How to set up EFT payments and keep your clients coming back!
It does not matter whether you are in a fitness business or other small business, we all run into the challenge of keeping our clients. Especially if you are a service provider!
When I started a fitness business, that was my exact challenge…keep my clients happy, loyal, and coming back!
In the fitness industry, many people sell “training packages” which is exactly what they learned from the big box gym they had worked for in the past. However, as a small business owner, I can tell you that if you set up EFT payments or recurring payments, you will extend your longevity in business and increase customer satisfaction.
Really? Is it that easy?
No! Nothing worth doing is easy, but once you establish this system you will create a recurring profit center.
Are you ready now? Great, let’s get down to the nitty gritty on how to make this happen!
Why You Should Set Up EFT Payments
Back in my previous career I worked in the hotel business. This was an old school business that seemed to operate on old traditions and a rare few ever stepped out of the traditional box.
I was one of the few and here is how I ran my sales campaigns…
When someone was interested in booking a group of rooms I offered them a few different options:
- Option 1: A fixed price for the room block if they booked the rooms next week
- Option 2: A discounted price if they booked the room block when they came in or within the next 24 hours
Why did I do that? Because I knew the minute they left my hotel they were going to shop other properties. I also knew, if I made the deal sweet enough they would sign my contract right there.
And, to make things better, I would get all the paperwork done right away and save about 15 emails worth of work.
For the customer, it worked great. I had several people tell me they liked it that way because they could knock one thing off their to do list and move on to other things.
What did it do for my sales? I increased my close rate to 89% and took half the leg work (paperwork) off my desk immediately. It was a perfect Win Win!
Work smarter, not harder!
And the same format holds true in my fitness business.
Say for example you have a client with an aggressive weight loss goal. You know they will need to see you at least two times a week to reach their goal. They are committed and so are you…
However, just like you, they are on a budget. So instead of selling them 1 package of training sessions for 6 weeks, you offer them a discount to pay once a month!
I mean, you pay your bills once a month and so do your clients! Why not give them an option to pay you once a month for the service you provide?!
The benefits of the EFT are awesome:
- You get paid consistently every month from your client
- Your client fits your service into their budget
- You get to concentrate on training and not on selling
- Your client is more consistent and has less cancellations
It’s a brilliant strategy!
How To Set Up EFT Payments
How to set up EFT payments is really simple, but you must set up your prices to direct your client to the EFT. And here is how it works…
Setting your prices:
Let’s say you want to earn $60 a session to be profitable. Then set your pricing strategy $15 above that rate.
List your session rate at $75 per session, offer a four week package with a little discount, and then offer an EFT package with a big discount!
Sign up your EFT for $65 a session @ 1 or 2x per week! It works like magic and it will be like a membership for personal training or whatever service you provide.
How To Set Up EFT or Recurring Payment Services
Now that you know how to set up your EFT (electronic funds transfer) rates, I have done all the legwork for you on where to go.
Here is the overall breakdown of the EFT or recurring payment fees:
There are two main services to use:
Click on those links and learn how to get set up.
Here is how they compare…
- Both services have a $30 a month fee for recurring payments
- Both charge about the same rate: 3.0 – 3.5%
- Mind Body deposits directly into your bank account and is immediately available
- PayPal deposits to your PayPal account and is available on PayPal (it takes up to 5 days to transfer money to your bank account)
Personally, I use Mind Body because they offer so many more services for the $30. But, if I was in another industry, PayPal would be the one I use.
Remember, don’t jump over dollars to save pennies! EFT has a higher merchant rate, but you will save in time, convenience, and you will always know what is coming in!
Good luck, and please leave me questions or comments below on How To Set Up EFT Payments!