Low Cost Coaching Merchant Accounts
A coaching merchant account is a specialized credit card processing solution for businesses that offer coaching both online and offline. With this type of merchant account, coaches securely accept card payments from students and clients for various training and courses.
These accounts can be used by coaching businesses of various types. Let us look at some of the business types that are best suited for coaching merchant accounts. These include life coaching, business coaching, fitness coaching, career coaching, health coaching, executive coaching, financial coaching, stock market coaching, and forex coaching.
Benefits of Merchant Accounts for Coaching Businesses
For coaching businesses of any type, our merchant account solutions can offer various benefits. First and foremost, a coaching merchant account offers flexibility to students and clients to make payments using their preferred credit and debit cards. It also allows a coaching institution to accept recurring payments for packages that are delivered over a longer time frame. Having a merchant account creates a professional image for the coaching institution.
It also opens up a larger market, as businesses can offer online coaching to clients in various parts of the world. Coaching businesses that use online credit card processing solutions or even retail credit card processing solutions definitely gain a competitive advantage over those that don’t use any sort of digital payment system.
The solutions are highly scalable in terms of the ability to accept larger sales volumes each month and accepting payments from multiple countries across the world. The highly advanced merchant interface provides a clear picture of the overall transaction scenario for the business.
Online Coaching Merchant Account
With an online coaching merchant account, coaching businesses that have ecommerce-enabled websites or mobile apps can accept credit and debit card payments. When a customer initiates the payment on an online coaching website or mobile app, the merchant processor initiates various activities. This includes identifying, validating, and authorizing the transaction, and then forwarding it to the card scheme. The result of the transaction is then sent back to the merchant on the coaching website, indicating whether the transaction was approved or declined.
Retail Coaching Merchant Account
For coaching businesses that require to accept credit and debit card payments at their physical locations, a brand-new credit card terminal and point-of-sale system are essential. With a brand-new coaching payment processing terminal, businesses can accept all major credit and debit cards, as well as payments via QR code and popular e-wallets. To better manage financial transactions, coaching companies can utilize a point-of-sale system connected with the retail credit card terminal. Coaches who travel frequently and need to accept face-to-face payments on the go can use handheld credit card readers, making it easy to accept payments wherever they are.
KYC Documents for Coaching Merchant Account
KYC (Know Your Customer) documents are required to obtain approval for a coaching merchant account. The set of documents may slightly differ based on the jurisdiction where the coaching business is registered. Currently, we offer coaching merchant accounts in the UK, US, Canada, European Union, European Economic Area, Israel, and Singapore. Let’s look at a general list of KYC documents you will need to prepare before applying for a merchant account with us.
Personal Identification: A valid government-issued document such as a passport or driver’s license for the business owner or any director who holds over 20% share in the company.
Proof of Address: A recent utility bill, bank statement, or government-issued document displaying the residential address of the business owner. A similar document is needed for the proof of the commercial address where the business operates from.
Business Registration: Documents proving the business is registered, such as a Certificate of Incorporation, Articles of Association, and Memorandum of Articles.
Business Bank Account: A voided check or a letter from the bank confirming the business bank account details.
Website Domain: If the merchant plans to accept payments via a website, the domain WHOIS certificate is required.
We advise you to connect with one of our coaching merchant services experts to get the complete list of KYC documents, as it will help you arrange all documents at once and reduce delays in onboarding. Ask us today for a free quote for a coaching merchant account and retail card processing terminals.
