The Australian Institute of Life Coaches states “Having a payment system is important for anyone looking to become or is an existing Life Coach.” In fact they believe this is so important they even cover this in their coaching course!
Here is what they say about a direct debit payment system…
“Direct debit is a method of billing available to you to process payments from your clients. When you have a direct debit authority from your customer you are given permission to directly debit your customer’s nominated account in payment for goods or services. This account may be either a bank account or a credit card.
If you are using a direct debit provider, your business will enter into an agreement with them. Once the necessary arrangements are in place you will be provided with a direct debit request or authority form. This authority is an agreement between your business and your customer which will allow you to debit their nominated account.
In the case of a direct debit linked to a bank account you will give the merchant a Direct Debit Request. The Direct Debit Request will be sent to your direct debit provider in most cases to enter into their system, at which time the direct debit will then begin being processed. The form is not sent to the bank unless there is a dispute. The direct debit provider is able to participate in the direct debit system because a financial institution has sponsored them into the system. It is on the basis of this sponsorship that your bank will allow the direct provider to make debits from your customer’s account and deposit the funds into your account.
A direct debit can:
* be for a fixed or a variable amount; and
* operate at regular intervals or pre-determined dates.
Customers love being able to make smaller payments. Make it easier for them and use a billing solution that will facilitate the sale. The costs and convenience of a direct debit system are far more favorable than other payment methods (e.g. cheques and money orders).
A good direct debit provider can have a new direct debit form ready for you to start billing that customer with 24 hours. Your customer will have peace of mind that their bills will be paid on-time, every time.
Is your direct debit provider going to charge you a fixed or percentage based transaction fee? Generally, direct debit providers charge a fixed fee for bank accounts and a fixed and percentage fee (to cover their merchant costs) for credit cards. Generally all fees can be passed directly onto your customer, but talk to your direct debit provider.
It is essential your business has the flexibility to debit your clients either on a fixed schedule or variable amounts as required. Don’t limit yourself or your business! Also make sure you can collect fund “on demand” – being able to only collect funds on a certain day not only limits you but may also be inconvenient to your customer.
A good direct debit system should be available outside of the standard work day. Make sure your direct debit company is available when you need them and just during typical “office hours”.
The majority of direct debit providers provide a similar product and they are all very good. But what are the little extras they offer to make them stand out. Do they have strategies in place to reduce the number of failed payments due to insufficient funds? Or can they implement a system that is a variation of the typical direct debit? Is there any customizability?”
I really couldn’t have said that better myself. So if you are a life coach and looking for a direct debit provider you should consider Ezypay. In fact here are 59.5 reasons why Ezypay direct debits are insanely awesome.