STA-Swimming Teachers Association
STA-Swimming Teachers Association
STA-Swimming Teachers Association
Health Club Management

Health Club Management

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Health Club Management

Health Club Management

News

Open banking set to bolster gym member payments

Open Banking will create a powerful payment solution for gyms in the not too distant future, where the traditional monthly fees collection with Direct Debit will be complemented with instant bank to bank payments.
– Ross Pert, payment specialist at GoCardless

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

Sign up for FREE ezines & magazines
Company Details
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.
Address
Sutton Yard, 65 Goswell Road, London, EC1V 7EN, United Kingdom
Telephone
+44 20 8338 9540
Open Banking is here, and the competition and market authorities say it will drive competition and innovation in retail banking.
THUMB28186_76372.jpg
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News

Open banking set to bolster gym member payments

Open Banking will create a powerful payment solution for gyms in the not too distant future, where the traditional monthly fees collection with Direct Debit will be complemented with instant bank to bank payments.
– Ross Pert, payment specialist at GoCardless

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

Sign up for FREE ezines & magazines
Company Details
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.
Address
Sutton Yard, 65 Goswell Road, London, EC1V 7EN, United Kingdom
Telephone
+44 20 8338 9540
Open Banking is here, and the competition and market authorities say it will drive competition and innovation in retail banking.
THUMB28186_76372.jpg

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Features
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Silicon Valley hacker Dave Asprey used his tech skills to gather the latest fitness kit to create a bio hacking boutique. Kath Hudson investigates cusapero
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Being a touring musician can be tough on your wellbeing, so country music star, Tim McGraw, developed his own workouts to stay fit. Now he’s collaborating with Snap to launch a gym brand
Features
Analysis
Features
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New research from Deloitte China and IHRSA shows the market for health and fitness in India is starting to grow, as Kirsten Walsh reports
Features
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Much of the fitness industry branding is based on a no pain, no gain philosophy, but we didn’t want to present Rabble like that, even though a session is ridiculously tiring!
People
WHIS is a preventative healthcare platform, which empowers people to improve their health and wellbeing by facilitating community engagement
People
As clubs with swimming pools and health and beauty facilities, the low cost model wasn’t going to work for us, but the clubs weren’t as high-end as David Lloyd clubs either. Our first intervention was to win over the staff and encourage them to act as though it was a high-end club
People
The issue holding things back is not GPs’ lack of belief in the power of physical activity – it’s the lack of a quality offer they can refer to. We need to look at the supplier side, so all GPs have access to a good quality provider of exercise
People
With two instructors per class – one devoted to correcting form – we fix people, and this creates clients for life
People
We’re raising our seventh fund now which will be a US$400m fund and in a few years’ time should have close to US$1bn invested in our active funds across the sector
People
Technogym has helped us ensure that every facility has the same selection of equipment. It’s part of the commitment we’ve made to deliver a top quality service for every community
People
I wanted to create a gym that was good enough for Anthony Joshua – that was the benchmark
People
We noticed this gap in the UK market for a complete workout that invigorates the body while impacting the mind
People
Promotional Feature
Promotional feature
Our qualification increases learners’ awareness, encourages empathy and instils confidence to speak to people affected by mental ill-health
Job search
POST YOUR JOB
Featured supplier news
Featured supplier: Matrix unveils Glute Trainer
At this year's FIBO fitness equipment giant Matrix debuted a host of new products and innovations, including the Glute Trainer.
Featured supplier news
Featured supplier: Variety and flexibility for the customer is the key to retention, says MoveGB
What really drives customer retention in 2019? Is it proactive customer care? Frequency of attendance? Added value provision? Community building? Across the industry, debate on this topic never stops. And neither does market change.
Opinion
promotion
I’ll be honest - it feels a bit funny writing an opinion piece in an aggregator special when, fundamentally, I can’t really say that I work for an ‘aggregator!’
Opinion: Let's distinguish new market entrants by those that add value and those that don't
Member retention is a growing problem for long-established gym chains, who are battling the growing budget and boutique gym market.
Opinion: Are you trying to beat budget gyms at their own game?
Video Gallery
DFC: We do more...
DFC
DFC are a leading direct debit collection company, providing cash flow solutions to happy clients from all over the UK. Read more
More videos:
Company profiles
Company profile: Precor
For more than 35 years, Precor has driven fitness forward. We continue that heritage every ...
Company profiles
Company profile: DFC
DFC
At DFC, we offer totally transparent revenue management solutions with clear pricing and no hidden ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Exercise equipment
EXF Fitness Equipment: Exercise equipment
Audio visual
Hutchison Technologies: Audio visual
Member access schemes
Move GB: Member access schemes
Skincare
Comfort Zone - Davines S.p.A: Skincare
Management software
GymSales: Management software
Flooring
Total Vibration Solutions Ltd: Flooring
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Trade associations
International SPA Association - iSPA: Trade associations
Lockers/interior design
Safe Space Lockers Ltd: Lockers/interior design
Property & Tenders
Will to Win
Property & Tenders
Diary dates
26-27 Jun 2019
Villa Park, Birmingham, United Kingdom
Diary dates
06-07 Jul 2019
Monte-Carlo, Monaco
Diary dates
Search news & features:
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STA-Swimming Teachers Association
STA-Swimming Teachers Association