When CIOReview selected Motionsoft as one of the 20 Most Promising Payment and Card Solution Providers in 2018, we were thrilled our billings and collections solutions were included along with Apple Pay, Amazon Payments, Google Wallet, Square, and Paypal. When we learned we were the only vendor selected from the fitness, health, and wellness industry, we were humbled.
While a lot of the attention in the selection processed focused on advanced digital transaction integrity, security frameworks, real-time verification, and fraud detection, the selection panel didn’t focus on cash flow especially the near instantaneous processing of credit card and ACH transactions. As a business owner, cash flow is critical. It’s why business owners should demand that you receive your draft in one to two days especially for low-risk recurring monthly membership dues. Unfortunately, in the fitness, health, and wellness industry sending business owners their draft in one or two days seems to be the exception rather than the rule.
At the Gold’s Gym 2018 Global Convention, our chairman and co-founder Al Noshirvani discussed five cost reductions strategies club operators can pursue to improve billings and collections in the health, fitness, and wellness industry.
Al kicked off his presentation on payment processing trends by discussing future technological innovations in the payment and card solutions ecosystem and the role blockchain technology will have on minimizing fraud by securely storing end-to-end data dramatically easing the accounting and finance burdens on clubs before diving into swipe transactions and risk, processing fees on submitted vs. collected (hint: Never pay on your gross billing ONLY on your net collected.), how to uncover hidden fees, and tools to optimize collections.