Recover Lost Income
To meet income potential, most facility or school owners think: we need more members or students. However, there are areas where your fitness or Martial Arts business may be losing income that could be reclaimed or prevented. Recovering this lost income helps to increase your profit potential.
Prevent Late Paying
To prevent late paying members or students, proactively monitor credit card expiration dates. Many people don’t remember to update their cards when the card changes or the expiration date is met.
When expiration dates are coming up, contact your member 30 days ahead of the date. Give them every opportunity to update the expiration date to prevent a rejected charge. This simple step is generally appreciated by your member. Bringing credit card expiration dates current also means the ugly experience of late fees and returns is avoided.
Catch Late Payments Early
If you are working with a software application that manages your members, pull reports that provide payment date, member information and number of days overdue. Use this report to actively contact or communicate with members on their late payment status. Strive to keep members from going over 30 days late with a payment. Catch them early and that income is no longer lost.
Don’t Let Overdue Accounts Languish
Once your member has gone over 30 days late on a payment, keep after them. The late fees begin to pile up and it intimidates the member. Allow several smaller payments, depending on the circumstance. Any funds recovered are funds that now work for you, versus being lost.
Don’t Lose Potential Income
Striving to prevent, catch, and chase after lost income can be a full-time job, but you have a full-time job serving your members and building your business. That’s where a third-party billing service like AAC can help.
AAC takes care of those back-office concerns by monitoring credit card expiration dates and proactively calling members to update their data. To reduce late paying issues, AAC’s customer service team contacts members and works with them, per your instructions, to bring their account current before going too far overdue. For overdue accounts, AAC provides services to collect delinquent income so that your money works for you, instead of becoming lost income.
Contact us today to learn more. 800-233-8483.