Why now is the time for your club to seriously consider payment management software.
There's no denying it - COVID has caused disruption to industries across the country. And the kids activity industry is no exception. From reduced class sizes to extended closures to process changes, 2020 has been challenging. So how could a payment management system help you get back on track? Why should you consider taking payments upfront? And what benefits will this bring? Let's take a closer look...
What Are the Benefits of Payment Management Software?
First up, it's time to face the cold facts: pay as you go payment (PAYG) models should be left in the past. A bold statement? Maybe. But PAYG models often leave businesses like yours without a steady income because you're relying on customers showing up - and let's face it, that doesn't always happen!
The past few months have taught us all that contingency planning and secure income is crucial for businesses going forward. And PAYG models simply don't offer this. And how you take payments going forward is more important than ever.
So here's the thing... taking payments upfront will improve your cash flow. Why? Because it's a way of guaranteeing income. You may be thinking this doesn't match your customer's needs, but wait a minute... consumer behaviour is changing, right?
The way we purchase things - whether it's Netflix or our gym memberships - and we expect to pay for these things upfront, often on a rolling basis. We don't exchange cash every time we binge our favourite season on Netflix, so why should your classes be different?
Explaining the Benefits of Payment Software to Your Customers...
'But how do I tell this to my customers?'. Positioning any form of change can be challenging, but that doesn't mean you should avoid it.
Right now, parents are concerned with their children's safety and well-being. Taking payments upfront is a great solution. Position it in such a way that this is the best way to keep sessions regular and keep children in their social bubbles. It's a win-win: security for parents and solid bookings for you!
And we've saved the best till last: upfront payments can help with your refund woes! As your customers have already paid, they're going to want to turn up. And if they don't, make sure your refunds policy covers this.
Change your policy to state that payments aren't refunded, they're simply carried forward. We have a free COVID refunds template available here.
So How Can a Payment Management System Help?
Well, it meets your customer's needs and helps future-proof your business.
Taking payments upfront through a system has many benefits. It will help you follow government guidance around contactless payments, meets customer's expectations of secure payments and helps you move your business forward.
Payment systems also reduce your admin hours. Ditch the outdated spreadsheet and say hello hours back in your day. Quick, fast and efficient, you’ll wonder why it’s taken you so long to do this.
One of the key components to future-proofing your club is a payment model that caters to your businesses needs. Upfront payments are a vital ingredient to success which offers: improved cash flow, avoiding awkward conversations and meets your customer's expectations of reliable and secure payments.
Convinced upfront payments are the future? Want a free payment management system until the end of the year? Then come and chat with one of our friendly business coaches! We can't wait to hear from you.