The right one can yield a bottom line boost for your customers.
When you think of merchants that have a need for payment solutions, fitness centers may not be your first thought, but every day more people are joining fitness centers to improve their health. Most of these fitness centers require new members to enroll in a membership plan, which often includes an automatic billing payment for monthly dues.
But what happens when a credit card number on file expires?
Besides the added time it takes staff members to track down and update card information, there is an added burden of re-processing declines and an adverse cash flow impact.
Account Updater Payment Solutions to the Rescue
While the issues caused by expired credit cards can extend throughout an entire business, stopping the issues before they start is relatively easy with the proper payment solutions.
A functionality, known as ‘account updater’, is generally a standard function of any payment processing solution for payment integrations.
As its name implies, the account updater payment solution automatically verifies that the billing data on file is current and valid. It proactively monitors members’ payment data, manages updates on the backend, and saves your customers the hassle of any interruption to their monthly billing cycle.
Saving Time and Money for Fitness Center Operators
Without account updater technology, fitness centers run the risk of wasting hundreds of employee hours each year. Not only do employees have to go back and repeat a task that has been previously completed, they also have to spend time manually updating payment information on file.
If fitness centers are proactive by using payment solutions like account updater technology, the hours saved from correcting payment problems could be used to boost fitness center memberships and upsell ancillary products and services.
With projected fitness center revenue expected to reach more than $89 million by 2021, the opportunity cost of not incorporating account updater makes this decision an easy one.
To find out more about payment solutions tailored to fitness center operators, as well as our account updater product and 1stPayMaximizer, reach out to our ISV partnership team.