Are you trusting PayPal or Stripe to process your payments? If so, are you aware that one day they could freeze your funds without warning? This episode discusses the hidden risks of using these platforms, particularly for coaches and consultants. Ryan Ellefsen, who has helped finance big names like Tony Robbins, reveals why your payment processor might be the biggest threat to your business and how to protect yourself from disaster.
You’ll learn how to:
- Identify risks with PayPal and Stripe.
- Protect your business by setting up backup merchant accounts.
- Minimize unnecessary payment processing fees.
- Build strong relationships with banks to ensure smoother transactions.
Transition smoothly from beginner payment systems like Stripe.
What You’ll Learn in This Episode
- (02:58) Ryan explains how PayPal froze their account with no warning.
- (04:06) Why coaches and consultants are losing money without realizing it.
- (05:21) The issue with Stripe for high-ticket business models.
- (06:50) Stripe's hidden fees and how they hurt your business.
- (08:35) The importance of having a backup merchant account.
- (10:10) When to switch from Stripe to a more suitable processor.
- (12:00) How a direct relationship with the bank can protect you.
- (15:10) Why backup accounts are essential to business survival.
- (17:30) The difference between gross profit and net profit in merchant services.
- (19:40) How Stripe's pricing models don’t work for high-ticket offers.
- (21:40) Why business owners need to understand their merchant accounts.
- (24:20) The significance of reducing merchant fees for a healthier business.
- (28:00) Ryan shares quick tips on reducing credit card processing costs.
Who This Episode is For
- Coaches and consultants who use PayPal or Stripe.
- Entrepreneurs looking to secure their payment systems.
- Anyone interested in learning how to avoid financial pitfalls in business.
Why You Should Listen
If you're using PayPal or Stripe for high-ticket sales, you’re at risk of having your funds locked. Ryan Ellefsen provides insider knowledge on why these services may freeze your account and how to prevent it. This episode will help you avoid the mistakes that could cost your business thousands of dollars.
Follow Ryan here:
For more information about the upcoming Coaching Inc. Summit on April 28th & 29th, 2025, check out the official event here: https://coachinginc.com/summit/ or email us at: info@coachinginc.com
If you would like Tom's help in building/scaling your coaching business, go to www.coachinginc.com and fill out an application for your opportunity to work with him personally.
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