Better payment systems can improve membership platforms

The summer season is approaching rapidly, and it's the halfway point of the year for fitness and health platforms to realign with their yearly objectives. These objectives should be a continuous dedication throughout the year. So, what is the secret to having a successful platform? How can you ensure that you're delivering the finest experience for your health and wellness customers and their members?

The worldwide market for gyms, health, and fitness clubs saw a rise in worth of 2.9% this year. Within the United States, profits from gyms and health clubs experienced an increase from $28 billion in 2020 to $32 billion in 2022.

Nonetheless, the sector of health and well-being is acknowledged for having a substantial amount of customers who end their memberships. According to the International Health, Racquet and Sportsclub Association (IHRSA), gyms, health clubs, and fitness centers only have a retention rate of 71.4%. This implies that it is becoming more difficult for these establishments to attract and maintain customers. Thus, improving the quality of their members' experience takes precedence in order to compete in the market.

All clubs and fitness platforms aim to offer their clients the finest experience possible, allowing for easy communication among members and providing excellent services. This creates happy customers and decreases the likelihood of them leaving.

The success of customer engagement greatly depends on the quality of the membership platform. A complicated registration process, sluggish system administration, limited payment alternatives, and inflexible club systems can lead to an unsatisfying customer experience. Consequently, it has become increasingly necessary to prioritize membership and wellness platforms.

At Paysafe, Chris Petersen holds the title of Senior Vice President of Partnerships and Core Verticals.

Get Your Wellness Platform Fit: Tips For Membership Success

When building a health and wellness platform that caters to the needs of clients of health clubs, it is crucial to carefully select an appropriate payment partner. Creating a checklist of solutions offered by your chosen partner is advisable. The list may include:

Enable customers to receive payments without delay or complications by implementing a system that allows for prompt approvals. By providing a rapid account creation feature that incorporates instant authorizations, health-focused businesses can efficiently enroll members and handle confidential financial data with utmost security, leading to a hassle-free onboarding experience repeatedly.

Earning a customer's trust is a difficult task that requires a great deal of effort, but losing it is simple. Any issues that arise during the onboarding process, as well as any mistakes or difficulties encountered when configuring the system, can detract from a customer's trust and patience, jeopardizing the entire relationship. It is critical to establish a solid positive interaction with members right away, as this will instill confidence in the platform.

Look for partners who have the ability to process payments globally across Europe, the UK, Canada and the US. This will provide more options and opportunities for growth. Additionally, it is important for these partners to be able to handle payments in various currencies and payment methods such as online payments, cash, digital wallets and bank transfers. By having this capability, businesses can broaden their range of options, enhance their flexibility and attract more customers while retaining their existing ones.

The common factor among exceptional platforms is flexibility, therefore it is crucial to have enhanced authority with limitless dividing of payments and the capability to decide how payments are distributed and directed. To assist wellness enterprises, the most optimal approach is to grant them a complete array of payment choices that their clients require through a comprehensive and fully equipped membership system.

The usage of split payments is gaining more and more attention in the world of club memberships. It is a convenient choice that allows greater freedom in the types of membership options offered. However, not all payment providers have this option available. It is important to have the capacity to process all sorts of transactions to ensure a smooth and hassle-free experience for customers. This includes recurring monthly payments, one-time deposits, or additional payments for supplementary services, such as personal training.

When selecting a payment processing system for your membership platform, it's important to choose one that's tailored to meet the unique needs of your industry and customers. To effectively tackle the challenges that come with payment processing for your platform, experts should design the solution. Your system must be able to handle spikes in traffic, particularly during the busy month of January when subscriptions are booming. It should also be flexible enough to manage all types of payment interactions, from monthly subscriptions to changes in membership terms, while ensuring security measures are in place to tackle fraudulent activities. Additionally, your payment processing system should be agile enough to accommodate different payment channels and types of transactions.

to customers are essential ingredients for a successful business. In order to thrive as a business, it is important to be dedicated to creative problem-solving and unwaveringly trustworthy in our customer service. These key elements help to establish a strong foundation for growth and long-term success.

Having a sense of calm when using a membership platform is crucial and it's reassuring to know that it's keeping up with the latest payment options that members want. For this to happen, having the support of a payment partner that's always bringing new and varied payment methods is key. This gives customers more options to pay the way they prefer, which will result in bigger payments and a better overall performance for the health and wellness industry.

We have showcased the top-notch credit card processing solutions that are suitable for small-scale businesses.

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