Imagine getting 10X more sales, and generating 20% more income in the next 90 days. That’s exactly what high-ticket coaches can do when they apply 3 proven hacks. If you run a high-ticket coaching program that’s at least $3000 and you’re ready to master the online conversion game and take your business to the next level, then we have something for you.
Your Sales Funnel Isn’t the End of the Line—Don’t Ignore the Checkout Process
One of the biggest mistakes offer owners make is assuming you have the sale once a customer is in your funnel. Not true. Assuming someone will buy because they’re ready to do so seriously knocks down your conversion rate.
There are a lot of issues that can happen in your checkout process. You need to see your customers all the way through to the end of checkout. Our conversion hacks for high-ticket coaches are all about how you can optimize the checkout today.
Tip #1: Offer Transaction Splitting
A large percentage of your high-ticket coaching clients will want to pay for your services with a credit card.
But the problem is, when you’re charging $3,000 or more, most merchant processors will charge you an exorbitant fee just to process that payment.
So today I’m going to share a way to avoid that and help you keep more of your money.
It’s called transaction splitting (or transaction splitting). It’s a technique that lets you split up larger payments into smaller ones and process them separately, so you can avoid being charged extra by your merchant processor.
Splitting Lowers a Customer’s Financial Risk
The benefit, though, is focused more on your customers. Spending thousands on a single high-ticket item can feel overwhelming. It could lead to maxing out a credit card, over drafting a bank account, and putting themselves at financial risk. Transaction splitting is one of the easiest and best conversion hacks for high-ticket coaches.
Ease the financial burden for your customers by offering transaction splitting.
Splitting Also Meets Customers’ Buying Habits
When you allow a customer to split their transactions, you’re allowing them to make a purchase the way they want. Maybe they want to use multiple credit cards because of points and loyalty programs offered. It could be that their bank card only allows a specific amount to be spent each day and they actually need to split the transaction between two payment methods.
Meeting a customer’s buying habits will automatically promote the sale. There are no hurdles for them to jump over, no learning curves, no calculations to make. It’s simple.
Customers Are Less Likely to Request a Chargeback
Or a refund, for that matter. When the customer looks at their statement, they won’t be overwhelmed by the amount or feel buyer’s remorse. This leads to less refund requests, fewer chargebacks, and happier customers.
As a high-risk business, you want to do everything you can to avoid a chargeback. Allowing transaction splitting is one method you should pay attention to. It doesn’t matter if it’s one-on-one coaching sessions, online courses, video subscription sales, webinars, sales calls. All online coaching businesses are high-risk and you, as the business owner/entrepreneur, should do what you can to lower your own risk potential.
Transaction Splitting ONLY Works If You Have Direct API Integration
If you’re using a third-party processor like Stripe or Square, unfortunately transaction splitting isn’t possible.
You need your own merchant account with your own payment gateway and payment processor. With this, you’ll have API integration that allows you to make and request changes to how customers can make payments on your e-commerce sales page.
Tip #2: Provide Different Ways to Pay
When you have a high-ticket offer, it’s crucial to optimize the checkout process for conversions. That’s because customers who are ready to pay a lot of money for something may need a bit of extra encouragement in order to complete their purchase. If the experience is too complex or risky, they may simply end up shopping around until they find something else.
There are a number of different ways to increase your conversion rate, including changing your pricing structure or adding “trust indicators” to your landing page. However, one of the most effective ways to get more conversions is by giving customers more flexibility in how they pay for your product.
That’s why offering multiple payment methods is so important when you run high-ticket programs, which have a price point from $500 up to $10,000 or more (but we’re shooting for the $3000 mark today). Not only does giving people different types of payment options increase the number of customers who buy from you, but it also makes your existing customers more confident about spending money with you.
ACH and Crypto Are Cheaper to Process
You can maximize conversions and save money on transaction fees if you allow clients to pay you via ACH (Automated Clearing House) or cryptocurrency payment processing.
ACH is an electronic network for financial transactions in the United States. An ACH payment is a transfer of funds initiated through this network, which moves money from one bank account to another. In other words, an ACH payment can be made by a customer simply writing down their bank account information and providing it to a business, which will then withdraw funds directly from their account.
Compared to paying with a credit card, ACH payments are cheaper for a business to process. The merchant fee is typically between 0% and 0.5%. Meanwhile, credit card processing fees run between 2% and 5% of the total sale price on average, depending on the type of credit card used (e.g., rewards cards have higher processing fees).
Cryptocurrency payment processing is also cheaper than credit card processing. This is because cryptocurrency payments settle faster and are more secure than credit cards.
Local Currencies and Credit Cards Can Boost Conversions
If you sell the high-ticket coaching service outside of your primary market, consider accepting local currencies and credit cards/debit cards.
The first thing you should do is enable Dynamic Currency Conversion (DCC). This works on all gateways, including 3rd-party payment processors. It allows your gateway to display and accept a foreign currency, so users in Germany will see the price is euros instead of US dollars.
A lot of customers in foreign markets have buying habits and methods that differ from your primary market’s habits and methods. Research how they like to spend their money and enable those methods on your checkout. That could be debit cards, bank transfers, credit card networks, or something else.
Speaking of credit cards networks, go ahead and enable all of them. Visa, MasterCard, Discover, American Express, and whatever else is out there in the markets in which you sell should be enabled. This way, you won’t force customers to leave because you can’t accept their payment type.
Tip #3: Take Care of Issuing Bank Declines
In your CRM, gateway, or shopping cart you can see something called a Decline, Soft Decline, Issuing Bank Decline, or Cardholder Bank Decline. It has a million different names, but no matter what your gateway calls it, it’s a notice from the cardholder’s bank saying they declined the transaction. No details, no reason, just a notice of decline.
Banks Decline Industry-Specific High-Ticket Sales
Banks will issue declines like this if a purchase falls outside of that customer’s buying habits, if it’s a large foreign transaction, or if the purchase breaches a spend limit.
It also happens depending on your own industry, and since coaching is a high-risk industry, banks are less likely to approve large transactions. In comparison, a bank would have no trouble approving the purchase of a $3000 plane ticket. So it’s not just because it’s a high-value item, it’s because of the risk associated with your industry and business model.
You Can Automate Responses as a Declined Sale Marketing Strategy
What merchants don’t know is that you can do something about this if you have API integration and access to your payment gateway. So this is another tip that doesn’t apply to those operating on Stripe (this is your cue to get your own merchant account).
Get in touch with a good copywriter and write up a few scripts to send off to customer’s whose banks denies their attempted transaction. You can do this directly though the payment gateway. If you tell them to call their bank and ask them to unblock or approve the transaction, that’s it’s really them who’s making the purchase.
Frictionless checkouts are great, but declines still happen. When they do, a lot of customers simply give up and move on, especially when they don’t know why the purchase was declined, which means you lost a sale for no reason. Now isn’t the time to accept the loss. Instead, it’s time to up your digital marketing game, take a good look at your metrics, and write out a template for bank decline responses.
Testimonials from the coaches that work with us have been able to jump from 60% conversions to 80% simply because they’re able to tell their customers what’s going on when their card is declined. You can be part of this 20% leap.
To Maximize Your Checkout Conversions, First You Need to Open a Merchant Account
Two out of three of these proven conversion hacks for high-ticket coaches require a merchant account. Now’s your opportunity make the switch. Increase conversions, make more sales, improve profit margins. DPN can make that happen for you. Contact us today.