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Course Module: 1. AAU Agency/Module 4 - The Tools 7
Lesson: 2. Setting Up Accepting Payments - Stripe
Duration: 11:26
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[00:00 -> 00:07] All right, so let's say you hopefully have landed a client or are going to soon and you need to figure out
[00:08 -> 00:11] Just how you are going to accommodate payments for them
[00:12 -> 00:17] A couple things you can do one is we use stripe stripe is a way to collect credit cards
[00:18 -> 00:26] I've used a number of them in the last 20 years. This is by far the easiest one you'll ever use
[00:26 -> 00:29] So obviously you're gonna need a bank account to do it
[00:30 -> 00:34] My suggestion would be to go get a business bank account. It's relatively easy
[00:34 -> 00:39] You just need to do the business requirements that you know have a business license have your tax ID number
[00:40 -> 00:42] That we ran into in module one
[00:43 -> 00:47] So when you ready go to stripe calm click start now
[00:48 -> 00:54] And it'll walk you through the this the whole process. I promise you this is very very simple
[00:55 -> 00:59] It's going to ask you for your bank account where it's located you're in a routing number
[00:59 -> 01:04] It's going to ask you your personal information. I did not think it was going to be this easy when I set it up
[01:04 -> 01:07] I'm not going to go through and set it up because I already have an account
[01:07 -> 01:12] But i'm going to show you how to do everything else. So that's really easy and self-explanatory
[01:13 -> 01:18] Their instructions are very very simple. You should not have any issues with that at all
[01:19 -> 01:23] Then once you're inside your stripe account, you are going to create a new account
[01:24 -> 01:26] And you're going to call the account name
[01:26 -> 01:28] Whatever you want, you know, a bc company
[01:30 -> 01:32] Whatever it is and then create the account
[01:33 -> 01:36] Now you can edit there's a bunch of different things you can edit in the account settings
[01:36 -> 01:40] You can go through that later on your own. That's all personal preferences
[01:40 -> 01:43] To find that you just once you're you can click through up here
[01:44 -> 01:49] Go down to the account you are selecting and you can then pick settings
[01:50 -> 01:53] It'll take you through here check out settings payment methods
[01:53 -> 01:55] You know, you can set up different emails
[01:55 -> 01:58] You can set up how your invoice looks that's all stuff
[01:58 -> 02:04] That's great and fine and dandy when you have time if you just need to send out an invoice
[02:04 -> 02:07] Don't worry about it. Okay, just keep moving forward
[02:07 -> 02:10] So what you need to do first you need to set up a customer
[02:10 -> 02:12] You can go to new
[02:15 -> 02:18] And pick out the customer name. So we're going to do test customer
[02:19 -> 02:21] Test at
[02:24 -> 02:28] Enter their in their email you can um, I usually will put the description. I will put the customer
[02:29 -> 02:31] uh, business name so test
[02:32 -> 02:34] business name
[02:34 -> 02:39] And then um, I don't even really enter in the you can enter in any other other information
[02:39 -> 02:42] You can put their phone number in here. You can put their shipping details
[02:42 -> 02:45] I don't even do that to be honest with you and then I click add customer
[02:46 -> 02:47] You
[02:47 -> 02:51] You can see here is the customer, right? Click on that
[02:51 -> 02:56] So to take payments from a client you need to obviously have a payment method on hand
[02:57 -> 03:00] All you have to do is you can go here and you can add a payment method
[03:00 -> 03:02] You can add their card
[03:02 -> 03:06] Ask for their card their expiration date and the card security code
[03:06 -> 03:09] That's all you need and then uh, just click add
[03:10 -> 03:15] When I get started in this business, I used blink sale to keep all of my clients
[03:15 -> 03:20] Kind of handy to keep them organized, but blink sale is something
[03:20 -> 03:24] It's an invoicing software that I found you really don't need anymore
[03:24 -> 03:29] I still use it. It's really up to you and what it is is I I center in a client's
[03:29 -> 03:34] Uh billing information and then I can send them an invoice and they can pay for it when they want
[03:34 -> 03:37] But with stripe and it's only like 15 bucks a month
[03:37 -> 03:42] I'll probably get away from it eventually just because I really don't need it with stripe
[03:42 -> 03:47] I can set the customer up. Then I can go here. I can action. I can create invoice
[03:49 -> 03:50] And
[03:50 -> 03:54] I can send them out an invoice now. I need to find or add a product
[03:55 -> 04:00] So you're probably not going to have any products. So what you can do is you can just click on something like add item
[04:00 -> 04:03] Um add a new product. Let's call it
[04:05 -> 04:07] 750 set up fee
[04:08 -> 04:09] Okay
[04:09 -> 04:11] Standard pricing the price is 750
[04:12 -> 04:14] Add product
[04:14 -> 04:18] It's that simple to do. Uh, oops. I actually added a remove item
[04:20 -> 04:25] So $750 set up fee you can be as you know, uh change that up as much as you want
[04:26 -> 04:27] And then
[04:27 -> 04:29] Um, you can say payment method
[04:29 -> 04:32] You can email invoices up to the customer to pay manually
[04:33 -> 04:35] You can automatically charge a payment method
[04:36 -> 04:38] Um, which you already learned how to add
[04:39 -> 04:41] And that's really all you do you figure out which one you want to do here
[04:41 -> 04:47] So if you want to email the invoice then you would click send invoice. That's literally it
[04:47 -> 04:48] Okay
[04:48 -> 04:51] So let's not create that invoice because we don't need to
[04:52 -> 04:54] Now let's go to
[04:54 -> 04:55] Subscriptions
[04:55 -> 05:01] This is one that I use in my business every single day when I set up a client. What I want to do is
[05:03 -> 05:06] We've already let's just pretend like we've already got $750
[05:07 -> 05:10] Um, that was paid. Okay, right here. It actually saved the invoice
[05:11 -> 05:15] All right, let's say that this invoice has been paid now. We need to charge them their first month
[05:15 -> 05:19] Management fee and let's say we're doing $500 a month. It's the middle of the month
[05:19 -> 05:22] So we need to charge them for 250. All you got to do is go up to
[05:24 -> 05:25] This
[05:25 -> 05:26] Will say create
[05:26 -> 05:29] Okay, let's go to another customer so I can show it to you
[05:30 -> 05:33] To create a payment all you literally do is click on create
[05:36 -> 05:39] You will enter in the amount. Let's say it's $250
[05:40 -> 05:46] Right, you're only charged for half the month. You select the payment method in the description. You will type in
[05:46 -> 05:51] Um, what you want to show on their credit card. So when their credit card statement is going to show something
[05:52 -> 05:56] Um, I would typically put your business name so they know exactly what it's for in description
[05:56 -> 06:03] I will put something like google ads ppc services so they know exactly what's going on and I will click create payment
[06:03 -> 06:05] Once you click this
[06:05 -> 06:11] As long as their payment method has been selected here, it will charge their card immediately
[06:11 -> 06:16] So obviously know that going in okay because you're creating a brand new payment
[06:16 -> 06:22] Then to create their subscription so that they can pay you on the monthly basis. I go to create
[06:24 -> 06:29] Now i'm not going to have their product here, right? But let's just say it's $500 a month
[06:29 -> 06:33] You can go in you can add the product $500 a month, but I already have that
[06:34 -> 06:38] You can just search your products right here just like that. It will bring it up
[06:39 -> 06:42] So mancy need digital paper click services $500 a month
[06:42 -> 06:46] Now it is right now. Let's say it's the
[06:47 -> 06:53] Let's say I don't want to build them till january 1st right now. It's actually december 1st. I can add a trial
[06:54 -> 06:57] Now what that trial would be would be what 30
[06:58 -> 07:02] So there's 31 days in december. I always get mixed up on this part
[07:02 -> 07:04] But let's say the trial link is 31 days
[07:05 -> 07:10] And I just click add trial trial ends january 1 okay
[07:11 -> 07:17] So I can create I can start that subscription as long as there's a trial date here
[07:17 -> 07:20] They will not get charged right away, okay?
[07:21 -> 07:23] So we can click on start subscription
[07:24 -> 07:28] Now you will see their subscription line up right here, okay
[07:28 -> 07:30] What you can do is you can
[07:31 -> 07:36] Look underneath it says billing monthly next invoice on january 1 for $500
[07:37 -> 07:41] On the first day of every month this subscription will charge this client
[07:42 -> 07:46] That amount of money or whatever money you set it up for to cancel that subscription
[07:46 -> 07:50] All you do is go here and click on cancel subscription
[07:50 -> 07:52] cancel it immediately
[07:54 -> 07:58] Okay, and then they will not have they will show that it's canceled right here
[07:59 -> 08:05] So that is how I would suggest not even really needing an extra software for $15 a month
[08:05 -> 08:08] You can literally do everything with stripe
[08:09 -> 08:15] And that's all I do. I literally just enter in my customers. I can send them an invoice
[08:15 -> 08:20] I can create subscriptions for them here and you saw how fast and quick all that was
[08:20 -> 08:23] But that is exactly what I would do getting started
[08:23 -> 08:27] There's a lot of fancy software out there. You can buy you can spend a lot of money on it
[08:28 -> 08:31] You really don't need it. All you literally need is stripe
[08:32 -> 08:34] So I would like to stress that once again
[08:35 -> 08:38] You don't need any fancy software the blink sale software
[08:38 -> 08:41] I showed you for 15 bucks a month if I was starting out
[08:41 -> 08:44] I wouldn't use it. I would go right and just use this platform
[08:45 -> 08:49] And one thing I didn't add in there was stripe does cost you some money
[08:49 -> 08:51] It is not a monthly fee
[08:51 -> 08:54] But what it is is 2.9 percent
[08:55 -> 08:57] Of the charge
[08:57 -> 09:03] So if it's a hundred bucks, it's going to cost you $2.90 plus 30 cents per transaction
[09:03 -> 09:09] Okay, so two two dollars and 90 cents plus 30 it's going to cost you $3 and 20 cents
[09:10 -> 09:16] For that transaction. Now. This is one thing that people will ask me all the time. Well, should I increase my
[09:17 -> 09:22] Fees, you know to cover the card charges. Should I increase my you know, should I charge 3% more?
[09:23 -> 09:25] Listen, this is just where I come in but
[09:26 -> 09:30] Everybody does business with credit cards. It is part of the pricing
[09:31 -> 09:32] Just build it into your pricing
[09:32 -> 09:38] Don't say we add 3% for credit cards because you know what you should be having credit cards on file
[09:39 -> 09:44] You do not want to have to wait for a check from a company every single month for them to pay you
[09:45 -> 09:47] I do not get paid by check anymore
[09:47 -> 09:50] Every now and again somebody will send in a check for a setup fee
[09:50 -> 09:58] But moving forward they have to give me a credit card on file that I put in to stripe that charges every single month
[09:58 -> 10:00] I will not wait for checks every month
[10:00 -> 10:06] I used to do that when I got started because it was a client and this was actually before credit card
[10:07 -> 10:12] Um, you know credit cards with that popular online or at least every company using them, you know
[10:12 -> 10:19] Multiple times a day, but there's nothing worse than you know, I understand that you're charging five six seven hundred dollars
[10:19 -> 10:22] And it might cost you, you know, let's say it's 500 bucks
[10:22 -> 10:27] It's going to cost you 15 dollars in credit card fees, you know for that client
[10:27 -> 10:30] That's just part of doing business nowadays
[10:30 -> 10:34] Does it add up over time? Yes, but it's also a tax deduction
[10:34 -> 10:40] Now I know that this rate will change depending on what country you're in so keep that in mind as well
[10:41 -> 10:43] And the way it works is
[10:43 -> 10:50] The first time you take a payment it will take approximately five to seven days before you get that payment in your bank account
[10:51 -> 10:56] That is just the first one. They have to uh, there have to go through a verification process
[10:57 -> 11:01] And the first one will always take longer after that. I usually get them
[11:02 -> 11:04] Uh within within two business days
[11:04 -> 11:08] Sometimes it's the next business day depending on what time of day I got the charge
[11:09 -> 11:12] So if somebody pays me 500 today, which is a Tuesday
[11:12 -> 11:15] I'll have that money deposited directly into my account
[11:16 -> 11:17] minus
[11:17 -> 11:19] Stripes charges right here
[11:19 -> 11:23] Uh on thursday, so you don't have to wait very long to get the funds
[11:24 -> 11:26] All right, see you in the next video

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--- FULL TRANSCRIPT ---
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All right, so let's say you hopefully have landed a client or are going to soon and you need to figure out Just how you are going to accommodate payments for them A couple things you can do one is we use stripe stripe is a way to collect credit cards I've used a number of them in the last 20 years. This is by far the easiest one you'll ever use So obviously you're gonna need a bank account to do it My suggestion would be to go get a business bank account. It's relatively easy You just need to do the business requirements that you know have a business license have your tax ID number That we ran into in module one So when you ready go to stripe calm click start now And it'll walk you through the this the whole process. I promise you this is very very simple It's going to ask you for your bank account where it's located you're in a routing number It's going to ask you your personal information. I did not think it was going to be this easy when I set it up I'm not going to go through and set it up because I already have an account But i'm going to show you how to do everything else. So that's really easy and self-explanatory Their instructions are very very simple. You should not have any issues with that at all Then once you're inside your stripe account, you are going to create a new account And you're going to call the account name Whatever you want, you know, a bc company Whatever it is and then create the account Now you can edit there's a bunch of different things you can edit in the account settings You can go through that later on your own. That's all personal preferences To find that you just once you're you can click through up here Go down to the account you are selecting and you can then pick settings It'll take you through here check out settings payment methods You know, you can set up different emails You can set up how your invoice looks that's all stuff That's great and fine and dandy when you have time if you just need to send out an invoice Don't worry about it. Okay, just keep moving forward So what you need to do first you need to set up a customer You can go to new And pick out the customer name. So we're going to do test customer Test at Enter their in their email you can um, I usually will put the description. I will put the customer uh, business name so test business name And then um, I don't even really enter in the you can enter in any other other information You can put their phone number in here. You can put their shipping details I don't even do that to be honest with you and then I click add customer You You can see here is the customer, right? Click on that So to take payments from a client you need to obviously have a payment method on hand All you have to do is you can go here and you can add a payment method You can add their card Ask for their card their expiration date and the card security code That's all you need and then uh, just click add When I get started in this business, I used blink sale to keep all of my clients Kind of handy to keep them organized, but blink sale is something It's an invoicing software that I found you really don't need anymore I still use it. It's really up to you and what it is is I I center in a client's Uh billing information and then I can send them an invoice and they can pay for it when they want But with stripe and it's only like 15 bucks a month I'll probably get away from it eventually just because I really don't need it with stripe I can set the customer up. Then I can go here. I can action. I can create invoice And I can send them out an invoice now. I need to find or add a product So you're probably not going to have any products. So what you can do is you can just click on something like add item Um add a new product. Let's call it 750 set up fee Okay Standard pricing the price is 750 Add product It's that simple to do. Uh, oops. I actually added a remove item So $750 set up fee you can be as you know, uh change that up as much as you want And then Um, you can say payment method You can email invoices up to the customer to pay manually You can automatically charge a payment method Um, which you already learned how to add And that's really all you do you figure out which one you want to do here So if you want to email the invoice then you would click send invoice. That's literally it Okay So let's not create that invoice because we don't need to Now let's go to Subscriptions This is one that I use in my business every single day when I set up a client. What I want to do is We've already let's just pretend like we've already got $750 Um, that was paid. Okay, right here. It actually saved the invoice All right, let's say that this invoice has been paid now. We need to charge them their first month Management fee and let's say we're doing $500 a month. It's the middle of the month So we need to charge them for 250. All you got to do is go up to This Will say create Okay, let's go to another customer so I can show it to you To create a payment all you literally do is click on create You will enter in the amount. Let's say it's $250 Right, you're only charged for half the month. You select the payment method in the description. You will type in Um, what you want to show on their credit card. So when their credit card statement is going to show something Um, I would typically put your business name so they know exactly what it's for in description I will put something like google ads ppc services so they know exactly what's going on and I will click create payment Once you click this As long as their payment method has been selected here, it will charge their card immediately So obviously know that going in okay because you're creating a brand new payment Then to create their subscription so that they can pay you on the monthly basis. I go to create Now i'm not going to have their product here, right? But let's just say it's $500 a month You can go in you can add the product $500 a month, but I already have that You can just search your products right here just like that. It will bring it up So mancy need digital paper click services $500 a month Now it is right now. Let's say it's the Let's say I don't want to build them till january 1st right now. It's actually december 1st. I can add a trial Now what that trial would be would be what 30 So there's 31 days in december. I always get mixed up on this part But let's say the trial link is 31 days And I just click add trial trial ends january 1 okay So I can create I can start that subscription as long as there's a trial date here They will not get charged right away, okay? So we can click on start subscription Now you will see their subscription line up right here, okay What you can do is you can Look underneath it says billing monthly next invoice on january 1 for $500 On the first day of every month this subscription will charge this client That amount of money or whatever money you set it up for to cancel that subscription All you do is go here and click on cancel subscription cancel it immediately Okay, and then they will not have they will show that it's canceled right here So that is how I would suggest not even really needing an extra software for $15 a month You can literally do everything with stripe And that's all I do. I literally just enter in my customers. I can send them an invoice I can create subscriptions for them here and you saw how fast and quick all that was But that is exactly what I would do getting started There's a lot of fancy software out there. You can buy you can spend a lot of money on it You really don't need it. All you literally need is stripe So I would like to stress that once again You don't need any fancy software the blink sale software I showed you for 15 bucks a month if I was starting out I wouldn't use it. I would go right and just use this platform And one thing I didn't add in there was stripe does cost you some money It is not a monthly fee But what it is is 2.9 percent Of the charge So if it's a hundred bucks, it's going to cost you $2.90 plus 30 cents per transaction Okay, so two two dollars and 90 cents plus 30 it's going to cost you $3 and 20 cents For that transaction. Now. This is one thing that people will ask me all the time. Well, should I increase my Fees, you know to cover the card charges. Should I increase my you know, should I charge 3% more? Listen, this is just where I come in but Everybody does business with credit cards. It is part of the pricing Just build it into your pricing Don't say we add 3% for credit cards because you know what you should be having credit cards on file You do not want to have to wait for a check from a company every single month for them to pay you I do not get paid by check anymore Every now and again somebody will send in a check for a setup fee But moving forward they have to give me a credit card on file that I put in to stripe that charges every single month I will not wait for checks every month I used to do that when I got started because it was a client and this was actually before credit card Um, you know credit cards with that popular online or at least every company using them, you know Multiple times a day, but there's nothing worse than you know, I understand that you're charging five six seven hundred dollars And it might cost you, you know, let's say it's 500 bucks It's going to cost you 15 dollars in credit card fees, you know for that client That's just part of doing business nowadays Does it add up over time? Yes, but it's also a tax deduction Now I know that this rate will change depending on what country you're in so keep that in mind as well And the way it works is The first time you take a payment it will take approximately five to seven days before you get that payment in your bank account That is just the first one. They have to uh, there have to go through a verification process And the first one will always take longer after that. I usually get them Uh within within two business days Sometimes it's the next business day depending on what time of day I got the charge So if somebody pays me 500 today, which is a Tuesday I'll have that money deposited directly into my account minus Stripes charges right here Uh on thursday, so you don't have to wait very long to get the funds All right, see you in the next video

