Pro-Tips For Processing Payments In Your Business

Natalie MacNeil talks about processing payments in your business

Today I want to share something that’s been going on behind the scenes here at She Takes on the World this year. It’s also something that’s affected most successful online entrepreneurs I know, and some entrepreneurs have lost their businesses because of it.

And yet, no one really talks about it…until now, that is.

Imagine being in the middle of an amazingly successful launch, with a big wave of revenue coming in, when the payment processing company you’re using suddenly informs you they’ve put a hold on your account.

With no warning, all that money you’ve worked so hard for is now out of reach ﹘ but you still have salaries to pay, affiliates to compensate…not to mention your rent or mortgage payment to make.

It’s a scary place to be in and that’s the situation I found myself in at the beginning of the year. I’m committed to sharing the UPS and the DOWNS of my story with you, because there are a lot of valuable lessons you can take away from my story that every online business owner should know.

Join me for today’s episode and find out what you can do to protect yourself and help prevent this from happening to you.

 

Have you or someone you know had income held by a payment processing company? Leave a comment below and let us know how it was dealt with. Or, let us know what steps are you taking to make sure your earnings are protected.

Even if you don’t think something like this would happen to you right now, please bookmark this post to revisit as your business grows or if you ever find yourself in a situation where your online earnings are being held.

Be sure to share this with other entrepreneurs you know to help them protect their businesses too. Here’s a Tweetable you can use: “Don’t let your launch income be held hostage. Protect your earnings with these pro-tips from @NatalieMacNeil” (Click to tweet)”

Cosmic hugs,

Natalie MacNeil's Signature

 

 

P.S. Knowledge is power! My tips for protecting your launch earnings are just the start of what you need to know to keep your business safe and running smoothly. My good friend and one of our Conquer Club mentors, Genavieve Shingle Jaffe, is on a mission to help entrepreneurs become informed about the legal aspects of their businesses and protect those businesses from day one. Right now she is offering a not-to-miss video series where she turns law into laughs and legalese into legal-ease. Join her for this video series where she will cover things from forming your business, to contracts, to making sure your content is protected on-line.

Sign up here to receive this series: http://www.damselindefense.ninja/coveryourbooty/?orid=4489&opid=24

I am a proud affiliate for this course as it is so important for business owners to get the legal protection they need from day one. This course is a one-stop legal shop. If you sign up using my affiliate link, I may receive commission.

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10 thoughts on “Pro-Tips For Processing Payments In Your Business

    1. Don’t let it scare you too much! I want you to feel empowered to deal with it if it were to ever happen 🙂 Hopefully now you’re better equipped to do that! I think the biggest reason why many of my peers who have gone through this don’t want to talk about it publicly is because they don’t want people to think they did something wrong, which I totally understand. I hesitated to share this at first because I don’t want people thinking we did anything wrong either, because we didn’t. Everything was resolved in the end, and we received an apology for the way the company handled the situation. Not that that helped much after we had gone through hell for awhile… Taking on the world isn’t always rainbows and butterflies, and I’m committed to sharing the challenging stuff that goes on behind the scenes because I think we learn the most from those situations!

  1. I’ve heard of this happening. As you say, it’s more common than we would think. But this is the first time I’ve heard anyone giving tips on what to do about it BEFORE it happens so that it doesn’t wipe out your business. Thank you, Natalie.

  2. Thank you for this! Not many people are willing to talk about the harder stuff that comes with business, let alone how to avoid it. Definitely calling my bank tomorrow to inquire as to what to do in that situation, as well as how this is impaired through our invoicing services that collect via PayPal.

    1. PayPal is awesome to deal with, especially if you call them and keep them updated on your business growth and launches. They really appreciate that communication, and none of our PayPal payments were held during this launch, which really helped us. Having a personal relationship with a bank that can process your online payments (not all can fully integrate with software like Infusionsoft though) is REALLY helpful too. We do what we can through our bank since there are people you can talk to face-to-face who understand your business and growth cycles.

  3. Thank you for this valuable information Natalie! I have done events and had a lot of overhead riding on the funds being available. This would be quite the shock! I will put these tips into practice.

    1. Many of my peers who have gone through this have had it happen because of events actually – payment processors see events as the highest risk, as my own processor has told me, because you’re collecting money before the event happens and they worry about refunds in the event of a cancellation. Our membership with an event component required a lot of extra explanation, and we had to prove to the payment processor that we had enough reserve funds in our bank account to refund every single person in case we cancelled the event. Event cash flow is challenging indeed, and these extra requirements to keep that cash in a reserve fund can be tricky to navigate. It’s good to make sure your payment processor knows your main business is events, and it’s worth looking at processors who specialize in events. I know two big online entrepreneurs who switched payment processors recently just because of some challenges with processing ticket payments on events that were several months away from happening. I believe PowerPay is the most recommended payment processor for entrepreneurs working in the event space, and we’ve been speaking with them recently.

  4. To my fearless mastermind leader – thank you for sharing so that I may share with my people. So many people are unaware that this can happen to them and what to do about it. It was incredible watching you step into warrior mode and make sure that all of your client promises were upheld. Utmost respect & love to you Natalie.

    1. Thank you Kathryn 🙂 You had an insider look at the whole thing unfolding, and it was amazing to feel so supported by our awesome masterminders xo

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