Core Health & Fitness
Core Health & Fitness
Core Health & Fitness
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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Catalogue Gallery
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Directory
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Diary dates
21-22 Sep 2019
Locations worldwide,
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23-26 Sep 2019
JW Marriott Turnberry Resort & Spa, Miami, United States
Diary dates

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
Promotional feature
Extracurricular activities are key to keeping students physically and mentally healthy. Working with Legend, the universities of Nottingham and Bristol are working to improve the user experience of their facilities to increase student participation
Features
Gen Z
Gen Z has come of age, and is engaging with fitness in new ways. We look at how health clubs can appeal to this young, tech-savvy and value-conscious age group
Features
feature
New refurbishment featuring Technogym’s Biocircuit sees 27 per cent membership growth in the first six months at Macclesfield Leisure Centre
Features
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Why does indoor cycling attract so many loyal followers? Abi Harris ask industry innovators how much is down to the instructor and what part the kit has to play
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Promotional feature
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Ben Gotting & Dave Thomas

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Because of our strong focus on community and inclusivity our members really do range from unemployed, and even homeless, to CEOs and board members of major institutions and celebrities
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Rich Hutson

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Job search
POST YOUR JOB
Featured supplier news
Featured supplier: The secrets to designing a stand-out fitness studio
The design and construction of a group fitness or exercise studio can have a big impact on the success of your gym.
Featured supplier news
Featured supplier: Gympass brings together corporate workforces and leisure operators
The Gympass mission is to defeat inactivity – a vision shared by many in the leisure industry.
Company profiles
Company profile: Matrix Fitness
At Matrix Fitness, our goal is to make innovative commercial fitness equipment that stands out ...
Company profiles
Company profile: Xn Leisure Systems Ltd
Xn Leisure is a provider of cutting-edge health and fitness software, offering an exceptional service ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Exercise equipment
Star Trac / Core Health & Fitness: Exercise equipment
Member access schemes
Move GB: Member access schemes
Locking solutions
Ojmar: Locking solutions
Lockers/interior design
Craftsman Quality Lockers Ltd: Lockers/interior design
Governing body
EMD UK: Governing body
Trade associations
International SPA Association - iSPA: Trade associations
Fitness equipment
Miha Bodytec GmbH: Fitness equipment
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Audio visual
Hutchison Technologies: Audio visual
Property & Tenders
Diary dates
21-22 Sep 2019
Locations worldwide,
Diary dates
23-26 Sep 2019
JW Marriott Turnberry Resort & Spa, Miami, United States
Diary dates
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