 |
| Product news |
 |
25 Jul 2018
Open banking set to bolster gym member payments
Supplier: GoCardless Ltd
More GoCardless Ltd details
|
Open Banking has the power to reduce lost revenue and improve conversion for gyms: by making member payments smarter and more reliable
Open Banking is here, and the competition and market authorities say it will drive competition and innovation in retail banking. But what does this have to do with gyms and fitness businesses?
More than you might think. Open Banking has the power to reduce lost revenue and improve conversion for gyms: by making member payments smarter, more reliable, more flexible and more instantaneous.
82 per cent of UK gym membership fees were processed by Direct Debit in 2017 (UK Finance). Gyms choose Direct Debit because it’s automated, rarely fails and doesn’t cost a lot. But even Direct Debit has its drawbacks – it’s not instant, which isn’t ideal for taking those very first payments or for spontaneous add-ons; it carries a small fraud risk and, while payments fail much less often than with cards, they may still fail.
Open Banking is set to make bank to bank payments even more attractive for UK gyms. Regulated payment providers will be able to access members’ bank account information (with their permission), meaning payments are less likely to fail (e.g. triggered when money is in the account), which could save gym businesses thousands of pounds each month.
Open Banking also allows for more secure payments (e.g. authenticated through members’ online banking), and faster payments. Regulated providers will be able to trigger instant ‘push’ payments from members’ bank accounts using the ‘Payment Initiation Service’, giving businesses all the benefits of Direct Debit, without the three day wait.
This all adds up to a powerful payment solution for gyms in the not too distant future. With the right provider, gyms will be able to take instant payments when they need to, and still benefit from automated Direct Debit for monthly fees (with no need to ask permission every time).
Find out more about how GoCardless could help your fitness business
|
Supplier: GoCardless Ltd
Online payments used to be expensive and time-consuming. GoCardless is changing that.
GoCardless is a next generation payments company. We make it incredibly cheap and easy for anyone to take payments online using the Direct Debit infrastructure.
Our industry-beating pricing, easy payment collection and instant online sign-up mean that we are rapidly becoming the preferred online direct debit option for businesses.
We are a rapidly-growing, highly technical team based in London. Combining years of financial services experience with a customer-driven approach, we are transforming online payments and the direct debit industry.
Web:
gocardless.com
More GoCardless Ltd details
|
|
|
| Product news |
|
|
|
 |
|
12 Apr 2024
MyEquilibria combines art and outdoor exercise
"We summarise what we do in two words – functional art," says Gian Luca Innocenzi, CEO and
founder of MyEquilibria, which specialises in high-end outdoor exercise equipment.
|
|
|
|
|
|
 |
|
| Company profile |
|
![]()
FIBO Global Fitness
FIBO Global Fitness is the international platform for fitness, wellness and health. During four days, FIBO connects more than 860 exhibitors from 51 nations with more than 106,000 visitors from 116 nations in ten halls in Cologne.
View full profile>> |
|
| Catalogue gallery |
|
|
| Featured Supplier |
|
 |
|
|
|
in this issue
• Virgin gets right to wipe out rent arrears
• Fitness industry mourns passing of Jan Spaticchia
• STA offers mindfulness resources
|
|
|
|
|
|
|
 |
| Latest jobs |
 |
Party Leader
Salary: Competitive
Location: Gainsborough
Company: Everyone Active
|
|
|
|
|
|
| Diary dates |
|
| Powered
by leisurediary.com |
 |
|
|
|
|
