Thinkific is widely used by students and customers alike. This platform allows creators to build courses, which can educate others. These course creators can then sell their content, allowing them to make money from it.
Though Thinkific can be a great online learning platform, it can be a little confusing to work out what payment methods it accepts.
To help you, this guide will provide all of the information that you need to know about the Thinkific payment method used and what payment system does thinkific use for its users. This extensive guide is primarily aimed at course creators, though it can be valuable for students to know how Thinkific accept payments.
What Payment System Does Thinkific Use?
Thinkific’s payment system has been aptly named Thinkific Payments. This useful payment processor is designed to conduct all of the payments that are made through this platform. This includes processing refunds.
Thinkific Payment works without the aid of a third-party business, which is great as it keeps everything within the platform.
As long as you have a Thinkific account, you can use this payment system. You must also insert your banking details for it to work.
How Will You Get Paid Through Thinkific?
If you are a course creator, you can be paid for your services. For instance, you will receive payments when a student signs up for your membership. As a result, if you are an educator, you will need to know how you will be paid by Thinkific.
The best way to receive payments through Thinkific is to use a payment processor. As mentioned, the platform has its own payment processing system, known as Thinkific Payments.
Yet, Stripe account and PayPal are also supported by Thinkific (see also ‘Can You Link Thinkific To Your PayPal?‘). So if you prefer using one of these platforms, you can still receive payments from Thinkific. The way in which educators receive their payment will differ depending on what system you have chosen.
For example, if you have opted for Thinkific Payments, money will automatically be deposited into your bank account whenever a student pays for a course.
Meanwhile, if you have chosen PayPal as your external payment solution, you will need to transfer the money to your bank account. Stripe works in a similar way.
Therefore, it’s important that you consider which of these payment systems is best for you. There are advantages and disadvantages to each payment system.
How Do You Sign Up For Thinkific Payments?
If you believe that Thinkific Payments is the right choice for you, then you will need to sign up for this system. Luckily, this is a really simple method. All you have to do is:
- On your device, go to Thinkific.com. From there, click on your account. You may need to sign in with your email address and password to do this.
- Select “Settings”.
- At the top of the screen are different tabs. From here, tap on “Payments”.
- Locate the heading “Thinkific Payments”, which should be at the top of the screen.
- Find the dropdown menu underneath “My business is based in…”. Using this dropdown menu, pick the country in which your business is located. Once you have selected a country, it’s difficult to change it. So make sure that you select the right one. To change country, you will have to contact the Support Team.
- Next, tap on “Set Up Thinkific Payments”. You will then be met by a Payments Verification display. It may take a few seconds for your Thinkific’s payment processors method to be verified.
- After this, you will need to provide information about your business. You must choose the type of business from a few options. For instance, do you have an individual proprietorship or is it a company? Once you’ve done this, press “Continue”.
- Next, you will need to provide personal information. This includes your full name, date of birth, and address.
- After this, check that all of your information is correct. If you are satisfied that the details are right, press “submit”. After this, your Thinkific Payments account will be completed. You can check the status of your account, as it may need to be verified by Thinkific.
After setting up your account, you will need to link it to your bank account. As with setting up your account, this is a straightforward process. To do this, simply:
- Go back to the “Payments” tab on your account.
- Scroll down to find the “Add bank account” button. Click on this button.
- From there, you will need to provide details about your bank account. This includes information such as your account number and the account holder’s name.
- Double-check that this information is correct. Otherwise, you could end up connecting the wrong account! Once you’ve ensured that this is correct, click on “Add bank account”. It’s as simple as that!
Thinkific Payment is a fantastic feature on this platform, so it’s worth signing up for it. Not to mention, it’s incredibly easy to use. So if you are planning on using Thinkific to produce content, it can be worthwhile to sign up for Thinkific Payments.
Can You Cancel A Thinkific Payment?
Yes, these payments can be canceled. So if a student has requested to cancel a payment, course creators are able to deliver this request. To cancel a student’s payment, follow these steps:
- Locate the payments table.
- On the left side of the dashboard, you will find a navigation menu. From this menu, click on “Support your students”.
- Then press “Users” to find the individual students who have paid for your course.
- Press on the name of the student in question, which will take you to their account.
- On the top of the screen, there will be several different tabs. Click on the “Payments” tab.
- At the end of each payment will be a series of 3 dots, known as an ellipsis.
- From the menu, select “Cancel subscription”. Alternatively, press “Cancel payment plan” if this is not an option.
Frequently Asked Questions
Does Thinkific Accept Google Pay?
Google Pay is one of the most popular payment plan methods in the world. Renowned for its versatility and ease of use, it’s no wonder that this method has become so popular.
Consequently, you may be wondering whether or not Google Pay is supported by Thinkific. The good news is that Google Pay is accepted by this e-learning platform. Specifically, it is available through eCommerce.
What Does Payment Frequency Mean On Thinkific?
Payment frequency refers to how often you will receive payments from customers. Thinkific offers numerous options, which makes it a more flexible payment system. These options include:
- One-time payment: this means that students will merely pay once to access your course.
- Subscription: by using Stripe or the aforementioned Thinkific Payments, you can receive recurring payments. This will provide a more continuous stream of revenue for course creators. You can choose whether subscription payments will be every month or every year.
- Payment Plan: like the subscription option, this is a flexible payment system. It’s best suited to expensive products that customers may not want to pay for all at once.
With any luck, you will now have a deeper understanding of Thinkific’s external payment gateway, including how it works. This information can be useful to students and educators alike.
Thinkific website has many external sales pages and external checkout pages, although transaction fees are minimal.
Hopefully, this information has made you more comfortable with using Thinkific’s numerous services and how to use a particular payment gateway!