2 min read
If you run a martial arts studio then martial arts are probably a passion of yours. From a business point of view, however, passion on its own is never going to be enough to maintain a successful business. In fact, the amount of admin and paperwork involved in taking martial arts studio payments can sometimes become overwhelming, taking the fun out of running a business based on something you love.
In the past, martial arts studio payments would generally have been cash payments taken from individual clients, either before or after each session they attended. While cash payments of this kind may seem relatively simple to process and administer at first glance, it’s easy to get in trouble if – for example – a couple of clients say they’ve forgotten their cash and will have to pay double next session. This is a problem for two reasons, the first being that maintaining a healthy cash flow through regular martial arts studio payments is vital if your martial arts studio is to be a success. The second is that it can quickly become complicated to keep track of what you’re owed and chase up late or missing payments. Before you know it, you’ll be spending more time dealing with martial arts studio payments than actually working with clients, and all while your profit margins are being eaten into.
The key to effectively handling martial arts studio payments lies in extending the range and number of payment methods you’re able to take. You can accept manual credit card payments in person, for example, meaning that clients will no longer be able to put off paying because they don’t have the necessary cash on them. In addition to this, you’re likely to find that many clients actually prefer the convenience and security of making credit or debit card payments.
In order to take payments of this kind you’ll need to work with a merchant credit card company, and the good news is that if your own credit rating is relatively strong and you opt to only take ‘card present’ card payments (i.e. the client is there with you, presenting their payment card for processing), then the charges can usually be kept to a minimum. That means no set up fee and only a relatively small percentage amount charged for each transaction processed.
The rise of digital technology means that many customers now take it for granted that they’ll be able to make payments for pretty much any goods and services via an online app, portal or checkout page. This will apply to martial arts studio payments as much as it does to anything else, and you need to ensure that you offer the kind of convenience that these clients are looking for. It’s possible to take credit and debit card payments via an inclusive payment processor such as PayPal or Worldpay Online Payments, but the ongoing nature of the contract between a martial arts studio and its clients (i.e. weekly sessions and/or training lessons) means that it can be more convenient to set up recurring payments using the Direct Debit system.
Working with a payment processing partner, such as GoCardless, makes it easier than ever to accept Direct Debit payments for your martial arts studio. In simple terms, we deal with the tricky aspects, such as the technology and the regulations around Direct Debit payments, cutting the amount of admin you have to deal with and making sure the payments keep flowing into your account.
As well as recurring payments in the form of Direct Debits, GoCardless offers the option of secure bank-to-bank payments using Instant Bank Pay. Not only are payments of this kind quick and simple for your clients to handle, they are also instantly confirmed, making it easier for you to track what you’re owed and what you’ve been paid.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.