Gyms offer a great way for aspiring entrepreneurs to set up a business that is both profitable and engaging. Running a gym takes a lot of work, but with the fitness industry projected to be worth more than $430 billion by 2028, according to PRB Magazine, there are plenty of opportunities and high demand. That said, the industry is competitive, but payment tools that allow unlimited monthly EFT could help workout facilities big and small boost their bottom line.
What Does Electronic Fund Transfer Refer To?
Electronic Fund Transfers, or EFT for short, refers to transactions made directly between bank accounts. For example, a gym member could send money directly from their bank account to a gym’s bank account. Payments with a credit or debit card are also considered to be electronic fund transfers.
Ultimately, electronic fund transfers rank among the most popular payment options because you don’t have to deal with cash. It’s easy to misplace cash and you need to create a paper trail with receipts and whatnot. With electronic transfers, there’s typically a digital record that is automatically created.
Why Gyms Need Unlimited Monthly EFT Services
Cash is going the way of the dinosaur and isn’t practical for many subscription services, including gyms. If customers had to visit your gym to make payments every month, many would end up dropping their subscriptions or would at least fall behind on payments. Given this, it’s smart to use a payment platform that offers unlimited monthly EFT services.
Sometimes, payment platforms or other financial institutions will limit the number of EFTs a business can use in a given time frame. If you exceed these limits, you may still be able to use EFTs but may have to pay extra. It’s smart to find solutions that offer unlimited Electronic Fund Transfers. This way, you won’t have to worry about how many you use.
Other Benefits of Gym Software
The best gym management software solutions don’t stop at offering unlimited monthly EFT services, however. You can find platforms that also offer gym membership solutions, check-in tools, data analysis, and more. Well-rounded gym software platforms put gyms in a position to succeed even in the most competitive of markets.
If you own or manage a gym, you’ll need to build a tool kit that provides a foundation for success. Feel free to get in touch with us at Club Systems if you’d like to learn more about gym payment and management solutions. Among other things, we offer unlimited monthly EFT solutions, membership management tools, and much more.