Have you ever wondered how many staff hours and how much money it takes to track down declined payments or expired credit cards? What about the negative effects it has on your member experience?
Credit card declines are more than just a headache for your business and your members. They negatively impact on your bottom line. First, there’s the labor cost to your staff who are spending countless hours tracking those members down to update payment information. Then there’s the lost membership revenue that comes from members who decide to terminate their membership when you reach out to update payment information. And finally, there’s an authorization fee per decline, which typically ranges between $0.06 to $0.08.
Full-service billing is more than just a billing and collections service. It can save your staff time, help reduce overhead and improve your bottom line by taking the burden off your staff to contact members when there are issues with their payments. Contacting members regarding returned payments from expired or invalid credit cards can often trigger membership termination. By implementing a full-service billing solution, you can prevent future revenue from walking out the door.
Not only can full-service billing help improve your bottom line, but you can get insights into your business operations by seeing what payments are forecasted to come in this month, see what payments are late, or dig into decline reasons. This detailed reporting allows club owners to better manage their day-to-day operations and continue to grow their business.
Streamline your business operations, improve your bottom line and reduce overhead with the most efficient and cost-effective payments solution available.