As the coronavirus pandemic continues to change the way you manage your organization, it’s also changing everyday life for your members. You’re reorganizing equipment to keep social distancing guidelines, finding ways to offer virtual fitness classes, and establishing sanitization protocols. Meanwhile, your members are adapting to working, and in many cases teaching their children, from home. As the economy shifts from day-to-day and companies make difficult decisions to furlough, lay-off, or enforce pay cuts, your members may find themselves operating on a tighter budget.
All of these changes can affect the way you receive payments from members. As a leader in the nonprofit space, we understand the delicate balance you constantly face to both bring in revenue and make your facility accessible to as many community members as possible.
In a time of great uncertainty, the last thing you want to do is add more stress to your members’ lives by troubling them with payment discrepancies. Daxko Payments Services takes the task out of your hands, leaving you more time to engage with your members in ways that matter. In addition to taking membership payment management off your to-do list, our payment services also provide better outcomes for your nonprofit facility than you could achieve on your own or with another payment solution.
One of the primary goals of Daxko Payment Services is to reduce your membership terminations. With state laws affecting the re-opening of health and wellness facilities duringCOVID-19, membership retention is especially important. Many members are asking fundamental questions about whether it’s safe to return to public spaces. As a result, cancelling memberships may be top of mind. When a credit card declines, already hesitant members may see cancellation as a quick fix and answer to their back-and-forth. In fact, one in three members who experience a card decline cancel their membership within 30 days.
Daxko Payment Services gets to the root of the problem by stopping credit card declines before they happen. Using a proactive card account updater, our services prevent invalid and expired card declines, offsetting terminations by 55 percent. It’s trusted by YMCAs, JCCs, and other nonprofit wellness facilities around the world. In 2019, the number of cards updated grew to 1.7 million from just 500,000 in 2018. The revenue saved with the card account updater grew from $38 million in 2018 to more than $124million in 2019.
When things return to normal, you want your members with you. Our payment services can help with that.
Strengthen Member Relations
Money can be a sticky subject. But it’s a necessary part of the membership lifecycle. Having a team outside your facility to manage payments preserves the integrity of your staff-to-member relationships. Daxko Payment Services’ billing team is highly trained in friendly, professional communication. This means you get to avoid awkward conversations with members about declined cards. Instead, you have time to chat about the new group fitness class they started or the project their child is working on in daycare.
In addition, you can rest assured that your members are being treated kindly and fairly by Daxko Payment Services’ capable team of billing professionals. Members will continue to see you as their guide in building a happier and healthier lifestyle, not as someone who’s just out to take their money.
Improve Cash Flow
Outside of ensuring member retention and satisfaction, our payment services provide immense value to the business side of your organization.
It increases positive cashflow by preventing invalid card declines, recovering declines due to insufficient funds, and pursuing remaining declines with a professional and friendly staff of billing professionals. Daxko Payment Services’ recovery rate is 74.1 percent. The average recovery rate of other services is between 55 and 60 percent. These payment services also speed up your timeline to payment with next-day funding.
In addition to ensuring your revenue stream, Daxko Payment Services also greatly increases the efficiency of your organization. Finance team members can reallocate time previously spent on fund recovery to projects that further accelerate your facility’s mission. SmartDate technology takes the guesswork out of resubmission by determining the best day and time to resubmit insufficient funds declines based on unique member behavior. It works smarter to get your payments squared away faster and with less effort on your part.
As part of the Daxko family, Daxko Payment Services doesn’t fear the fundamental forces changing the industry. It embraces, shapes, and reinvents them. When COVID-19 became the biggest challenge facing the industry, we leveraged these features to address many of the problems that arose as a result. Your goal is to help your community build healthier, happier lifestyles. To do that, they need to retain membership in your organization. This service takes care of your members’ payments, so they can continue building happier, healthier lifestyles with you.
Ready to help your organization reach its revenue potential? Get started with Daxko Payment Services below.