...where to go to get started.
...the two things you need to check first.
...what you need to do to set up everything correctly.
...the field you must get right when adding your client details.
...how to set up the subscription or membership including billing cycle.
...the options you have when it comes to payment methods.
...where to add additional info to your recurring invoice.
...why you shouldn’t click this obvious button (and which one to click instead).
...where to go if you made a mistake or want to cancel/edit an invoice.
...what the email looks like that goes out to your client.
Step-by-step Tutorial: Set up recurring payments with Stripe
No matter what type of recurring payments think instalment plans, subscriptions or retainer fees you want to set up in Stripe, this short tutorial shows you click by click what to do. Watch this video, follow along, and you'll get paid for weeks, months, or years to come on autopilot. Hi, I'm Sabine Biesenberger and welcome or welcome back to my channel where I share everything marketing and beyond to help you grow your coaching business. So let's roll up our sleeves and dive straight in. Hop over to stripe.com and sign in to your account. If you are not familiar with Stripe yet, you'd need to apply for an account first. To help you get started, I'll pop some useful links about Stripe's availability, restrictions, and pricing in the description below this video. So make sure to check those ones out. Now for the Stripe oldies, you should see a dashboard that looks like this.
Make sure that you have the latest API version installed, which you can do under the "Developers" section, and that you're obviously not in test mode like I am here - you should be in live mode on your account. Check that all of your account settings, which are here, are up to date. And this one is really important folks. Because you don't want to screw this one up and send out wrong information. Check everything under this "Settings" section. And if you want more guidance and want to know which settings I've chosen for my own account and why check out this video over here. I'll talk about the nitty-gritty in the second half of this video. That was the housekeeping for today. Let's set up those recurring payments. So to do that, let's hop back to the dashboard. Then let's click "Customers" and "Subscriptions", click "+ New" to set up the customer, go into this field and type in the name.
You can see that you can choose "+ Add Jane Test" or whatever name you've chosen to set up the customer and a pop-up window will open up, and in here you'd need to type in all the information about the customer. So let's do that quickly. [Typing] Once done, you can decide if you want to enter different shipping details or use the same as the billing details, and then choose the language of the client, which in our case would be "English". Now this field here - "Currency" - is really important and you can hover over the little i here. It means that the currency you select in here, this is the currency that's locked down for this specific client, not for the entire account, but for this specific client. So in my case, as the client, let's pretend, would sit in the US, I'll choose "USD".
You can add a "Prefix" here if you want to. And whenever you need more information, simply hover over the little 'i'. You can set the "Next invoice sequence", and you can set the "Tax status". Let's go with "Exempt" in our case. And finally, you can add a "Tax ID" if you need one and "Add another ID" as well in here. Once done, click the field here on the bottom, which says "Add customer". So the client is in Stripe. Now it's time to get the subscription details in. But before we do that, let me know in the comments below whether you plan the subscription feature for payment plans, memberships, or retainer fees. I'd love to know. Now back to Stripe. Let's set up our membership package or subscription package. To do that, click in this field here, where it says "Find or add a product...".
Now you can either choose an existing product if you've set it up previously or simply click "+ Add new product", which we'll do. Then a popup will open up, and we can name our little baby. Let's say it's 'Coaching retainer package'. You can choose a pricing model. I'm happy with the standard pricing here. You need to name your price... let's go with 500 USD, and then you can choose "One time" or "Recurring". You can add a free trial by clicking this little "+ Add free trial" over here, and then you can choose your "Billing period". And as you can see, it can be daily, weekly, monthly, every three or six months, yearly and you can even go with a custom one. As it's our monthly retaining package, we're obviously happy with monthly. "Usage is metered" - you can use that, but it doesn't make sense for the services that we offer
if we talk about coaching services. Let's click the little "Advanced options" arrow over here, and you can see that you can set a custom field for a "Price description", which is optional. And it's actually just for internal usage. So you can type in whatever you want if you need it. Once you're happy with it, click "Add product" over here, and you can see it's now set up in our system. If you made a mistake, you can click the "..." over here, "Add product tax", or simply "Remove product". You also have additional links over here where you can add another product add a coupon, add a default tax, or add a trial. Let's move over now to the "Payment method" here. You can click "Email invoices to the customer to pay manually", and if you've got an older account like me, you could automatically charge a payment method on file if it's an existing customer.
But if you're a new Stripe user, this field is disabled. So you'd need to contact their customer support. So let's go with email invoices to the customer to pay manually. You need to choose the "Payment due" date. So I always go with three days. Check that you have this one here ticked which means "Include a Stripe hosted link to make the invoice payment", and then click the pencil I icon here and "Manage". Make sure that all the payment methods that you set up previously and that you want the client to be able to pay with are enabled here. As you can see, I'm an Australian business, so I can't enable the USD only features. Once you're happy, click "Close", go all the way down, type in something in this box here, like 'Thanks for your business'. What I always like to add is 'If you make a payment, you accept these terms and conditions'.
And I put a link to the terms and conditions in here. Because if you don't have any other agreement in place, that's kind of what I add here. If it's legally, let's say tight, I don't know, but it's what I do. Once we move down to the "Advanced options", you can see the "Usage threshold", which we don't need when we sell coaching services. And you can add "Custom invoice fields". This is really important to check. So make sure that you always check the invoices you send out and check them against the legal requirements for your country. So, for example, in Australia, we need to include the ABN, which is the Australian Business Number, but by default, Stripe didn't give me a chance to type anywhere my ABN. So I'd need to use some custom fields or get a little bit creative with the business details to sneak it in there.
And if you want to add something in your invoice footer, you can do it here. But again, check the invoice first and check what's already in there because by default Stripe puts in your email address and your phone number. So you wouldn't need to add it here. Once you're happy, go up and make sure that you don't click "Start subscription", but rather "Schedule subscription". Because you'll have some additional features to choose from. Do that, and you can see that you can schedule your subscription; you can decide on the start date and have three different options, and you can decide on the end date, which is really great if you actually have a payment or an instalment plan. As we want to go with a normal subscription that a client would need to cancel, I'm happy with 'immediately', and then 'never'. Once you're happy, click "Schedule subscription".
And ta-dah! Your subscription has been scheduled. Now you can see that it's under the "Current" tab. You have the "Scheduled" and the "Canceled" tab. If you're not happy with it, go over the "..." here, click the pencil icon, cancel the subscription, or do some additional activities by clicking the three little dots and make your changes. Your clients will get a couple of emails and notifications, which look similar to this one here, so they can initiate the payment and get reminders for the next payment cycle automatically based on your settings and chosen subscription cycle. Well, you did great. You've set up your first recurring payment with Stripe. Whenever you need a refresher, just rewatch this video and do the steps with me. And if you're a transformational coach and want to set up the four most essential and lucrative campaigns in your business to get a consistent flow of coaching clients, then check out my signature program called C4 Momentum. Hop over to sabineb.cc/c4, or click the link in the description below this video to learn more. I hope you liked this video. Please hit the subscribe button below and give this video a thumbs up and share it with your friends and peers. I appreciate you watching this video and spending your time with me. Stick around and check out my other videos here on YouTube to grow your coaching business quickly. Bye for now and I'll see you in the next one.