Getting Paid On Big Ticket Items

Best thing to do is to contact your bank, Scott.

Tell them what you want to do, and then ask them what the best way would be for you to do it.

If there is a daily limit, they may waive it for a one-off purchase.

I’m a little confused, Scott.

At the beginning of the thread, you ask how you can get paid on big ticket items; but by the end it sounds like you’re the one that wants to buy an expensive product.

What is it that you’re trying to do, and where do you live?

Check Wave: https://www.waveapps.com/

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Mark Rhodes

So, if I understand you correctly, Scott, what you’re trying to figure out is how to receive money for big-ticket items that you sell. Is that right?

If so, then you need to use what is called a Payment Gateway.

PayPal is one, and I know that Sean uses them.

There are others.

I use Stripe and PayPal.

Here’s an article (I haven’t read it) that compares the features of several. https://ecommerce-platforms.com/ecommerce-selling-advice/choose-payment-gateway-ecommerce-store

You could always go back to the trusty PayPal. I know it cost a bit but not more than a typical merchant account and it is easy to set up and everybody (and their dog) knows and trusts the name. Just a thought. Wish I was having the problem of needing to accept large amounts of money regularly. Congrats for pushing toward that. I’m right behind you.

PayPal does seem to be the standard for most everyone. It’s great to know that you’ve reached the point in your business where you feel comfortable charging big ticket prices. Just make sure you don’t forget the little guy! Going big ticket doesn’t prevent you from continuing to offer some low ticket items for all those who cannot afford big ticket prices. To change the world, we can’t leave anyone out!

I have it on good authority that PayPal sometimes refuses transactions and even closes accounts without explanation.

Sean can give us the benefit of his experience here.

Scott, I believe that Sean has only ever used PayPal. I could be wrong, but I think that that’s the case.

He’s probably off for the weekend, but he might look in tomorrow.

Shoot him an email and ask him.

It’s what I’d do.

What you can charge on your credit card depends on your limit.

When I’ve had to pay or receive a large amount I use a bank draft. The transfer costs a flat fee and I would trust it over PayPal for a 5 or 10K+ payment. But that’s just me.

I have a business account with PayPal and they say there is not an incoming limit, but I still contact them if I know there will be an unusual sale or group of sales in my offline business.

A PayPal invoice might be an option as well. Just keep in mind they will take a percentage.

One other option to look into is PayPal Credit. You may be able to offer it as a payment option and let PayPal handle collecting the money over time while you get paid upfront.

I’ve only received small payments through Stripe and have had no issue with them.

I had a merchant service account for years but when I changed to a seasonal schedule (offline) I did not want to pay all year for the service when there were other comparable options that are basically on demand.

I do not personally have any high ticket items in my funnel that are my products ( I am working on creating my own). The high ticket affiliate programs that I have pay me up to $1500 via PayPal.

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Scott Hogue

It’s been three years since I offered a $5K coaching program, and even more since I had a merchant account for accepting credit cards. I’ve use PayPal for 14 years without problem. I invoice for consultation payments, but usually not more than $400-500. I may have invoiced for $600-700 once or twice.

That last time I offered coaching for $5K, I offered a two-payment option for $3K+$2.5K, separated by a month. The one doctor that signed up, I just told him to mail me a check. My program did not require instant access as it was spread out for weeks with homework for each week. The worst that could have happened was that I sent him homework for a week without getting paid.

Mark

Scott

when folks are investing $5k or $15k, you don’t need to make it so easy that all they have to do is click the button to buy so they make an impulse purchase.

They AREN’T making an impulse purchase at that price point . . .

And rarely is someone going to just click a button for $15k if the most they’ve bought from you is $97 and they aren’t talking with you on the phone.

And if you are on the phone, you ask them if they need to spread it out over a few payment methods, then send an invoice (it can be paypal) for each amount.

And yes, if all you sell is $7 products and you have $15k purchase, it is going to trigger an alert at paypal.

You have to build trust and credibility by selling volume over time, and increase prices over time.

So many forks and options to this . . .

if I had more info on exactly what you are trying to do (and that is not a $15k mastermind because frankly speaking you probably aren’t ready for that yet)

then I could offer other options for how to make it happen.

Sean

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Scott Hogue

One key to building credit with paypal and the merchant accounts is sheer volume . . .so this is one place where starting with smaller products can really help you . . have a $100 product and sell 50 a month, you gain the credit to take bigger payments.

Sean

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Bruce Hoag