Sport, parks and leisure - GoCardless Ltd: Open banking set to bolster gym member payments
23 Feb 2019 Sport, parks, & leisure: daily news and jobs
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Product news

25 Jul 2018

Open banking set to bolster gym member payments

Supplier: GoCardless Ltd
More GoCardless Ltd details


Open banking set to bolster gym member payments

Open Banking has the power to reduce lost revenue and improve conversion for gyms: by making member payments smarter and more reliable
Open Banking is here, and the competition and market authorities say it will drive competition and innovation in retail banking. But what does this have to do with gyms and fitness businesses?

More than you might think. Open Banking has the power to reduce lost revenue and improve conversion for gyms: by making member payments smarter, more reliable, more flexible and more instantaneous.

82 per cent of UK gym membership fees were processed by Direct Debit in 2017 (UK Finance). Gyms choose Direct Debit because it’s automated, rarely fails and doesn’t cost a lot. But even Direct Debit has its drawbacks – it’s not instant, which isn’t ideal for taking those very first payments or for spontaneous add-ons; it carries a small fraud risk and, while payments fail much less often than with cards, they may still fail.

Open Banking is set to make bank to bank payments even more attractive for UK gyms. Regulated payment providers will be able to access members’ bank account information (with their permission), meaning payments are less likely to fail (e.g. triggered when money is in the account), which could save gym businesses thousands of pounds each month.

Open Banking also allows for more secure payments (e.g. authenticated through members’ online banking), and faster payments. Regulated providers will be able to trigger instant ‘push’ payments from members’ bank accounts using the ‘Payment Initiation Service’, giving businesses all the benefits of Direct Debit, without the three day wait.

This all adds up to a powerful payment solution for gyms in the not too distant future. With the right provider, gyms will be able to take instant payments when they need to, and still benefit from automated Direct Debit for monthly fees (with no need to ask permission every time).

Find out more about how GoCardless could help your fitness business


Supplier: GoCardless Ltd

Online payments used to be expensive and time-consuming. GoCardless is changing that. GoCardless is a next generation payments company. We make it incredibly cheap and easy for anyone to take payments online using the Direct Debit infrastructure. Our industry-beating pricing, easy payment collection and instant online sign-up mean that we are rapidly becoming the preferred online direct debit option for businesses. We are a rapidly-growing, highly technical team based in London. Combining years of financial services experience with a customer-driven approach, we are transforming online payments and the direct debit industry.

Web: gocardless.com
More GoCardless Ltd details

Product news
Core's Star Trac FreeRunner features patent pending technology   31 Jan 2019

Core's Star Trac FreeRunner features patent pending technology

Core Health & Fitness has launched the Star Trac FreeRunner, an innovative treadmill featuring patent-pending technology designed to absorb impact and reduce injury.

Form launches yoga mats to minimise environmental impact   30 Jan 2019

Form launches yoga mats to minimise environmental impact

Form, a London-based fitness brand which aims to "take more carbon out of the atmosphere" than what goes into it during the manufacturing process, has unveiled yoga mats designed to combat single-use plastic waste.

Quantum Cryotherapy launches full-body cryotherapy chamber   29 Jan 2019

Quantum Cryotherapy launches full-body cryotherapy chamber

Quantum Cryotherapy, a Devon-based cryotherapy specialist, has launched the CryoQube, the world's first whole body cryotherapy chamber.

Wexer launches online streaming portal to create seamless in-club experiences in the home   23 Jan 2019

Wexer launches online streaming portal to create seamless in-club experiences in the home

Digital fitness content provider Wexer has launched Wexer Web Player, an online portal that allows users to stream virtual fitness classes through their mobile devices.

Escape Fitness appoints Lisa Starkey   18 Jan 2019

Escape Fitness appoints Lisa Starkey

Escape Fitness has appointed Lisa Starkey to the role of account manager for Boutique Solutions.

Bungee Workout launches   14 Jan 2019

Bungee Workout launches

Bungee Workout has launched its inaugural group fitness class, featuring specially designed bungees that enable participants to move freely without restrictions.

Core Health & Fitness presents the new Star Trac FreeRunner   09 Jan 2019

Core Health & Fitness presents the new Star Trac FreeRunner

Treadmills are the most used cardio equipment in the gym but have seen the least amount of innovation in the past 15 years

A world of wet leisure opportunities awaits you at SPATEX 2019   20 Dec 2018

A world of wet leisure opportunities awaits you at SPATEX 2019

SPATEX 2019, the UK’s only dedicated water leisure exhibition is returning to Coventry’s Ricoh Arena this January.

Company profile


Taylor Made Designs

Founded by James Taylor back in 1993 when he started printing t-shirts for local companies, James was then joined by his brother Ed and one salesperson. The company has now expanded to over 25 employees!

View full profile>>

Catalogue gallery


Featured Supplier

EXF supports Third Space to create London’s largest functional training space at The Yard

EXF supports Third Space to create London’s largest functional training space at The Yard

Bespoke fitness manufacturer EXF has extended its relationship with Third Space, by supplying the luxury fitness group with London’s largest functional training rig at its Canary Wharf club. More>>




in this issue

• UK Sport relaxes 'no compromise' stance
• Orangetheory hits billion revenue landmark
• Thameside manor resort gets green light



Latest jobs

Jobs Search



Personal Trainer
Salary: 100% of your PT earnings
Location: Walthamstow, London, UK
Company: The Gym Group
Recreation Assistant (Lifeguard)
Salary: Up to £21,284 per annum
Location: Morden, UK
Company: GLL
Diary dates
Powered by leisurediary.com




24-25 Feb 2019

International Manufacturers & Distributors Forum

ExCeL, London, United Kingdom



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Environment: Back to nature
British wildlife is being attacked on many fronts. Stephanie Hilborne, CEO of The Wildlife Trusts, wants to involve everyone in preserving nature More>>
  Last word: The benefits of retreats
Research is showing retreats could have a positive health impact More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  Regeneration: High ideals
In Utah, a bunch of hip entrepreneurs is creating a crowdfunded ski resort More>>
  On the cover: AJ Hackett
Bungy, New Zealand More>>


Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd