Your current members are invaluable; you spent loads of time and resources to get them in your door and harvest meaningful connections. It’s no wonder why reducing membership cancellations is paramount at your organization. Aside from the practical aspects of revenue retention, cancelled members means fewer people participating in everything you have to offer.
The good news? There are many effective strategies you can employ to decrease member churn.
The bad news? Most of these strategies require a lot of time and effort for your staff.
The surprising news? A new approach to your payments process is an easy solution to retain more members.
Retain More Members
Let’s break this down. There are a few reasons for membership cancellation that you can’t easily control, such as moving. But you also have the ability to prevent tough conversations with the many other reasons that members choose to cancel. Maybe members don’t see progress towards their goals as quickly as they were hoping, , or maybe class times and hours don’t fit within their schedule. In these cases, the solution is to spend more time with members, understand their problems, and try to make changes to better meet their needs. Doing this requires dedicated staff time.
More Members with Fewer Headaches
On the surface, payment processing does not seem related to member churn. But dig a little deeper and the connections start to appear. For example, 1 in 3 members cancel after being notified about a payment decline. But beyond declines, a clunky payment process can be a red flag to members who might start looking for a new community space. Below are a few examples of how a smooth payments process can create an ideal member experience and help you retain your member base.
- Automatic Payments: Are you tracking members down each month for their membership dues? Neither your members nor your staff have the time or want to talk through tough conversations. Automatic payment processing will spare you a headache.
- Contactless Payment: As we continue to recover from the pandemic, members and prospects have new expectations around safety and contactless payments. In fact, 67% of retailers accept some form of no-touch payment at the point of sale. If a member can purchase a water bottle without handing you cash or a credit card, they are more likely to purchase goods in your facility. The ability to store credit card information and charge these purchases to their account create a seamless experience for members.
- Member Portal: Put the agency in their hands with a member portal or app that allows them to track down receipts or purchase membership upgrades and packages.
- Avoid Declines: No one likes a payment decline, not even members. It can be embarrassing and frustrating to resolve. With Daxko’s automatic card account updater, you and your members can avoid declines by automatically updating member billing information before any payment is declined.
Creating a payments process that makes things seamless for members is an important part of keeping them coming to your doors. What’s more, these solutions also free up countless hours of administrative tasks for your staff, so you can concentrate on developing meaningful connections. To learn how Gains full-service billing can be your way to paid, connect with a specialist today.