By Karyn Greenstreet
Posted in:Start Your Mastermind Group
Before offering your group to the public, you’ll need to come up with a strategy for how you accept registrations. There are two things to consider:
Decide whether group members can register online, over the telephone, or via mail or email.
Check out Authorize.net or PayPal. These services offer merchant accounts to allow you to accept credit cards.
Determine what information you must collect on the registration form. Whether you accept registrations online, via mail, email, phone, or fax, tell group members what information they need to give you. When your group members register, make sure you capture the following information from them:
If you are running a business, you may be already accepting credit cards. Credit cards are a great way for people to pay for their mastermind group membership, for several reasons:
Check with your bank about being allowed to accept credit cards, called a “merchant account.” Or check out the many online merchant account processors that allow you to accept credit cards, often with lower fees than your bank charges. These merchant accounts allow you to accept credit cards online, by phone, or in person. Make sure your merchant account processor allows you to accept credit cards in all three of these ways, for maximum flexibility. For example, Practice Pay Solutions often works with small businesses and offer both credit card merchant accounts and online shopping carts systems that you can connect to your website.
If you choose to accept credit cards for mail-in or phone-in registrations, it is always wise to ask group members to fill out a credit card approval form so that you have their signature on file. These forms can be mailed or faxed to you, so include both your address and your fax number on the form. You can also have members sign your credit card form, scan it (or take a photo of it), and email it to you.
You can also accept checks, but the payment cycle is a little different. People will have to mail checks to you, and allowing time to clear means you have to set a deadline for when membership registrations and payments are due. Also, check with your bank about fees for checks from other people that bounce. With business accounts, usually your business is charged a fee if the member bounces a check (go figure!).
People sending payment from another country will have to send you a traveler’s check or international money order in your local currency, or wire money from their bank account to your bank account.
If you work from a home office, you may want to consider opening a local post office box for business and mastermind group registration purposes, rather than divulging your home address to strangers.
By being prepared in advance, you can easily begin your new mastermind group and take membership registrations without any hassles.
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