Monday 17 December 2018 | fitness-kit.net: The search engine for fitness buyers

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

Click here to visit GoCardless Ltd's leisure-kit listing


Connect with
fitness-kit.net
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

Find the right products and services for your company
News search
 
Advertise your products
on the leisure-kit Product Report
And reach over 57,000 leisure buyers

Call
+44 (0)1462 431385
 
Promotional feature

Les Mills

How blockbuster fitness became a box office hit
View feature>>
Catalogue gallery
 
Company profile
 
Sally Corporation

Sally Corporation was founded in 1977 to merge technology and art into memorable entertainment and educational experiences.
View full profile>>
 

To advertise your product and reach over 57,000 leisure buyers call
+44 (0)1462 431385 or email fitness-kit@leisuremedia.com
Fitness jobs
Powered by
leisureopportunities.com
Swimming teachers
Salary: Competitive hourly rate
Location:Nuneaton
Company: Everyone Active
More>>
Recreation Assistant
Salary: £4.50 - £7.83 per hour
Location:Cardiff, UK
Company: Legacy Leisure
More>>
Sales Advisor/Receptionist
Salary: Up to £16,349.04 per annum plus OTE
Location:Kidlington, UK
Company: Legacy Leisure
More>>
Regional Aquatics Manager
Salary:
Location:UK
Company: Parkwood Leisure
More>>
 
Fitness news
Powered by
leisureopportunities.com
14 Dec 2018
EMD UK names industry veteran Nigel Wallace as chair

EMD UK, the national governing body for group exercise, has appointed fitness industry veteran Nigel Wallace as its new chair.
More>>
13 Dec 2018
Play and 'fun activities' should be available throughout life to improve health and wellness

Experts have urged governments and industry to increase opportunities for play and fun physical activities throughout life – especially in older years – in order to improve the health and wellbeing of populations.
More>>
 
Diary dates
Powered by
leisurediary.com
28-29 Jan 2019
Facilities Management Forum

Radisson Blu Hotel, London Stansted Stansted
United Kingdom
More>>
29-31 Jan 2019
Spatex 2019

Ericsson Exhibition Hall, Ricoh Arena Coventry
United Kingdom
More>>
24-25 Feb 2019
International Manufacturers & Distributors Forum

ExCeL London
United Kingdom
More>>
 
Property & tenders
Powered by
leisureproperty.com
FOR SALE - Hasting's Pier, A Symbol of Regeneration
Location: White Rocks, Hastings
Company:GVA
More>>

 

To advertise your product and
reach over 57,000 leisure buyers
call
+44 (0)1462 431385

Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd