Improve Your Cashflow With Martial Arts Billing Services
Using Direct Debit to Pay for Training Really Pays Off…
When it comes to any Martial Art, discipline is key, though sometimes it can take a little nudge in the right direction to keep those high kicks high and your reflexes sharp.
Clearly it makes perfect sense to invest in Martial Arts training although while you’re getting both your body and mind healthy and active, what’s keeping your cashflow fighting fit?
While paying subscriptions may not be the most exciting thing about training, using Direct Debit to keep your Martial Arts School kicking is key to a healthy bank balance, here’s our top tips on why utilising Direct Debit billing is essential for the success of any Martial Arts School.
Reducing Rates of Absence
A subscription to a training provider is much like any training regime in that commitment leads to success. Nothing ensures that commitment quite like a Direct Debit, as the monthly investment they’re making can act as a strong financial incentive. This often reduces rates of absence and more importantly “phantom students”, the ones that turn up for three sessions and then are never seen or heard from again. So by reducing the likelihood of students quitting combined with a higher retention rate of new starters the financial rewards should be immediately and clearly apparent.
Direct Debit is as much an Experience Improving Service as a Payment Method
The ability to process Direct Debits is as much an experience improving service as a payment method. It is of course, second to none in regards to customer convenience, allowing students to attend regular sessions with the knowledge and peace of mind that their training has been paid for in advance, and that forgetting their money one Wednesday evening after a stressful day at the office won’t necessitate missing a training session causing a financial loss for both customer and school. With a Direct Debit agreement in place, the service is paid for either way and the customer never has to miss another session.
Protecting Customers and Businesses
Of-course if your school is still accepting cash payments, the cost and time spent handling money, along with the security risks associated with it are more than enough of a reason to go digital. Now don’t get me wrong, I’m sure whomever handles your schools petty cash is reliable and professional, however as the money is to be sorted and added to a bank account regardless. It only makes sense to cut out the middleman thus relieving staff of the risk of the books not balancing and saving the sorting of change and a visit to the bank. If anything, the savings made on fuel alone makes a Direct Debit the greenest way to handle your finances. The security of the payments is also managed by the Direct Debit Guarantee, protecting customers and businesses alike from any financial errors such as improper fees and inaccurate payment dates.
Constant and Stable Cash flow
Finally the most important aspect of managing your cash flow by utilising a Direct Debit service is the security of having an assured figure for your monthly income and outgoings. This allows you to account for your own expenditures more effectively by knowing exactly how much money you’ll have in the bank at any given time. Also with the ability to designate payment dates, you can choose whether you’d like all students fees to be paid on the same date, making budgeting easier for the month, or spread out to ensure a constant and stable cash flow.
Find out more about our Direct Debit Fee Collection Service or give Mark Jeffery a call on 0115 945 5030 for a chat about how our service can help you grow your Martial Arts business.