FITNESS - WELLNESS - BUSINESS - FINANCE
Almost 1,200 health and fitness centres, personal trainers, swim schools, sporting clubs, dance studios and other niche fitness businesses across Australia have rapidly increased their cash flow by signing on with electronic payment powerhouse Ezidebit.
As Ezidebit Chief Executive Charlie Holland explains, "the Australian fitness industry is one made up of small to medium sized businesses, in some cases one-person businesses, that has historically had a fragmented cash flow and payment culture. However, Ezidebit’s custom created direct debit functionality is changing this, and in doing so injecting significant cash into this sector."
The company is finding itself in big demand in light of a recent report which showed 40% of Australian businesses fail because of inadequate cash flow (ASIC (Report 132, 2008).
Queensland-based Ezidebit is among Australia’s leading providers of outsourced payment solutions, processing in excess of half a million transactions per month on behalf of more than 5,000 businesses from multiple industries including childcare, health & fitness, property management, tourism and finance.
Curves and Jetts Fitness are just two industry leaders that have rolled out Ezidebit payment solutions for their centres nationwide.
Charlie Holland says for gyms and fitness centres, Ezidebit’s payment solutions have a very positive impact on membership retention while for personal trainers, it removes the need for having to ask for money from clients at each and every session.
“Ezidebit offers a tailored payment solution as well as integration with existing computer management systems, and while every business is unique, we have seen some very important business and cash flow benefits for health and fitness businesses.
“For gyms or clubs, new customers can be reluctant to or unable to afford full annual membership fees up front, instead preferring the flexibility of staggered payments and this can increase the chances of securing a membership on the spot.
“Ezidebit manages these payments for the centre in their entirety, thereby providing security and flowing cash not to mention the upswing in membership retention. In addition, the savings in terms of administration costs and billing procedures from both the company and the client is significant, freeing both to pursue other tasks – business development or personal time."
Holland says personal trainers are a niche fitness service provider area that has notoriously struggled with cash flow, explaining "by signing clients on to Ezidebit, personal trainers can ensure their own financial/income security while also freeing up cash flow and time to attract new clients.
“In a tight economy, businesses need to be particularly vigilant about getting paid on time, and regularly, to keep cash flowing while at the same time maintaining relationships with all customers.
“The adage that cash is king has never been more true - by delivering cash flow businesses have more working capital to reinvest in their businesses whether that be additional staff, equipment or marketing and sales.
“Businesses need to practice good cash flow management to keep money flowing in a positive direction and while the buoyancy of the Australian economy in the past may have cushioned late payments, it’s not good business management from either side to accept this practice.”
Established in 1998, Ezidebit offered the first specialised automated Direct Debit and Credit Card transactions service in Australia and is now recognized as the industry leader processing in excess of half a million transactions per month on behalf of more than 5,000 businesses from multiple industries including childcare, health & fitness, property management, tourism and finance. A team of over 40 people deliver the Ezidebit custom-created direct debit functionality, service and business development operations.
Over the past 10 years Ezidebit has achieved strong revenue growth, and currently processes over a billion dollars in payments annually. A private company managed by a Board of Directors, Ezidebit is one of the only Australian outsourced payment providers with an Australian Financial Services License.
Ezidebit’s range of custom payment solutions for improving cash flow include automatic direct debit payments, credit card processing, BPAY, phone and online billing options, integration with major computer management software and management of recurring and/or one-off payments.
For more information call 1300 763 256.
http://www.ezidebit.com.au
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