January 2024 Issue

As we ring in 2024, we’re excited to announce the full release of Kajabi Payments in the US!

Big thanks to our beta testers, we couldn’t have done it without you. Your feedback and support have helped make Kajabi Payments what it is today. Here’s to a big year ahead with many more new features to come! ⚡

NEW FEATURE

Collect Sales Tax With Kajabi Payments

Kajabi Payments now has a Sales Tax feature! We will calculate so that you automatically collect sales tax from your customers during checkout. Let us handle the complexities, providing receipts for your customers and generating detailed sales tax reports for your business.

Always the Right Tax Structure for Your Business
We're breaking the mold with a sales tax solution where you have full control. Unlike others who offer a one-size-fits-all approach that penalizes creators for the volume of other customers on the platform, our sales tax feature is designed for the unique needs of our Heroes. We’re not a marketplace; you remain the merchant of record, retaining full control. Our sales tax feature is built to help you comply with tax regulations, while also supporting the growth and success of our community of individual creators.

Cost-Effective Pricing: Pay as You Go
Pay only 15 cents per successful transaction on a taxable offer. No matter the size of your transaction, our fee stays the same. Other platforms may charge a high monthly flat fee, or a percentage based on your transaction value. Some even penalize you for their volume across all creators, since they operate as a marketplace. Kajabi Sales Tax allows you to pay for only what you need, even as your business grows and handles higher value transactions.

Got Questions? We’re Here for You
Reach out to us at [email protected] or check out our help center article to learn more.

Take Control of Your Sales Tax Today
Once onboarded to Kajabi Payments, get started by navigating to Settings > Tax and turn it on for your offers.

PRODUCT UPDATES

📊 Gross Sales Chart: Check out the new chart on your Payments Overview page that has been rolled out to all accounts, offering quick insights into your sales revenue and historical data! Easily track gross revenue, transactions, and refunds with customizable daily, weekly, or monthly views.

🧪 Popup Checkout In Labs: Maximize conversions with Popup Checkout, a seamless checkout solution that pops up from any fully customized page on your website. Head over to Labs and turn it on for your account!

HERO HIGHLIGHT

Megan Sumrell is not just any CEO; she's a master of productivity and time management. As the founder of The Pink Bee, Megan has helped over 10,000 women in more than 15 countries control their calendars again with her proprietary planning and time management system, The TOP Program. After leaving her 20+ year career in corporate IT, she is now on a mission to bring Work+Life Harmony into homes all over the world.

So what does an expert in efficiency and organization think about Kajabi Payments?

“Switching from Stripe to Kajabi payments took less than 5 minutes. Now, my customers have new payment options they didn’t have before and the integration with Kajabi payments and Xero has been flawless. The added bonus of better payment analytics is the icing on top! Kajabi is the best “all in one platform” out there!”

FACT VS. FICTION

❌ Fiction: Kajabi Payments only offers monthly payouts.

✅ Fact: With Kajabi Payments, almost all accounts can choose to get your money sent to your bank daily, weekly, or monthly. If you go for weekly or monthly payouts, you can even pick the specific day or date for the payout.

Your transactions will show up in your balance right away, but the payout schedule is all about when that cash hits your bank account.

After your first sale with Kajabi Payments, you might see more payout options within a couple of days. Note that the availability of daily or weekly payouts can change based on your business type or what you're selling. Learn more about Kajabi Payments Payouts.

2024 PAYMENT TRENDS

Let’s dive into what the payments world might have in store for 2024!

Digital Wallets: A definitive shift in preferred payment methods, with predicted growth of the digital wallet market forecasted to reach $16 trillion by 2028.
Live Commerce: 26% of businesses already use live commerce and it's gaining traction worldwide, where shoppers engage with hosts in live-streamed programs to make purchases on the spot.
Embedded Payments: Make a purchase without leaving the website, social media channel or mobile app. The global market for embedded payments is expected to surpass $138 billion by 2026.

PRO TIPS

3 Tips For Your Membership Pricing Strategy

Your membership pricing is something that grows and changes with your business. As we kick off the new year, it’s the perfect time to refine your membership pricing strategy. Here are some best practices:

🔷 Test Different Price Points: Regularly adjust your offer pricing based on sales performance and customer feedback to ensure optimal growth. A recent report on membership pricing revealed that 47% of business-to-consumer (B2C) membership sites charge between $25-49 for their monthly membership fee. The next most popular price range was less than $25 per month.

🔷 Evaluate Your Offering: Continuously assess if your membership's value aligns with its price by seeking feedback from current members. Adjust your offerings and pricing based on their needs and demand for additional services like coaching or mentorship.

🔷 Showcase Value Through Social Proof: Use the power of social proof to bolster the perceived value of your membership. Feature in-depth testimonials from members on your landing page, highlighting their positive experiences and achievements. BigCommerce reports 92% of consumers read online reviews and testimonials when considering a purchase.

To learn more check out Membership Strategy: 4 Ways To Price Your Membership Site.

TEAM SPOTLIGHT

Introducing Marty, Product Manager & Payment Ops Lead here at Kajabi. When it comes to his favorite Kajabi Payments feature, Marty chooses convenience:

“If I had to pick, it’s offering alternative payment methods like Apple Pay and Google Pay. It makes paying for things almost too easy. Seeing our Heroes embrace these always reminds me why we’re constantly innovating.”

REMINDERS

👀 1099 Forms: Be on the lookout for your 1099 form sent via email in January if you meet the IRS threshold.

⚠️ Final Notice: If you haven’t done so already, you will need to upgrade your PayPal account to the latest version by Jan 31, 2024.

Curious about what unfolded in December? Dive into the previous edition of The Payments Pulse to catch up on all the highlights and developments from last month here.