The fitness industry is full of go-getters who are driven to bring the benefits of health and wellness to their communities. These people are not afraid of the work it takes to have a thriving business.
Does this sound like you? In addition to complete reverence for your dedication and “roll-up-the-sleeves” attitude, we want to point out there are simple ways you could save your time and money. Many fitness businesses have manual processes that may appear to save money, but actually eat up time and in the long run cost more. One way you can enhance your business is to implement an automatic payment processor. Continue reading to learn how automatic payment processing can help your business.
Better Security
The bottom line of successful payments is security. All information needed to run a payment, from bank accounts, to credit card numbers and addresses are sensitive information susceptible to theft and fraud. That’s why robust payment processors adhere to the Payment Card Industry Security Standard (PCI). An integrated payment processor will follow strict security measures, allowing you to safely store member credit cards and personal information. These security standards protect your members, and prevent expensive theft and fraud resolutions from taking up your time down the road.
Recurring Revenue
With robust security measures in place, your business can safely store member credit card information. This allows you to run monthly, quarterly, and annually recurring membership payments automatically. So, while better security helps in preventing costs down the road, recurring revenue helps you immediately. Accurately predicting your revenue in the long term will provide better insight in your budgeting and expenses.
Fewer Missed Payments
To ensure the accuracy of your projected revenue, payment processors help prevent missed payments. Some offer automatic credit card account updaters. This automatically updates member account information for you. Some solutions even provide a team of specialists to resolve any remaining declined payments. With accurate information on what will be put in your bank account, you can reliably predict your future finances.
Happier Members
Automatic processing works for your members too. They will find ease using multiple types of payments including all major credit and debit cards, ACH payments, and eChecks.
Faster Payments
An automatic payment processor is able to deposit funds in your bank account faster. Features like Next Day Funding will make member payments available the following day.
How It Works
If you’ve never used automated billing and payment processing, it can seem confusing. The steps below outline the surprisingly simple elegance of implementing and using Gains payment processing.
- Fully integrated in your existing member management software, simply connect the recurring automated payment to the members’ account.
- Regardless of a monthly, quarterly or annual (pre-determined) payment cycle, your software will automatically initiate the payment request through your integrated payment processor.
- Your payment processor will charge your members with the method of payment specified in each account, deposit funds into your bank account and send proof of payment to each member’s profile.
- Your software will notify you that the payment has been processed and posted to the member’s account. (You can even see these deposits in your daily reports)
- An automated email will be sent to your member notifying them of their payment’s status.
- The process repeats when the next billing cycle occurs.
Conclusion
From long term budgeting to immediate financial ease, automatic payment processing helps keep your business secure and thriving. Gains payment processing is fully integrated in your existing membership software to bring new levels of ease and keep cash flowing. Connect with a payments specialist to get a custom payment report today, and learn how Gains can be your way to paid.