Are you using Thinkific to create and sell your online courses? If so, you’re likely familiar with the platform’s built-in payment system, Thinkific Payments. This powerful feature allows you to manage all aspects of your course sales, from accepting payments to issuing refunds and managing chargebacks.
One critical aspect of using Thinkific Payments is setting up payees. Payees are the individuals or entities who receive the payouts for your course sales. Adding payees to your account can streamline your payment management process, ensure timely payouts, and keep track of your course revenue.
In this article, we’ll show you how to set up payees in Thinkific Payments and easily manage your course sales. Whether you’re new to the platform or an experienced user looking to optimize your payment management process, this guide has everything you need to know. So let’s dive in!
Setting Up Thinkific Payments
Signing Up for Thinkific Payments
When setting up Thinkific Payments, the first step is to sign up for the service. Here’s how to do it:
- Go to your Thinkific account and click on Settings.
- Select the Payments tab. You’ll see Thinkific Payments at the top of the page.
- Use the dropdown menu to select the country where your business is registered. It’s important to note that you won’t be able to change this after enabling Thinkific Payments, so double-check that you’ve selected the correct country before proceeding.
- Clicking Set Up Thinkific Payments will open the Payments Verification tab in your browser.
- Select the appropriate type of business for your account and click Continue. You cannot change this information after sign-up, so select the correct option.
- Fill out your details, including your legal name, email address, and home or business address. Depending on your country, you may need to provide additional information.
- Once you’ve filled out all the necessary fields, click Continue to proceed with the verification process.
- Confirm that all your details are correct, and click Submit. You will be redirected to the Payments tab within your Thinkific account.
Connecting Your Bank Account
The next step in setting up Thinkific Payments is connecting your bank account.
- On the Payments tab, click Add Bank Account.
- Enter your bank details, including the account holder’s name, account number, and routing number. Check with your bank if you’re unsure where to find this information.
- Once you’ve entered all the necessary information, click Add Bank Account to save it.
- Your bank account will display as Pending Verification when you first sign up for Thinkific Payments. It can take 24-48 hours to complete verification and be ready to start accepting payments.
By following these steps, you’ll be able to easily set up Thinkific Payments and start managing your course sales.
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Managing Payments within Thinkific
Accessing Student Payments
After setting up Thinkific Payments, you can manage student payments directly within the platform. Here’s how to do it:
- To review an individual student’s payments for subscriptions and payment plans, click Support Your Students in the navigation menu on the left-hand side of your Admin Dashboard.
- Select Users from the dropdown menu.
- Click on a student’s Full Name in the Users table to view their profile.
- Select the Payments tab to view all transactions related to that student.
Viewing Payment Transactions
Once you’re on the Payments tab for a particular student, you’ll see all their payment transactions, including the transaction date, amount charged, and payment method.
Approving and Declining Transactions
You’ll have the option to approve or decline transactions on a case-by-case basis.
For example, if a student’s payment doesn’t go through, you may need to decline the transaction and ask them to try again. To do this, click on the transaction in question and select Approve or Decline.
Managing Refunds and Chargebacks
Sometimes, you may need to issue refunds or deal with chargebacks. Refunds can be issued directly from the Payments tab for a particular student. To do this, click on the transaction you’d like to refund and select the Refund button.
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Thinkific Payment Fees and Payouts
Setting up Thinkific Payments allows you to manage your student payments directly within the platform and comes with a range of fees and payouts you’ll need to be aware of.
Thinkific Payments charges a fee of 2.9% + 30¢ per transaction for all payments processed through the platform. This fee covers credit card processing, fraud protection, and other associated costs.
Understanding Payouts
When a student makes a payment through Thinkific Payments, the funds are held by TCommerce. Your bank account will be paid according to your selected payout schedule.
The default payout schedule can vary from country to country, usually between 2 and 3 business days. However, if desired, you can change your payout schedule to daily or weekly.
Managing Payouts
To manage your payouts, simply go to the Payments tab within Thinkific and click on the Payouts tab. You can view your upcoming payouts and manage your payout schedule from here. You’ll also be able to see the status of your payouts, including any delays or issues that may arise.
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Thinkific Payments: Conclusion
Overall, Thinkific Payments is a powerful tool for managing course sales and payments. Setting up payees and connecting your bank account allows you to easily manage student payments and payouts directly within the Thinkific platform. Here’s a quick recap of what we’ve covered:
- To set up Thinkific Payments, navigate to the Payments tab in your Thinkific account and follow the steps to sign up and connect your bank account.
- Once set up, you can manage student payments by accessing the Payments tab within a student’s profile.
- Thinkific Payments charges a 2.9% + 30¢ per transaction, and payouts are made according to your selected payout schedule.
There are several benefits to using Thinkific Payments for your course sales, including convenience, security, simplicity, and flexibility – all in one platform. You don’t need to integrate into other payment services when you can manage your money in one place!
Overall, if you’re looking for a streamlined and secure way to manage your course sales, Thinkific Payments is a great option.