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What Payment Processor Should I Use?

financial coaching payment processor Sep 04, 2020

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Which payment method is the safest and most convenient way for clients to process payments?

Garrett -
All major payment processing services - Stripe, PayPal, Square - all prohibit Financial Services professionals/companies from using their product in their terms of service.  So while you may not get kicked off of one immediately, there is that possibility.

There is a company called AdvicePay that offers invoicing and payment processing that’s compliant for financial service professionals. They’re the ones we’re sooo clooose to completing an agreement with to offer their platform for FCN members for free/a discount!

I've used Stripe as well and have without issue, I just don’t like the idea that I could be booted at any time. I think it comes down to what’s the lesser of two evils for a person - a platform you could get booted from, or a compliant one that doesn’t (currently) have every bell and whistle.

Go for Compliance over Convenience

Brad - AdvicePay has the ability to do “subscriptions” that automatically bill and pull payment from the client each month on a specific date. The client only has to authorize it once. Extremely handy for what we do. When I set up my RIA I switched to this service to stay compliant and it’s worked really well.

Charles - AdvicePay is what I use. It’s compliant, tailor made for financial services, can do subscriptions, and also esignature for agreements as well. 

Alternatives besides AdvicePay

Brad - This topic is covered a lot. The key takeaway is PayPal is not ok for financial businesses. It's outside of their terms of service. look for another source.

I use my Wix website and the payment tools they provide. Clients always pay in advance, no refunds. Reschedule up to 24hours in advance. Make your client agreement super clear because you will at some point have had people who want to cancel or reschedule with no notice.

KristineI use stripe. Square flagged me a few months into my business and shut me down. Spare the pain. Go for Stripe.


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