One of the most common New Year’s resolutions is centered around getting fit, and the best place to do that is in the gym. Gym memberships often surge around the first of the year as members are excited to lose weight and tone up, but your fitness center can reap the greatest benefits from this influx of new members with a recurring payment option that will last longer than Q1. In fact, there are four excellent reasons why your gym should have a fitness merchant services account.
Customer convenience.
One of the reasons why some new members stop going to the gym after a few months is because it is too much of a bother. Somewhere between remembering to make the monthly membership payment and finding time to hit the gym, some people simply decide that it is not worth the hassle. When members set up recurring payments, though, their fitness center membership will be theirs to enjoy at any time. Even if they take a few weeks off when life gets especially busy, they can conveniently pick up where they left off later. For your business, this means greater stability in membership numbers.
Streamline business sales.
With a recurring payment system, the amount of time that it takes to create continued monthly payments is the same as it takes to execute a single sale. Some gyms offer month-to-month memberships, and others require new members to commit to a specific time period, such as six or 12 months. Rather than manually inputting these transactions every month, your sales team only needs to set up the payment one time.
Improve financial management
Cash flow can be a nightmare without a fitness merchant services account. Your business has payroll and other expenses that need to be paid in a timely manner, so a stable income stream is essential. A recurring payment system ensures that all members pay their monthly fees at the same time each month. This allows you to pay your bills and other expenses in a timely manner.
Enhanced budgeting and planning.
Depending on the terms of your fitness center's membership agreement, customers may be required to give you advance notice before canceling their membership. Some memberships may even lock in a specific membership time period, such as for 12 months. With these agreement terms and recurring payments, you are assured of getting a specific amount of income regularly. Then, you can better determine if you can afford to host special gym events, invest in new equipment, and make other important business decisions.
Discover merchant services for your gym today.
Merchant services provide much-needed benefits that can dramatically improve the customer experience and the overall financial management at your fitness center. Learn more about merchant service options today.
