6 min
Struggling to keep up with outstanding payments?
As a gym owner, managing outstanding payments can be a real headache.
Asking clients for payments can feel uncomfortable, and manually sending reminders and follow-ups consumes valuable time. What if there was a solution that could simplify this process and boost your profitability?
When it comes to managing overdue payments, businesses have various methods to choose from.
Each method offers different features and benefits, and selecting the right one can greatly impact your payment collection process.
The challenges of manual dunning
The initial method gyms or fitness business owners use to request overdue payments is manual. This method can include:
Direct contact. When starting out, resources are limited, and the owner often takes on the role of accountant. This usually means handling payments personally
by reaching out via phone or email to request overdue payments. This approach can be time-consuming and often relies on follow-ups and repeated reminders.
Third-party agencies. Outsourcing payment collection to business consultancies that handle the process manually. While this can offload some of the work, it still requires the business owner to supervise, verify payment statuses, and communicate with the consultancy. However, as the business grows, it’s crucial to focus on expansion, development, and customer relationships.
Manually managing overdue payments becomes increasingly time-consuming and takes away from activities that could boost your business’s growth and member satisfaction.
It requires checking bank statements and contacting clients who haven’t paid. This repetitive and often neglected process can lead to financial instability and disrupt your gym’s accounting:
- Lost time: manually tracking payments and sending reminders takes many hours that you could use to develop your business.
- Tracking difficulty: keeping an accurate record of who has paid and who hasn’t is complicated.
- Impact on cashflow: payment delays directly affect cash flow, creating financial uncertainty.
Here you can discover more about the different forms of payment for gyms.
Benefits of delegating manual dunning to software
Digitalization is a reality that is already reaching many fitness businesses. To not fall behind, it’s important to boost your competitiveness through solutions that save you time and help you become more productive
This is where the Automated Dunning by Virtuagym Pay comes in. This innovative tool automates the billing process and offers multiple benefits.
- First, it saves you time by automating repetitive tasks, letting you focus on other areas of your business.
- It also improves your cash flow, ensuring you receive income more regularly and helps you to collect the outstanding invoices more efficiency.
- By minimizing mistakes in tracking and collecting payments, it reduces human errors.
- Additionally, this module allows you to apply penalty fees to recover additional transaction and chargeback costs
- Last but not least, it helps you maintain better relationships with your customers by allowing you to send personalized emails, which can help reduce client turnover.
The Automated Dunning by Virtuagym Pay indicates which payments have been processed and which have not, saving the manual verification work. Then, in an intuitive and straightforward way, it automates the payment request, allowing you to focus on other tasks.
How this technology works
The Automated Dunning Module automates communication with defaulting customers, sending customizable email reminders about overdue payments.
Reminders are sent at set intervals, increasing in urgency as the due date passes, which helps maintain healthy cash flows and manage accounts receivable efficiently.
This module also classifies overdue payments into categories like ‘Dunning,’ ‘Reminder no. X,’ and ‘Debt Collection.’ This classification helps businesses understand the status of their invoices and prioritize actions accordingly.
You can select multiple payment methods, ensuring flexibility and convenience.
When any failed payment happens, it will trigger a dunning process for that invoice. This starts a fully automated process that doesn’t require manual action unless desired. This ensures smooth management of overdue payments, allowing businesses to focus on growth and customer satisfaction.
On top of that, the new Business Analytics Dashboard provides businesses with powerful insights into how their dunning process is performing. It offers a clearer understanding of its impact on cash flow and helps prioritize actions based on real-time data.
This dashboard enables our customers to:
- Get a clear view of how dunning is being used in their club
- See the benefits of the dunning feature on their cash flow
- Track in detail the successfully collected invoices through dunning and the corresponding charges
Unlike traditional methods that rely on manual tracking and phone calls or emails, the Dunning Module significantly reduces the time and effort required. This not only saves money but also improves accuracy and efficiency in payment management.
With these tools combined, the Dunning Module not only automates the process but also empowers businesses to manage overdue payments more efficiently while gaining valuable insights into their financial health.
Use cases and real examples
We could go on endlessly about the benefits of automated dunning solutions, but instead, let’s hear directly from our customers. They use our payment system daily and have found significant value in integrating our solutions into their businesses.
Fytaal used the new dunning module to save time, spees up payments and reduce chargebacks. “The Dunning Module of Virtuagym allows me to set up flexible and automated follow up processes. This way, customers pay me quicker and i have fewer chargebacks. It saves me a lot of time and hassle and gives me more time to enjoy the nicer things”, says Dorien, the owner of Personal Gym: Fytaal, in Baarn
How do I start using the Automated Dunning Module?
Are you ready to streamline your payment processes and boost your profitability with Virtuagym’s new Dunning Module? Our team of experts is here to guide you every step of the way!
To get started, simply reach out to your Virtuagym representative or request a demo through our website. If you already are a client, just send an email to support@virtuagym.com
We’ll walk you through the setup process, ensuring that the module is tailored to meet the specific needs of your fitness business. By automating the billing process, you can focus more on what truly matters – providing excellent service to your clients and growing your business.
Don’t let manual dunning slow you down; make the jump to automation today and see the difference in efficiency and client satisfaction.
Our Dunning Module works seamlessly with Virtuagym Pay. To use it, you must have activated both the Dunning Module and Virtuagym Pay.
I want to learn more about Virtuagym Pay
Are you new to Virtuagym or looking to expand your knowledge of our payment solutions? Welcome!
Virtuagym Pay is designed to make your financial management seamless and stress-free. Our all-in-one management software offers more than just scheduling and billing – it provides a holistic approach to managing your fitness business. From online payments to custom apps, our solutions are built to scale with your growth.
Book your free demo today and discover how Virtuagym Pay can revolutionize your business operations and elevate your client experience.
