Most members prefer to pay by card. Here's why accepting card payments benefits your gym, what it costs, and how to start taking them.
Why Accept Card Payments at Your Gym?
First, let's start with why it's a good idea to accept card payments. First, most people these days prefer to pay by card. Whether that's a first month's membership and joining fee, classes or merchandise, offering card payments eliminates the barriers for members who don't carry cash.
You'll also benefit from faster transactions. Card payments are much quicker than handing cash or waiting for bank transfers, reducing wait times at the front desk – and if you accept card payments online, remove them altogether!
Plus, digital payments integrate easily with gym management software, reducing manual bookkeeping, trips to the bank and cross-referencing between bank statements.
How Much Does It Cost to Accept Card Payments?
It's important to be aware of the costs associated with accepting card payments. Card providers typically charge a small fee per transaction and the rate can vary depending on factors like the payment processor you choose. Different providers can also use different pricing structures, for example:
- Flat-rate pricing: a fixed percentage for each transaction.
- Interchange-plus pricing: a base fee set by the card network, plus a processor markup.
- Subscription pricing: a monthly fee with lower per-transaction costs.
Choosing the right provider depends on your gym's transaction volume and preferred payment structure, so always do your research to find a competitive rate that works for your club.
How to Start Accepting Card Payments at Your Gym
Choose a Payment Processor
Select a provider that integrates well with your existing gym management system. Introducing card payments is supposed to save you time, so make sure the integration meets expectations. Alternatively, switch to gym software that offers in-app payments so you don't have to log into a third-party tool to manage payments.
Decide on Payment Methods
Will you accept in-person payments, online payments, or both? Many modern gyms use both to offer maximum flexibility to their members, which gives them more opportunities to generate revenue.
Ensure Compliance & Security
Always double-check that your chosen payment processor complies with security standards, such as PCI DSS Level 1 which is the highest industry standard. Most payment processors handle this, but it's important to be aware of fraud protection measures.
Integrate with Your Gym Software
The best way to streamline payments is by linking them to your gym management platform or working with a gym software that offers in-app card payments. This will help you automate recurring payments, track transactions, and improve financial reporting.
Future-Proofing Your Gym's Payment System
As gym management technology evolves, so do payment solutions. Having a reliable and integrated system for accepting card payments will keep your business competitive and improve the overall member experience.
Offering card payments creates a more efficient, secure business with a seamless member experience. Once you're armed with the knowledge of what to look for in a card payment processor for your gym, you can introduce the service with confidence; whether you have 100 members or 5,000!
