In line with the fast-paced industry, customers expect fast, convenient and frictionless payment options in the fitness industry. However, many gym and fitness businesses can sometimes struggle to meet these demands.
Implementing efficient payment processes holds the potential to not only reduce costs but also enhance customer satisfaction and boost retention rates. These factors ultimately contribute to driving revenue and increasing profits. So, how can we make this happen?
In the dynamic world of the gyms and fitness sector, customers expect more than just the traditional cash payments and single card terminals and this is where multi-channel payments come in.
By embracing multi-channel payment processing software, gym and fitness businesses can offer their customers a variety of options and enhanced flexibility when it comes to making quick and easy payments. For instance, customers can conveniently sign up for a monthly membership online, eliminating the need for manual paperwork and saving valuable time for both the business and the customer.
The gyms and fitness sector has been hit hard by the big household income squeeze. In fact, 7% of customers have cancelled memberships, while others may be looking to pay in instalments or freeze payments. This is why having payment processing systems in place to support flexible multi-channel payment options is critical.
By having reliable payment processing systems in place, gyms and fitness establishment can cater to the financial constraints faced by their customers. Gyms payment processing software solutions facilitate flexible multi-channel payment options, whether it's through online payments, Open Banking, or phone payments.
In this challenging economic landscape, the ability to offer diverse payment solutions becomes a strategic advantage for gym and fitness businesses. By providing customers with the flexibility they need, businesses can enhance customer satisfaction and loyalty. Furthermore, payment processing systems help empower businesses to navigate the economic challenges while optimising their revenue streams.
Despite the rising popularity of digital payments, there are a vast number of people who continue to face digital exclusion and encounter challenges in performing basic online tasks on a daily basis.
Due to its significant role is promoting digital inclusivity when it comes to making payments, Open Banking - or pay by bank - is rapidly becoming the new alternative payment method of choice to paying by card, with over one in nine Brits now using the service and total payments more than doubling in the first half of 2023, when compared to the same period in 2023.
Regulated by the Financial Conduct Authority, Open Banking contributes to digital inclusivity by enabling individuals to make payments more conveniently.
While Open Banking is a great solution, it’s important to consider that some customers will still prefer to pay by phone or in-person. By ensuring you have a flexible choice of payment options, those that don’t feel comfortable with digital payments or lack the skills or tools to do so (such as internet connectivity) will still have access to a payment method that suits them best - promoting convenience and flexibility.
In the quest to streamline the payment process and elevate the customer experience, automation emerges as a game-changer for gym and fitness establishments. By implementing automated reminders, invoices, and payment confirmations, businesses within the fitness sector can ensure timely and hassle-free payment services, saving valuable time while nurturing stronger customer relationships.
By harnessing the power of automation, gym and fitness establishments can revolutionise their communication strategy. Automated reminders keep customers informed about upcoming payments, reducing the risk of missed payments and enhancing the overall payment experience.
Invoices can be generated and distributed seamlessly using invoicing software, eliminating manual processes and reducing the chances of errors or delays. With automated payment confirmations, customers receive instant notifications, providing them with peace of mind and reinforcing their trust in the establishment.
Collecting and storing sensitive customer data on a daily basis - health and fitness businesses will already have water-tight data protection policies. Unsurprisingly, the same level of compliance is required to protect payment systems and avoid compromising customers' banking details.
As such, choose a solution that is regulated by the FCA and supports compliance with PCI DSS (Payment Card Industry Data Security Standard) and GDPR. Customers will rest easy knowing their payments are secure.
The benefits of integrating payment processing software in the gyms and fitness sector are undeniable. Not only does it cater to the evolving expectations of customers, but it also proves to be a strategic move for business growth.
By offering a wider range of payment options, gyms and fitness establishments can attract more customers and enhance customer loyalty. Moreover, the automation and efficiency provided by the software reduce administrative burdens, allowing staff to focus on delivering exceptional experiences and value to their clients.
In conclusion, investing in payment processing software opens up a world of opportunities for gym and fitness businesses. It enables them to meet the ever-growing demands of customers, simplify the payment process, and optimise their operations. By staying ahead of the game and embracing the benefits of multi-channel payments, business owners can position themselves for success in the competitive gym and fitness industry.
Find out how to grow your memberships, through recruiting new members, as well as engaging and retaining current ones.
From increased loyalty, more cash flow and clear reporting, our handy guide explores the advantages of direct debit payments for your gym or membership based business.