You’ve probably heard quite a bit about people’s coaching business being terminated by Stripe.
What we are currently seeing is another cycle of Stripe & Credit Card Processor clamping down with freezes & shutdowns.
There really isn’t any further details they are giving besides a business is too high risk and can be classified as Deceptive & Predatory.
Yep – they are shutting down accounts and labeling them as PREDATORY.
As you can see this has been causing waves in the coaching & healing world.
This is what is getting Stripe/Merchant Accounts shutdown.
THERE ARE TWO REALLY BIG THINGS ANY 6 or 7 FIGURE COACH OR SPIRITUAL ENTREPRENEUR NEED TO BE AWARE OF:
1. STRIPE ISN’T THE BEST OPTION FOR THE COACHING INDUSTRY
2. THERE ARE BEST PRACTICES & REGULATIONS THAT NEED TO BE FOLLOWED – hint most people have no idea what these are.
COACHING has always landing in the high risk category for all processors so knowing how to operate in your business in terms of compliance is CRUCIAL.
I’m all for people having a thriving business with the LEAST AMOUNT OF CONSTRAINTS AS POSSIBLE.
The thing is the INDUSTRY needs HELP, EDUCATION, & TOOLS.
The offers you sell come under scrutiny when you accept credit cards. Their duration, start date, pricing all are important pieces of the puzzle.
Your website & landing pages are key factors in how compliant you are with regulations & rules
There are key components every website needs to have.
How you write copy and the sales tools you use are overseen by the credit card processors & other governing bodies such as the FTC.
This is what is getting Stripe/Merchant Accounts shutdown.
THERE ARE TWO REALLY BIG THINGS ANY 6 or 7 FIGURE COACH OR SPIRITUAL ENTREPRENEUR NEED TO BE AWARE OF:
1. STRIPE ISN’T THE BEST OPTION FOR THE COACHING INDUSTRY
2. THERE ARE BEST PRACTICES & REGULATIONS THAT NEED TO BE FOLLOWED – hint most people have no idea what these are.
COACHING has always landing in the high risk category for all processors so knowing how to operate in your business in terms of compliance is CRUCIAL.
I’m all for people having a thriving business with the LEAST AMOUNT OF CONSTRAINTS AS POSSIBLE.
The thing is the INDUSTRY needs HELP, EDUCATION, & TOOLS.
