Here at Triib our payment processing has no hidden fees, no monthly fees, no batch processing fees, and no monthly minimums! In this article, we will explain the breakdown of the fees and how to make the most of your revenue!
Let's start with the not so fun stuff, processing fees. Our fees are listed out below based on either Credit/Debit Cards or ACH (Bank Accounts rates.
Credit & debit cards:
You don't pay anything for failed payments!
Transaction Fees: 2.9% and .30 per transaction
Processing Time: minimum of 2 business days
ACH Direct Debit:
Transaction Fees: 1.5% and .30 per transaction
Failed Payment Fees: $1.25 each
Processing Time: Minimum of 5 business days
Now, let's get into the fun stuff on how we can use this information to maximize your revenue!
There are a couple of ways to do this and let's first talk about ways to reduce processing fees for store products.
A good place to start to maximize reveune is to cut down of the amount of times/money you lose to processing fees, but how do you do that? Well, the best way to do this is to have members pay once instead of multiple transactions in a month. Grouping payments into one or two invoices will save you a bunch of money instead of having members process 5-30 invoices a month. Because the processing fees will eat into 30 purchases of bottled water than it will of a purchase with membership dues and those bottles of water.
Sounds easy enough right? But how do you get that setup?
Well, most store items will come from the kiosk, and some from the Admin Store, so let's tackle the kiosk first.
First things first, make sure you're members have a Kiosk PIN set up (They can do this from their member profile). When they check out, they can enter their name into the text field "Member Name" Then enter their Kiosk PIN. By doing this it will be pushed onto their next upcoming invoice, so for example if my membership bills on the 15th of each month, any purchase I make from the 1-4th will be included on the 15th bill!
Next, let's talk about the Admin Store. This is a more manual option to process store products, but after you've added the items to the cart for the member and you are in the check out screen you'll see three options to process the payment for the member. "Add to Monthly Invoice", "Charge CC Now" or "Member Paid Cash" by selecting the "Add to Monthly Invoice" this will again bundle into their payment for their upcoming membership bill.
Another good option to save money on processing fees and maximize your revenue per member is to have members witch from Credit Cards to ACH payments. We've seen this be a very popular option recently since we partnered with Plaid and made it even easier for members to set up their bank account inside of Triib. The three most popular ways to do this are as follows:
Option #1: You can offer two membership rates to your members. Let's say your Unlimited Membership is $150/month, you can also offer a $145/month Unlimited Membership plan if members want to pay by ACH instead of CC.
Option #2: Considering a rate increase? This might be the perfect opportunity to loop it all together. If you currently are billing at $150/month and plan to raise your rates to 165/month, you can offer a $5-10.00 discount to all members who opt to bill ACH vs credit card, this still increases your revenue per membership as well as the savings in processing fee's.
Curious how to help members get their bank accounts set up using our integration with Plaid? Click here!
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!