I began using E.F.T. to auto debit my clients 9 years ago so I wouldn’t have to do the ONE THING I HATE the most…
And that’s being a friggin bill collector!
Pretty unexpectedly, I practically overnight I increased my revenue my 38%.
Another cool benefit of E.F.T is that you can just close your clients ONE TIME Vs. over and over again each time they have to resign.
Over the last 9 years I’ve seen and heard just about every objection possible, so I created the Steve Hochman method for overcoming excuses, objections and resistance to E.F.T.
The mind set – You’ll have 99% less objections if you’re prepared to walk away from the deal. Don’t let potential clients dictate how you run YOUR business
The “walk away close” – Tell them to select a program, fill out their cc info, then “walk away” to get their nutrition plan.
If t they don’t like giving out their credit card, then you say, no problem, I can use a voided check.
If they say they don’t want to be on auto debit, tell them this is how we do it here. One of the reasons I get such amazing results with my clients, is because I don’t have to spent time being an accountant or a bill collector, so I can dedicate way more time learning the latest, best, fastest and safest techniques for getting you in the best shape of your life.
If they still object to auto debit… Ask them to tell you their specific concerns. Never argue. Agree with their concerns. Then use the feel, felt, found method.
(Example) – Mrs. Jones I agree that giving out your credit card information can be very dangerous. I know exactly how you feel. I used to feel the same way. Then I found that with the way credit card companies work now, if there is ever a problem, they protect the consumer. Wouldn’t you agree?
If they STILL object to E.F.T. then pull out a separate contract (that is out of sight). On this contract, E.F.T. prices are listed next to cash prices which are 35% higher because of having to “pay a book keeper”
If they say they object to having to pay more for not being on E.F.T., then tell them you have 2 or 3 clients that pay the higher prices because they are not on E.F.T., and if you were charge less this time, it wouldn’t be fair to the others.
When to walk away – I’ve found that if a potential client doesn’t want to be on E.F.T. and refuses to pay higher prices for paying cash, then I would prefer NOT to have them as a client. Practically every time I’ve made an exception, I’ve regretted it and they ended being a high maintenance, problem client.
In life, you will get treated the way you permit people to treat you.
Hey BTW, I’ve had a lot of trainers ask me what E.F.T. companies are good out there… Who do you use for E.F.T?
ASF International – their customer service has been very good to me, although they do make a problem out of ‘early remits’.
Comment by Michael Duivis — January 23, 2010 @ 2:43 pm
I use ACH. I have only been doing EFT for a few months now (wish I had a long time ago) and they are great. I admit I dont have much for a basis for comparison but I researched rates and theirs were competitive or better than the rest. No problems so far so I would refer people to them.
Comment by Bobby Zuniga — January 23, 2010 @ 2:48 pm
Yes Steve I have also found that the few times I have tried to be nice I have paid the price and had a problem client so now I don’t make any exceptions. Period!
I use eMerchantDiscount who were able to set me up with aauthorize.net for no contract and no set up fee and the lowest rates I found anywhere. They also set up my merchant account with a bank and I have it intergratted with 1autowiz and it works great for me!
Comment by Bryan Franklin — January 23, 2010 @ 2:54 pm
Do you know who to use without having a website?
Comment by Martone — January 23, 2010 @ 2:58 pm
Hey Martone… With a lot of auto debt processing companies you do not need a website… You simply enter in all the contract info and cc info online (on the EFT companies website)
Steve
Comment by Steve Hochman — January 23, 2010 @ 3:15 pm
Hi Mitch Lee here. Im telling you that FirstACH.com has been awesome. I accept all major credit cards, and I can take people bank account numbers. You do NOT need a website like my friend and coach Steve said. Nothing to download…paid in a few clicks..like 20 bucks per month up to 5k of business per month and like 2-3% to the credit card companies
Have never had an issue and when money didnt go thru once, they helped me tremendously.
Customer service – put it this way, go online and say that “Mitch” the trainer sent me and speak with Eric.
Steve-O? Hows it hangin my brotha?
Comment by Mitchell Lee — January 23, 2010 @ 3:51 pm
I use Authorize.net and Aweber for my online form. Both have been working great for me for a while and Steve I agree with you on all points. Sometimes people just wanna be hard just to think they are the boss.
Bob
Comment by Bob Garon — January 23, 2010 @ 4:27 pm
Bryan- when someone signs up on ur site are they automatically entered into Authorize.net or do u still have to manually do it? I haven’t found an integrated way to do it without manually data entering.
Thanks,
Bob
Comment by Bob Garon — January 23, 2010 @ 4:28 pm
I use Paypal
Comment by Roland Burks — January 23, 2010 @ 4:49 pm
Sorry I am new to the whole eft thing. What are the names of some or any of the eft websites that I can use without having my own website
Comment by Martone — January 23, 2010 @ 5:05 pm
Just started with Commerce Payment Systems. I’ll let you know how it goes…
Thanks Steve
Comment by Rochelle Gravance — January 23, 2010 @ 6:12 pm
Hey Steve
Thanks for sharing your experience on getting clients on EFT. I haven’t really started using it yet and I think I should start soon!
Comment by TC — January 23, 2010 @ 6:37 pm
What happens if you have a client that doesn’t want to do EFT but wants to pay for 3 or 6 months up front with cash? Do you give them a discounted rate or still charge them the higher prices for not using EFT?
Thanks
Mike
Comment by Mike Bevard — January 23, 2010 @ 7:04 pm
I use first data. No set up. No contract. 1 stop. Good service
Comment by JJ — January 23, 2010 @ 8:01 pm
Great post.. I use pay pal but I’d like to try something new.
Comment by Jemand — January 23, 2010 @ 8:31 pm
Practice Pay Solutions
Comment by Mike Alves — January 23, 2010 @ 10:47 pm
Paypal so far, since it’s the easiest and fastest to get going with their virtual terminal. But, I’m right in the middle of switching to Authorize.net, looks promising.
Comment by Nick Horton — January 24, 2010 @ 7:50 am
Hey Steve, I just started using ACH through my bank, it seems to be very simple. I only entered in one client so far, and will create the date for the 5th of every month for each client.
Do you guys use the same day for debiting each client, or do you give them the option of the date that they signed-up on?
Steve I want to thank you for this VIP information on EFT Objections! What a way to start the new year off with …EFT!
I”m going to make “2010″ Ten Times Better!
Kenneth Reed
Comment by Kenny — January 24, 2010 @ 2:47 pm
Hey,
EFT looks like the best way to go, does anyone have anyy information they could share with me about using EFT in the UK?
Ryan
Comment by Ryan — January 24, 2010 @ 2:53 pm
I am thinking of doing American Express Accept Pay http://www.acceptpay.com/index.html. I guess I am a little overwhelmed by the options out there and I know their customer service is great. The rates are similar to Pay Pal. Are the other companies substantially less expensive? THANKS!
Comment by Zoe — January 24, 2010 @ 2:58 pm
The 1st month I started using EFT, my income went up %35! No longer was I having the issue of a client who was due to resign, go on vacation and leaving me waiting for my $. The mindset is, your time slots are valuable and in order to have that standing appointment, you have to be on EFT or else you don’t work with them. Think of all the days that we’ve gone unpaid and not being able to fill someone’s time slot because they would be back?
I use mindbodyonline.com, it’s a full payment, scheduling and client management system. It’s about $65 a month and you pay the 2-3% in fees but worth every penny of not being a bill collector!
Comment by Steve de la Torre — January 24, 2010 @ 6:22 pm
Steve, Great Post. I think you will be happy to hear I am not even sure which merchant account I am using these days (I have changed a fee times). I have someone else do it for me. WOOHOO Makes my life a ton easier.
Comment by Bobby Kelly — January 25, 2010 @ 7:47 am
I use Volo and I’ve had good success so far. It’s been so much easier after making the switch!
Comment by Callie Durbrow — January 25, 2010 @ 12:37 pm
Use ACH processing http://www.achprocessing.com
They don’t take a % per month like ASF. Every month I only get charged between $25 and $28.
They’re really good
Comment by Phil Gephart — January 26, 2010 @ 12:03 am
Does anybody else here use mindbodyonline?
Comment by Dale Buchanan — January 26, 2010 @ 4:13 pm
EFT is relatively new for me. In the past I would sell sessions in books of 10, that meant every few weeks I had to be asking people for money again. What a pain.
Asking for money the first times is difficult why would I want to do it every few weeks?
Now that I have switched to EFT I don’t have to ask for money, and the payments are always there on a schedule. This system works so much better, I love it. I couldn’t think of going back to the other way.
It was you who I first learned this from Iceland say thank you as many business so much easier.
Thanks
Comment by jason — January 27, 2010 @ 9:50 am
Great post Steve. EFT IS KEY.
I use shape.net
Comment by Sam — January 28, 2010 @ 6:59 pm
We use Ezypay here (Australia) but it is all done offline, as in pen and paper sign up. Easy to use and cheap, but it would be good to have some online signup options as well.
EFT is the greatest thing for business, sell once, and keep billing. We split tested EFT vs block training and the results were ridiculous, about 7.5:1 in terms of re-signing. (that’s 7.5 ppl kept coming on EFT to each 1 that had to be ‘resold’.
For a client, it is easier to keep paying than to ‘confront’ cancelling, I even had a client book a time to meet me to cancel the EFT and they didn’t show.
I would only use a company that allows you to control the billing, so the client has to come through you to cancel.
Comment by James Kerrison — January 29, 2010 @ 6:29 pm
Great information Steve. EFT looks like the way to go.
Comment by Temecula Personal Trainer — February 21, 2010 @ 10:14 pm