Do you have both of these options?

Prefer to listen? Pop over to Apple podcasts // Spotify // or listen above.

Hosted by Erin Kelly, CEO @ MemberVault

Do you have both of these options? If not, integrate both of these today/this week to boost your revenue without any heavy lifting on your part. And if you haven’t emailed your list recently, grab our 6 emails to send templates at https://membervault.co/6emails 

How to integrate with PayPal: https://courses.vipmembervault.com/paypal 

How to integrate with Stripe: https://courses.vipmembervault.com/stripe

One time offer graphic templates: https://courses.vipmembervault.com/dd-oto

TRANSCRIPT

Hey, hey, Erin Kelly, CEO and co founder of member vault here. So today is going to be a pretty short episode. And why is it going to be a short episode, it's because it is not a very complicated topic. But it is an important topic. And so that is the choice to include both PayPal and Stripe as payment options inside of your MemberVault. So if you are one of our admins who live in a country where you're not, you know, PayPal is not supported, this is not going to be a helpful episode for you. So you can just stop listening and move on to a different one. But if you are able to offer PayPal, well, and let me back up just real quick, and say, if you're still listening, and you're somewhere that doesn't support PayPal, I know that we are wanting to add other payment options in the future. I know one of the ones I would love to have is Apple Pay. There's also some, I don't know what the actual technical industry term as for these, but the things like sizzle was like, you know, pay nothing and then pay later kind of kind of outside tools, where they take on the burden of risk, and you get your money. And they deal with people, you know, defaulting on their payments, we want to have more options. But for right now, we have stripe and PayPal. And so if you were able to have both of those inside of your member vault, and you're choosing not to either because you don't know that you can have both, or you are concerned about PayPal, because someone down the road, or back in the day told you that, you know, Pay Pal can't be trusted or don't sell for PayPal, or there's a lot of reasons. There's a lot of animosity towards PayPal, in the online space. And I will say that I have been, we have had our PayPal account for probably we'll definitely over five years probably like eight years, I'm not even sure at this point, we've had it for a really long time. And I know that when we first started, they did hold our funds, I think for the first month or something like that, just I guess to make sure that we were like a valid account. Since that time, we have we have brought in hundreds of 1000s of dollars that have gone through our PayPal account, and we have never had an issue. Now, that doesn't necessarily mean that you won't have an issue. But I just to balance out all of the people that have these scary stories about PayPal, you there's a lot of people that use PayPal that don't have a scary story that are like, yeah, it just works, you know, and it's I love having my PayPal balance to, you know, do investments for my business. And you know all of that I'm not an accounting person. So I can't tell you if that's a good idea or not. But I know that that's something that quite a few people have told me that they do. And I know that we do that. So

you know, there's a lot of good things about PayPal. And it's really interesting, because there's a lot of animosity towards PayPal on the developer front to I can't even tell you how many times Mike has wanted to ditch Mike, our CTO, and other co founder of MemberVault has wanted to ditch PayPal, because he's like, makes it like, it's so hard to develop things that that integrate with PayPal, and they they basically are not very developer friendly. And a lot of development tools will choose to just take credit cards like they don't they don't pair up with they don't integrate with PayPal, there was there was actually an analytic software that we really wanted to use, and they just process analytics. For stripe, they, they were like, Yeah, not a problem if you want to use PayPal. So it is really interesting to me that PayPal gets so gets people so fired up. But I wanted to make sure and share the other side of it, which is anytime we have sold anything, we always have both stripe and PayPal. So stripe is like people can pay with their credit cards. And then PayPal, people can either you know pay if they have like their credit card inside of their stripe, or I'm sorry, inside of their paypal or they have their bank account, or they just have their funds inside of their PayPal, there's you know a couple different ways that you can pay using PayPal. But anytime we've we've always had both. And in time I go and I look and actually calculate the numbers, it really almost always comes down to like a 50 50% split of people choosing to pay via stripe using their credit card and people using PayPal. And I think that that's a really important thing to pay attention to. Regardless of how you feel as a seller. It is clear that there are a lot of people that prefer to pay via PayPal. And anytime I had brought up this conversation inside of the MemberVault Collaborative over on Facebook, it's always a hot post. People have very strong opinions about this. And it's really interesting because there's a very, very large majority and I am very much part of this majority. That's like yeah, if paper was not an option, I'm not buying it. And this was really true for me you You know, each time I had a newborn that I was like, stuck in a dark room with, and I was on my phone, and I had very limited time, and I found something that I wanted. And if they didn't have PayPal, I didn't have my credit card. First of all, I was like, so sleep deprived, I didn't even remember my name, I was not going to remember my credit card information. Because they know that that's like one of the other things that people will say is like, well, they most people have their credit card memorized. And like, maybe you do, but not everyone.

And so there was, you know, that's a lost sale, if you don't have that PayPal as an option. And now I find myself preferring when people have Apple Pay, which is something I definitely want to bring to MemberVault in the future. But PayPal is a really great second option for those of us who don't have our credit card memorized, or just don't have time or whatever, we want to use PayPal for whatever reason. And so I really want to bring up the the thought experiment for you. That unless you have a very, very specific, valid reason for not including PayPal as a payment option, I highly recommend that you make sure that you have both stripe and PayPal integrated in your memorable because you are giving you are going to see an increase in revenue. I mean, I pretty much guarantee it as long as you're still getting getting new eyeballs onto your account, right? Like I mean, if you if you integrate both, and then there's no one new coming into your account, or no one coming into your account at all, like it's not going to impact your revenue. In which case, I would say email your list. And if you need email ideas, check out our six emails to send swipe file which is free, and has had a lot of success from people using it and you can get that@membervault.co forward slash six emails and you can either spell it out all the way or do numeric sex and then emails and use those to get more eyeballs into your memorable that will be make a big impact on your revenue as well. But before you do that, make sure you integrate stripe and PayPal right like this is super important to give people options when they are buying I feel I feel this strongly about having multiple payment options as well in terms of the payment terms. So you know, that could be another podcast episode. But if it's if it's under $50, like add, you don't really need to worry about it. But if it's over $50, like it's super helpful if you have at least one payment plan. And that's that mean that again, like that's something else that we can discuss on a different episode. Because there's you know, different things to consider. But the more options you give people face options, not like give people 20 different options. But the more like you give them the option to pay via credit card or PayPal, pay in full, or have a payment plan, the more likely you are going to see a boost in your revenue without changing anything else. Which is really important because all of us are time strapped. And so it's like, okay, how can I make my business more successful without having to do you know, this huge, this huge strip, stretch this huge lift of energy and time. So I highly recommend that if you do not have stripe and PayPal, both enabled inside of your member vault account that you go and do so today or this week. And if you have not sent an email to your list in a while then after you do that, go ahead and grab one of those email swipe files and send a couple send at least one but maybe a couple over the next like week or two to your list to get people back into your member vols account. Because, yeah, I would love to hear how it goes for you. I know for us it has made it makes a big difference to have both I know from every time I've brought this conversation up inside of the collaborative. It is it makes a big difference for people. I've actually had people say like, yeah, I went and I added PayPal as an option. And I immediately made some sales, which I know sounds like clickbait rific. But it's true. And I know as a consumer that when people don't have that option, they very frequently lose the sale on my end. So all of those things come together and say, yeah, something to consider unless you have a very specific reason that you are not including PayPal as a checkout option inside of your MemberVault. So there you go. The next couple of episodes I want to talk about one time offers because we have a really great design drop this month from Euro who is our user happiness lead, she is going to be designing these design drops for you every month. So free resources inside of Canva that she has custom designed for you to use. And there'll be around a topic so this month for March it is one time offers. And so I'll be talking about strategically how to use one time offers. And I want to also talk about our upcoming community features. So we have comments that will be landing within the month. Within the next four weeks, I should say, and it will probably be early April. And then also like, the group feature, right? His comments is only one component of having community. But I want to also let you know what we're planning for, you know, a group community type discussion abilities. So you can keep an eye out or an ear out for those episodes.

And those will be landing on Mondays. And we have lots of other great episodes from user spotlights and user experience episodes to get you, you know, testing and using your member vaults and creating really great customer experiences. And some really great memorable experts. So lots of good stuff coming. If you have not subscribed yet to the vault podcast, make sure that you subscribe it so you don't lose out on any of these episodes. And yeah, I'll be back next week with more information and strategies to get you thinking about one time offers

Transcribed by https://otter.ai

Do you offer both PayPal and Stripe in your MV? Why/why not? And what are YOUR preferences when you buy online? Come share over on this FB post in the Collab.