Did you know that about 67% of the people with gym memberships actually never use them? As unbelievable as this may seem, it’s very true. Many people sign up for gym memberships then forget that they have them, despite the fact that they continue to pay for their gym memberships, often on a monthly basis. It’s much easier for people to forget about payments than you may think. Perhaps one of the main reasons why people keep their gym memberships open, however, is the unlimited monthly EFT that gyms often take advantage of.
EFT, electronic funds transfer systems, are often utilized by gyms and health clubs to process online gym membership payments. Essentially, EFT allows gym members to authorize regular withdrawals from their bank accounts. These regular withdrawals are often easier for people to handle than debit card payments. But they offer gyms benefits as well. Below are some of the main reasons why both gym members and their clients benefit from EFT.
1. Ease of Access
Gym management software obviously exists to make managing a gym simpler. Certainly, managing a gym becomes much easier when EFT is employed. This is because gym employees no longer need to take payments in person or over the phone. Clients can simply log on to their online accounts, made more accessible through member account management software, and enroll in EFT. This will allow them to authorize monthly withdrawals.
EFT is fairly easy to enroll in outright, and it’s much simpler for gym members to simply have their funds withdrawn than it is for them to have to remember to input their debit card information once a month. An additional benefit of this approach is that, as previously mentioned, it’s so easy that many gym members hardly think about their EFT withdrawals. This allows the gyms to collect from their clients, while the clients who may have considered canceling might be willing to give the gym another chance. Through EFT, gyms may see the results in their monthly accounting reports.
A major concern, and indeed a major obstacle for people considering becoming gym members, is financial security. It can be hard for them to understand that gym management software exists to ensure that their payment information is secure when they are entering their debit card payment information every month. Indeed, your debit card is often a less secure form of payment than monthly account withdrawals.
The great thing about EFT is that it does indeed encrypt this information, rather than storing it in a manner that is accessible to hackers. Additionally, the payment is processed directly through your bank, which makes it easier for the rare fraudulent activity to be caught.
The fact is that people want convenience in this day and age. A good management system for gyms will prioritize speed and accuracy above all else. As previously mentioned, EFT is accurate and secure. It’s also rather quick and convenient.
Because EFT withdraws funds directly from an individual’s bank account, it often takes less processing time than a debit card payment would. This gym management software component, therefore, allows the gyms to secure payment more efficiently.
4. Reduced Costs
Not only is EFT more efficient; it’s also more cost-effective. In the past, many gyms relied upon paper checks and cash to handle payments. This was incredibly inefficient, and it cost money as that money needed to be sorted by employees and stored safely. Gym management software and EFT has changed this completely.
Check processing fees and credit card processing fees are completely eliminated when EFT is used. As some fees may amount to as much as 5% of the total payment, this can become significant over time.
There are a lot of issues to consider whenever a gym changes its payment tactics and portals. The reality is that many gyms have much to learn about EFT. But once they do, they can potentially increase their income and the convenience factor for their clients, ultimately creating consistent repeat business.