Payment Systems For Personal Trainers |
Learn More About Payment Systems
What You’ll Learn
In this lesson, we review the top 5 payment processors for in-person personal trainers and online coaches.
Why It’s Important
Taking payments can be the most awkward part of your client's journey, but it doesn't have to. When you choose the right payment processor system to best suit your business model and your clients' preferences, payments become a natural part of the process and you will never have to have frustrating money talks.
In this lesson, we review the top 5 payment processors for in-person personal trainers and online coaches.
Why It’s Important
Taking payments can be the most awkward part of your client's journey, but it doesn't have to. When you choose the right payment processor system to best suit your business model and your clients' preferences, payments become a natural part of the process and you will never have to have frustrating money talks.
In the past, being able to accept payments with things such as debit and credit cards required a merchant bank account. This allowed businesses to take payments with independent payment processors.
However, the modern payment processors we review in this article no longer require these merchant bank accounts - which is great news for us as fitness coaches(!)
When we have to spend the majority of our time on the gym floor, writing programs or creating content, having simple ways to accept payments means we can focus on the things that truly matter.
However, the modern payment processors we review in this article no longer require these merchant bank accounts - which is great news for us as fitness coaches(!)
When we have to spend the majority of our time on the gym floor, writing programs or creating content, having simple ways to accept payments means we can focus on the things that truly matter.
Top 5 Payment Processors for Personal Trainers
In this section, we review the best payment processors for personal trainers and online fitness coaches. We review transaction fees, software included levels of support, ease of sign up and so on.
1. Stripe
Stripe’s signup process is straightforward and almost instant. It’s a very easy way to take credit card payments and their software dashboard makes it easy to track incoming payments. They offer email and live chat support to answer your queries.
Stripe would make sense if you were planning to just take debit/credit card payments from your website. It’s great when you’re first starting out for its ease of use and speed to set up.
- Transaction fees: 2.9% plus $0.30 per charge
- International fees: 3.9% plus $0.30 per charge
- Set-up/monthly fees: none
- Charge-back cost: $15
- Deposit speed: 2 business days (first transfer is 7 to 10 business days)
Stripe would make sense if you were planning to just take debit/credit card payments from your website. It’s great when you’re first starting out for its ease of use and speed to set up.
2. Braintree By PayPal
Braintree is owned by PayPal and offers integrations to allow you to manage credit card payments and PayPal payments. Braintree’s application process takes around 2 days and requires some underwriting. The payment processor is available in more countries than Stripe and also accepts Venmo, a popular payment processor in America.
Is Braintree for you?
Braintree is best to use if you are taking lots of payments via PayPal as well as debit/credit card payments, as it offers seamless integration between the two platforms.
- Transaction fees: 2.9% plus $0.30 per charge
- International fees: 3.9% plus $0.30 per charge
- Set-up/monthly fees: none
- Charge-back cost: $15
- Deposit speed: 2 to 3 business days, 3 to 5 for American Express transactions.
Is Braintree for you?
Braintree is best to use if you are taking lots of payments via PayPal as well as debit/credit card payments, as it offers seamless integration between the two platforms.
3. PayPal
PayPal is probably the most well-known payment processor on the planet. If you are accepting credit card payments via PayPal, we recommend using Braintree. However, if you want to accept PayPal payments, you can use the Express Checkout. Each PayPal user has a virtual wallet, and funds are deducted and transmitted to your business wallet.
Is PayPal for you?
You can use PayPal in conjunction with any of the other payment processors discussed here. It’s worth setting one up and including it on your website to give customers more options to pay.
- Transaction fees: 2.9% plus $0.30 per charge
- International fees: 4.4% plus a fixed fee depending on currency
- Setup/monthly fees: none
- Charge-back cost: $20
- Deposit speed: 3 to 5 business days
Is PayPal for you?
You can use PayPal in conjunction with any of the other payment processors discussed here. It’s worth setting one up and including it on your website to give customers more options to pay.
4. Square
Square’s signup requires no underwriting and is almost instant. Additionally, Square allows you to take payments via a mobile attachment. This is particularly advantageous if people want to pay up-front during a consultation. Also, Square offer POS’s, which stands for points of sale. These act as a cash register, and would suit gyms and PT studio owners. Square also offers a $0 charge-back fee.
Is Square for you?
If you want to take payments during a consultation, or install a POS in your gym/studio, Square is a great option. If you anticipate owning a studio in the future, it may be worth using Square from day 1 to make integration easier at a later date.
- Transaction fees: 2.9% plus $0.30 per charge
- International fees: n/a – no support
- Setup/monthly fees: none
- Charge-back cost: $0
- Deposit speed: 1 to 2 business days - immediate deposits for 1% more
Is Square for you?
If you want to take payments during a consultation, or install a POS in your gym/studio, Square is a great option. If you anticipate owning a studio in the future, it may be worth using Square from day 1 to make integration easier at a later date.
5. GoCardless
GoCardless allows you to set up Direct Debits with clients. This allows you to collect funds automatically on a specific date. This removes the need to have an awkward conversation with your client when they are ready to renew sessions. It’s free to set-up, or alternatively, they offer paid options where you can add your name to the bank statements of your client.
Is GoCardless for you?
We recommend all coaches, that take monthly payments, to start getting their clients onto Direct Debit, so GoCardless is a must!
- Transaction fees: 1%, capped at £2
- International fees: As above
- Set-up/Monthly Fees: none
- Deposit Speed: Instant
Is GoCardless for you?
We recommend all coaches, that take monthly payments, to start getting their clients onto Direct Debit, so GoCardless is a must!
Summing Up
To conclude, when choosing a payment provider, it’s important to assess your needs. If you want to take payments from your website, it’s good to have multiple payment options, so we recommend using PayPal and either Square, Stripe or Braintree.
If you own a PT studio/gym and you want a POS to take payments, we recommend Square. And finally, if you are doing any type of personal training sessions, be it in a big box gym or your own studio, or if you’re an online coach charging a monthly fee, we recommend getting all your clients on Direct Debit, using GoCardless, to avoid the awkward conversation of whether or not the client wishes to continue training(!)
If you own a PT studio/gym and you want a POS to take payments, we recommend Square. And finally, if you are doing any type of personal training sessions, be it in a big box gym or your own studio, or if you’re an online coach charging a monthly fee, we recommend getting all your clients on Direct Debit, using GoCardless, to avoid the awkward conversation of whether or not the client wishes to continue training(!)
