As a business owner, you're always looking for ways to save a buck. This article will show you how to do exactly that in your Triib account! We are going to take a look at...
- Saving money with ACH
- Credit/Debit Card fees vs. ACH fees
- Setting up ACH
2. Adding products/purchases to Monthly Invoices
3. Finding your Processing Fees in Reporting
Saving Money with ACH
When a member adds in their billing information, they have the option of adding a credit card or ACH (direct deposit). An important distinction between the two is their processing fees:
Credit & debit cards:
Transaction Fees: 2.9% and .30 per transaction
ACH Direct Debit:
Transaction Fees: 1.5% and .30 per transaction
That's a difference of 1.4% on every transaction in your Triib account! Over the course of a year that difference can save you some serious money.
Setting Up ACH
So you may be wondering, how does a member setup ACH? Here are the steps:
- Your members can go onto their Triib dashboard > go to Payment Method > Bank Account
- They have two options of adding their bank account: Two Step Verification and PLAID
Two Step Verification
- Member will input their Name, Account Number, and Routing Number
- Two small deposits, typically under $1, will be deposited to the members bank account within 1 or 2 business days (bank M-F, non holidays). The member must look for these deposits to occur, make note of them, and enter them into their profile page.
- Their account would then be verified and they can make payments using ACH!
- Included in your Triib subscription is instant ACH verification via Plaid. Plaid allows members to sign into their online banking and immediately link their account to Triib!
- On the member's profile, go to Payment Method > Bank Account > Add Bank Account with Plaid
- Upon clicking Add Bank Account with Plaid, you'll be asked to click on what bank you use
- Once you select your provider, it'll direct you to your online banking sign in. You'll enter your username and password and then select which account you want to link to your Triib.
- After you've entered this information and selected your account, ACH is verified and ready to roll!
For more information about ACH, reference the following articles:
Adding products/purchases to monthly invoices
A lot of gyms lose money due to processing fees from excessive transactions. To limit the amount of transactions being performed in your Triib Account, we've given you the option to Add Items to a Member's Monthly Invoice. How this works:
- Member purchases an item from your Kiosk
Items purchased through your Kiosk by members with a CC or ACH will automatically be added to their monthly invoice. If a member pays cash, you can enable Cash Invoices in the Kiosk by going to Triib Settings > Edit Affiliate Info > Scrolling down to the checkbox that reads Allow Cash Invoices from Admin Store
- Once this is done, a member can go to the Kiosk > Store > then chooses which Product Collection the item they want to purchase is in > selects which product they want and adds it to their Cart
- Looking over to the right side of the Kiosk, they will see their item has been added to their cart. They'll then hit Pay.
- After clicking Pay, they will be asked to type their name to lookup their account and enter their Kiosk Pin - *the member will have to create their own Kiosk Pin in their Triib profile page under Payment Method > Kiosk Pin > Type in their new pin
- Once they've entered the above information, it'll ask what they are paying with and they can then complete the purchase! It will be added to their next monthly invoice!
2. Admin Adds a Product to a Member's Invoice in the Store
- As an admin, you also have the ability to add an item to a member's monthly invoice! Go to your Triib Dashboard > Store > Add the item you want to checkout > the item will be added to your Cart on the right side of the page
- From here, click Check Out and you will be brought to the Check Out Screen. To add this item a member's monthly invoice, scroll down to Charge Member > look up the member's name >a box will appear that says Add to Monthly Invoice > click this and the item will be added to their invoice!
Processing Fees in your Reports
You also have the ability to view what you're paying in processing fees each month, or any selected time period! To view this, go to Income Reports > Income Summary > Select the date range you want the report to show
Once you've selected the dates you want the report to start and end, on the right hand side of the page you'll see a summary of your gross/net revenue and your processing fees. Here you can see what you're paying in credit card fees and ACH fees!
We want all of our Triib community to know about these money saving tools, and hopefully this article helps you do just that. Make more money!
Still not convinced it's right for you and your gym? Then you can check out our blog article about how one of our clients saved a bunch by having her members switch to ACH, you can read that article by here!
For more information about processing fees, how to charge members, and viewing your fees in reports reference: