! I signed up with MindBodyOnline.com a few months ago. It’s a very nice client management software system that also has a merchant account so you can accept credit cards and EFT. However I feel like it’s almost too complex for my business. Are you familiar with this company and if so what are your thoughts? I’m a big fan of the KISS method and am just wondering if I’m wasting my money because there’s so much of it I don’t use (the package i’m using is $70/month plus statement/merchant fees). As far as simplicity what are your thoughts about PPS?

    • hi Heather,

      I’m with you – simple is always better! That’s why I still use client sign in forms and paper invoices. It’s super simple to use and file.

      I’ve heard good things about the scheduling capabilities of MindBody, but I don’t use them. All of my CPTs schedule their own sessions and I use a separate merchant account for inputting recurring and single transactions. These systems cost only $10 a month.

      If you can justify the additional $60 then I would continue using it, but if it seems more complex then it’s worth then get rid of it when you find a simpler way.

      Hope that helps and feel free to check out my merchant solutions and shopping cart under the “Resources” category (just search the keyword)!

  • Steve Conca

    Steve – Great stuff as always. I’m thinking of using Groupon for a Back to School promotion for our small group Adult coaching program. What is your opinion on the discounted promotional rate (as a 3 month commitment). We’ve never done it or offered a discount on this program. After the 3 months is up we hope to roll them into oour regular pricing structure. Thanks!

    • Hi Steve,

      I actually entered into talks with a huge website that is getting into “Groupon” type sales.

      I will do an entire post on this in the future once I have it perfected, but what I will tell you is that I would NOT sell a long-term package at a discounted price. From the inside information that I got, the best packages sell for $47-$97 on deal of the day sites. However, the site I’m using is doing a 3-tiered high to low pricing structure for more expensive packages.

      What I recommend is not losing money on a 3 month basis. Sell them a single “special” session or a 21-day program. Of course after that you’ll hook them in for a more customized and complete program to help them take their results to the “next level.”

      I’ll be back soon with the entire layout, but I hope this helps for now!