Before you can start selling your coaching products & services on Lifecoach, you need to enable payments for your Lifecoach account.
In this article, we'll tell you why this is necessary, and guide you through the process so that you can start adding your coaching products & services.
Our trusted payments partner
We have taken great care to select Stripe as our trusted payments partner. Stripe allows you to take payments from people all over the world through Lifecoach, in multiple currencies and receive monthly payouts into your nominated local bank account without exposing any of your sensitive information directly to Lifecoach. Simply put, we don't store your banking information - Stripe do. This is why, when you enable payments on your Lifecoach account, we ask you to familiarise yourself with and agree to Stripe's own terms and conditions.
Before you begin, please check that your country is on this list. These are the current countries where Stripe support payment processing. If your country is not on the list below, unfortunately you will not be able to sell your coaching products & services through Lifecoach at this time:
- Hong Kong SAR China
- New Zealand
- United Kingdom
- United States
All you need to do to start selling your coaching products and services via Lifecoach is to enable your Stripe payment account by clicking the 'Connect Stripe' button under Dashboard > Account > Payout Settings.
This will launch Stripe's own secure setup flow.
During the guided flow, the information that you provide goes directly to Stripe and is used to comply with international identity & anti-money laundering regulations in your own territory. As part of this flow, Stripe will ask you to enter the bank account that you would like to use to receive your Lifecoach payouts. When you have successfully added your payout details, you'll be redirected back to Lifecoach and you should see that your Stripe account is now connected:
Congratulations on enabling payments!
From this point on, you'll be able to create and sell online coaching products & services through Lifecoach and receive monthly payouts directly into your nominated bank account, in your own local currency, without incurring hidden currency conversion or payout fees.
You'll notice that the 'Connect Stripe' button changes to become a 'Manage' button. This allows you to manage your Stripe account as and when you need to. Under normal circumstances, you won't need to use it, but on occasion you might. Occasionally the regulations for payment providers change in a certain country or territory around the world. When this happens, Stripe may require additional information from you and we'll notify you here in the payout settings tab so you can use the 'Manage' button to keep your information up to date with Stripe and keep your payment account in good health.
Keeping your payment account in good health
Whenever Stripe needs more information from you in order to keep your payment account in good health (for example when the law changes in a certain territory), you will see the 'Needs action' notification.
Click 'Manage' to open your Stripe payment account to see more detail and to take corrective action.
It's important to note that failing to provide all necessary information to Stripe can result in payouts being frozen, meaning you could still receive funds in your wallet, but you may not receive your scheduled monthly payouts until you take the corrective action required.
Possible reasons for your account needing action:
- You did not supply all of the required information when enabling your account for the first time.
- Occasionally, the law for payment processing changes in certain territories around the world and Stripe is required to collect additional information from you in order to comply.