Getting paid seems like it should be a simple thing, but it’s one of the most confusing parts of doing business for new entrepreneurs.
Many options range from accepting old-school checks to an eCommerce website that includes the option of selling subscriptions. This is great because it can create a nice monthly recurring revenue stream for your business! Some people choose to go with an all-in-one client management system that allows you to send invoices, and contracts and take payments like Dubsado.
Those are all great options, but let’s keep things as simple as possible for now. Today we will take a look at the two most common payment processors for online entrepreneurs like coaches and consultants.
Where Stripe and PayPal are similar:
- Fees: At the time of this post, both Stripe and PayPal charge 2.9% + $0.30 for each transaction.
- Approval: Neither one requires a credit check and approval.
- Integration: Both integrate with lots of other applications like eCommerce plugins such as WooCommerce in addition to many calendar scheduling tools like Acuity.
Where Stripe & PayPal differ:
- Adding Buy Buttons to Your Site:
PayPal is easier to add a buy now or subscribe now button to your website without an online shopping cart. Stripe is a touch harder to add buy now buttons to your site, but it’s doable if you’re tech-savvy. - Accepting Payments Over the Phone:
Stripe will allow you to easily take payment over the phone on your discovery calls. This works great for consultants and coaches who are billing people on a recurring basis for ongoing services. This is more challenging with PayPal and requires a virtual terminal.
Download Your Free Stripe and PayPal How-To Guides!
I’ve created two simple to follow step-by-step guides to help you get paid faster and easier.
- “Get Paid” Guide to Stripe Payments: Learn how to charge clients for a subscription or one-time purchase over the phone on your discovery calls through stripe.
- “Get Paid” Guide to PayPal Buttons: Sell a digital product to create some passive income with a PayPal buy now or subscription button.
Be sure to download them both for free. And don’t forget to share them with your friends online because there is no opt-in required! 🙂
Happy Summer!
Heather
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