Regardless of the size of your fitness business, invoicing clients and collecting payments quickly is one of the most important things you can do to build a better business. Think of cash as your muscles and payments as the protein that makes them bigger and faster.
Putting in place the right systems and processes by partnering your accounting/invoicing system with a specialist payments processing company like IntegraPay is the first step to getting paid quickly.
Ultimately the goal is to get your payment terms down as much as possible so you have more money in your business to spend on growing your business or paying yourself for all your hard work. There are a number of very simple things you can do to start down the path to improving cashflow.
Get invoices out quickly
Procrastinating when sending out invoices is one of the great sins of small business, particularly in the fitness business industry. There always seems to be something better to do then sit down and manually enter and send out dozens of invoices, particularly for small businesses.
The first step to a healthier cashflow is being disciplined about doing your invoicing. Allocate a set time each month and, as Nike says, Just do it!
Implement recurring payments
One way to avoid the hassle of manually entering invoices is to get as many clients as possible on to recurring payments. If you have regular clients who pay the same each month, getting them on a recurring payment system is easy and will have a massive impact on your cashflow.
Switching clients to a recurring payment system reduces your administration time and avoids the need to chase late payers. With IntegraPay you can accept weekly, fortnightly or monthly payments from just a few dollars.
For more on how automating payments can help your business read this article.
Provide more payment options in your fitness business
Clients love choice. If you make it easy for them to make payments by providing a wide variety of options, you remove a lot of the barriers to paying. With IntegraPay your clients can pay using BPAY, Visa, Mastercard, American Express, direct deposit and others.
Integrate with IntegraPay
Having an integrated payment system that works seamlessly with your business management software can take your payment collection rates to a whole new level. It provides greater transparency, reporting and efficiency, while providing the opportunity to spend more time building your business.
IntegraPay’s easy-to-use, advanced API toolkit enables seamless integration with a range of fitness centre, personal training and class management software. We take the pain out of taking payments, so you can increase your memberships.
We work with you to tailor the best payment solution for your facility. Accepting recurring, one-off or catch-up payments by credit card or bank account is simple with our range of flexible solutions, so you can focus on growing your business. Find out more about our fitness payment solutions.