From the inbox: Can I just use Paypal instead of a Merchant Account?
Paypal is an excellent service and convenient to pay for things online.
The practical advantage of having your own merchant account is that when you have clients that work with you for several months or years, you can go in and charge their credit cards. With Paypal, you have to depend on them to go into their accounts and pay YOU. So you have more control over getting paid.
In fact, I have 100% collection rate :-)
The psychological benefit is that it completely eliminates the *money* conversation. It is set up in the beginning (and agreed upon) that you will bill their cards in advance for every 4 sessions. Now the focus can be completely on the coaching, and they don't have to think about whether they want to continue every month. It creates a better overall flow --with the focus where it should be -- on the coaching.
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