Why Seminars Are Classified as High Risk
Seminars are high risk for several reasons. Mainly:
- Fraud and Misrepresentation: Some seminar providers don’t deliver on the promised value and get chargebacks and disputes.
- High Ticket Value: Professional development courses have high ticket value so more liability for the processor.
- Cancellations and Refunds: In-person seminars often have advance bookings so more cancellations and refund requests.
- Recurring Billing Issues: Subscription models or multi-session seminars use recurring billing which can lead to accidental chargebacks if customers forget to cancel.
So seminar providers need to partner with a payment processor that has experience with high risk industries.
Key Factors That Make Seminars High Risk
Choosing the right payment processor for your seminar business can help reduce risks and streamline your payment process. With the right partner, you can implement fraud prevention tools and chargeback management to minimize chargebacks. Offering a seamless and secure payment experience for your attendees simplifies transactions, while providing flexible payment options—such as custom payment plans, early-bird pricing, or tiered pricing—can help meet your audience’s needs. Not to mention, integrating with popular event management systems like Eventbrite or Cvent ensures a smooth experience for your attendees. Real-time reporting and analytics allow you to monitor registrations, payments, and revenue, giving you full visibility into your seminar’s financial performance.
Why Choosing the Right Payment Processor Matters
A custom merchant account is needed to manage your payment processing. Here are some common account options for this industry:
- Virtual Terminals: To process credit card payments over the phone or online.
- Recurring Billing Accounts: For subscription based seminar models or multi-session seminars.
- High Risk Merchant Accounts: To handle the unique challenges of educational seminars and training programs.
Benefits of the Right Payment Processor
When choosing a payment processor consider:
- Experience in High Risk Industries: Make sure the processor has experience with businesses like yours.
- Strong Security: Look for PCI-DSS compliance, fraud detection and secure payment gateways.
- Scalable Solutions: Choose a partner that can grow with you as you add more products.
- Transparent Pricing: Avoid hidden fees by choosing a provider with clear and fair pricing.
Required Documentation for Merchant Account Setup
It’s easy to set up a merchant account but you’ll need to provide:
- Photo ID: A government issued ID to verify the business owner.
- Signed Merchant Application: This is the standard form for setting up your account.
- Voided Check or Bank Letter: This helps us verify your banking info so payments go smoothly.
- Bank Statements: Three months of statements to show your financials.
- Processing History: If you’ve processed payments before previous statements can help us understand your business.
- Business Documentation: Stuff like your license or medical certifications to keep it legit.
Software Integrations to Enhance Your Seminar Operations
To simplify operations and attendee experience you’ll want to integrate with popular tools and systems. Below are some common integrations but our solutions work with many more:
- Event Management Systems: Eventbrite, Cvent, RegFox.
- CRM Platforms: HubSpot, Salesforce, Zoho CRM.
- Payment Gateways: NMI, Authorize.net, PayPal.
If your platform isn’t listed don’t worry—our solutions can connect with many other tools to meet your needs.
