Understanding the Role of a Financial Processor

National Fitness Trade Journal

A challenge our company faces on a consistent basis is a potential client's lack of knowledge regarding the important role that a financial processor plays in the success of their health club.

How do you define the role the payment processor plays in your campaign? Maybe defining these companies as payment processors is the first misconception.

It is true, your processor completes financial transactions and deposits the proceeds into your business banking account, but what other services do they provide? Today’s companies provide an array of complete services to help you manage and forecast your present and future success.

These services are designed to help you streamline and manage your entire operation from the point a prospect walks through your door, to converting them to a member as they begin to attend on a regular basis. They are designed to provide flexible and easy integration with you club. Technically, they can scale rapidly and seamlessly as your business grows. Their support staff is available to assist you and your members on software questions, technical support, follow up, and payment activity.

You should be able to easily track and manage member attendance activity, membership type, payment status, run reports on demand, and track fitness progress via body measurements and weight tracking.

Other programs should include: Point of sale and inventory control for tracking your cash sales from your pro shop, juice bar, and merchandise. Other programs include a front desk member check-in system, membership I.D. cards, and marketing and membership retention programs such as birthday cards, guess pass referrals, and follow up mailings for non-attending members. This is only a sampling of what is available to the average health club in today’s marketplace.
These services are often bundled and provided at a very reasonable price. Have you considered the challenge of creating and managing these services on you own?

So many times, club owners get caught up in micro-managing and are pulled away from the core of their business of enrolling new members and providing quality services. Outsourcing many of these back-office duties is a perfect way to better manage your time and stay focused on running your business.

The availability of, and access to, member and financial data is a critical element in managing the performance of your health club. Any barriers or impediments to accessing this information will have an enduring and negative impact upon the performance and success of your business. Member information must be quickly accessed, accurate, and easy to read. Most service companies should have easy-to-read reports that provide you with instant information to assist you with those decisions.

If you select an internet based service company, the information will be true “real time” data. This allows you to access the most accurate “up-to-the-minute” information available.

Thorough research is crucial when comparing companies that provide these services. You want to have a direct relationship with the processor that you select. Discuss your expectations and make sure they will provide you with the services you feel will make your business a success.

John Chalk is President & CEO of eFit Financial, located in Lakewood, Colorado. His company would be happy to answer any questions regarding billing companies and the services they offer. Phone: (877) 772-3348 or contact eFit Financial online.