You’ve started a gym business because you’re passionate about fitness, not numbers. But keeping track of membership fees is what keeps your gym’s heart beating and has to be efficiently managed.
50% of new businesses fail after the four-year mark. If your billing system doesn’t run seamlessly, you increase the risk of your gym business becoming a part of that statistic.
As you’ve probably come to learn from your research, the way you collect regular payments will dictate the health of your cashflow, the happiness of your customers and the amount of time you spend crunching figures. All of this influences how efficiently your gym operates and whether or not you can sustain future growth.
You can be among the success stories by choosing FastPay as your gym Direct Debit solution. They can help you reach your business targets and increase your chances of staying afloat where others have sunk.
We explore exactly how this can be achieved by signing up to FastPay, one of the most established Direct Debit collection companies, to give you the time, freedom and security you need to focus on your passion for fitness.
Setting up a gym Direct Debit solution through FastPay won’t require working through an endless list of paperwork, phone calls and emails.
Specifically designed to provide you with a seamless set-up, getting your billing system up and running is a walk in the park – or a gentle jog on the treadmill.
When you first contact the bureau, you’ll get expert advice on the best scheme for your gym’s needs. FastPay offers two services: a bureau service for corporate businesses with their own Service User Number sponsored by their bank, and a managed service for entrepreneurs like you with a small business.
Once you’re signed up, your clients need to complete a Direct Debit mandate form over the phone, online or via a paper document. This provides you with the authorisation to collect money from their account.
Collecting by Direct Debit for your gym billing system can be set up within 24 hours. Once set up you can then send FastPay your clients’ collection details. From then on, you’ll receive daily reports of your account’s activity which you can monitor at any time.
FastPay’s Direct Debit collection costs are affordable and will easily be recoupedthrough the savings you’ll make by outsourcing the job.
If you’re in need of a managed service, set-up fees are around £175 and transaction rates start from as little as 10p. You’ll immediately see a drastic reduction in the time spent on laborious admin tasks.
Compare this to other Direct Debit collection companies, some of whom charge as much as 20p to £2 per transaction, and you can see how FastPay is positioned as one of the most cost-effective billing solutions around for new gym owners. And there are no hidden costs or monthly or annual fees to account for.
You’ll also benefit from unlimited email and phone support, in addition to free amendments to amounts and collection dates. Moreover, FastPay also makes your reconciliation simple because Direct Debit costs are charged separately by invoice rather than deducted from each collection.
No More Spreadsheets
If you’d rather be helping members improve their fitness than spending hours in Excel updating your spreadsheets, use FastPay. This gym Direct Debit solution gives you a real-time cash overview at the push of a button.
Through an accessible breakdown of your payments, you can track your finances with ease, such as membership and personal training sales, to ensure you don’t overspend and are always on budget.
As award-winning author and international speaker, Carrie Wilkerson, explains: “The longer you’re not taking action the more money you’re losing.”
When considering different Direct Debit collection companies, you’ll know you’ve chosen the right bureau when the ability to control your numbers and forecast for the future is a breeze.
Stabilising Your Cashflow
Your Direct Debit income overview is also the window to the health of your cashflow.Using FastPay is an excellent way to ensure your numbers never turn red. How can this be achieved?
During your busy periods, keeping track of payment errors can become a full-time job. Not so with FastPay.
FastPay notifies you of a payment error as soon as it occurs. Bounced payments can then be recharged and cancelled Direct Debits reinstated.
Furthermore, unlike a Standing Order where the customer dictates when and how much they pay, this Direct Debit solution processes all your collections on the date of your choosing. You have complete control over your cashflow as its flexibility ensures you can change the date and amount of collections without compromising the stability of your income.
When you always know the status of your accounts and are confident that your transactions are running smoothly, you have the reassurance you need to make your gym business succeed.
Fast-Track Your Way To Customer Loyalty
Make paying for a class or service easy through a gym Direct Debit solution like FastPay and your customers only need to break a sweat on an exercise machine.
Recurring payments only need to be authorised once via a mandate.After they’ve signed up, you can assure your customers that they’ll be notified of any changes to payments and collection dates. Members are also covered by the Direct Debit Guarantee, reinforcing the security of their transactions with your gym.
These qualities make Direct Debit payments effortless and safe, thereby increasing customer satisfaction and their loyalty towards your brand. This results in enormous benefits for your gym.
Repeat business: Loyal customers are more likely to return to your gym and their potential lifetime value is increased.
Reduced costs: It’s five to twenty-five times more expensive to secure a new member than it is to retain an existing one.
Recommendations: Satisfied customers are more likely to recommend your business to newcomers; they are the most efficient and effective brand ambassadors you can hope to gain. Research by Forbes describes personal recommendations as “the number one driver of consumer purchase decisions at every stage of the purchase cycle”.
Greater authority: Customers that trust you are also more likely to listen when you offer advice. This increases and broadens your selling opportunities.
Competitor immunity: There’s no bigger competitive force than that of strong brand loyalty. If a large section of the market is committed to you and your business, you’ll be unstoppable.
FastPay Is Your No.1 Gym Direct Debit Solution
When you’re trying to get your gym plans off the ground or make improvements to your current business, you need to say goodbye to inflexible, time-consuming and unpredictable payment methods.
Your income should be as fit and healthy as your regular gym members. FastPay ensures this by offering a complete service with low Direct Debit collection costs. Their high-quality service will improve the health of your cashflow and build customer loyalty.
Choose FastPay and gain the freedom and confidence you need to realise your business goals, whether that’s conquering the fitness world or simply supporting people’s healthy lifestyles.