When you are running a business, it is essential that you keep money coming in regularly and your bank balance in the black. Whether you are running a gym or you’re a personal trainer, cash flow is essential. Knowing that your business will be paid on time gives you peace of mind, plus it helps to manage cash flow effectively. After all, you’re not just in this for love.
One of the most convenient methods of collecting payment from your clients is by accepting direct debit payments. This works well for both parties. For your customers, it’s convenient and cashless. For your business, it is one of the best small business payment solutions and will help you to keep your business buoyant. At IntegraPay we have put together a few direct debit tips for gyms and personal trainers to help you get started.
Capitalize on Convenience and Retention with Direct Debit
In addition to being convenient direct debit effectively separates your services from the financial relationship you have with your customers. It also allows you to focus on your business in the following ways:
- Reduce payment administration
- Reduce payment failures and improve your member retention
- Automatically increase fees as necessary – you’ll need to include this in your membership contract, of course!
Many gyms allow members to pay using the convenience of recurring debit and credit cards. Unfortunately these debit and credit card payments can fail due to cards becoming canceled or expired. This not only creates unnecessary work for you or your administration team, but it also results in a bad experience for your members. Your administration team and members will now have to update details and possibly reinstate their membership. Direct debit solves this problem by using bank details that rarely change or expire.
Reduce Administrative Burden
Cash, checks and standing orders are all still valid and fairly convenient forms of payment. However, they come with significant administrative overhead. You will still need somebody to count cash, pay in checks and manage standing orders. All of which could easily become a full-time job for one or more people depending on the size of your business.
Direct debit is automated and reduces the administrative burden instantly and for the foreseeable future. It’s a sure way to be paid on time for your business. For your customers, it’s convenient and they will always know what date their fitness payment is being taken.
Take Charge of Your Fitness Payments
At Integrapay we can help you to get on top of your fitness payments to ensure a healthy bank balance month after month. We specialize in managing business payment solutions and recurring payments. This allows you to reduce admin, encourage client retention and keep your cash flow running like clockwork. If you would like to discuss further about our services or would like to know more direct debit tips for your business, please don’t hesitate to contact us to speak to one of our payment solution specialists.