Maximizing Revenue: The Benefits of Instore Credit for Sports Facilities
Facilities are always looking to enhance customer loyalty and boost revenue. One popular (and effective) strategy is implementing in store credit systems. This strategy encourages loyalty among your customers, as well as increases your cash flow. In this blog post, we discuss the different benefits and strategies for adding instore credit at your sports facility.
Types of Instore Credit
Credit Via A Refund Policy
One of the ways that a facility can utilize instore credit is by building it into the refund policy. For many facilities, their biggest problem is their clients canceling at the last minute. It can be hard for some owners to say they can’t have a refund at all, especially when it’s for unavoidable situations. Instore credit allows the business to give a version of a refund. This can be beneficial for your business in many ways.
First, this will keep customers happy and able to come back in the future to book another service. 80% of customers redeem their store credit within 2 weeks of receiving it. Also, it lets facilities keep the revenue they would have otherwise lost. Think of it like cash – it can be used for anything within the system. Another benefit of this refund policy is that it lowers credit card processing fees. You’ll get charged for each transaction. If a client purchases a service, you refund them, and they rebook a service later on, each transaction will cost money. Keeping the credit instead only charges you for the first transaction. Our scheduling app utilizes this approach so that facilities can benefit.
Credit Using Prepaid Accounts
Using prepaid accounts is a great way to work with point of sale, especially for swim clubs. Use your instore credit to fund your account to a certain amount and use it elsewhere in the facility. Most swim clubs use it for concession stands. A great example of this is a kid’s lunch at school. A parent will put in a certain amount and the kid will use that account to purchase their lunch.
Prepaid accounts are really good for increasing your cash flow. That prepaid amount is in your account from the beginning. The credit can then be used at any time, by any member of the family within the account. One of the biggest benefits of this type of credit is that it can create a cashless system. Our software can utilize this type of system for your facility as well.
Conclusion
Using instore credit can be incredibly beneficial for your business – that’s why our software implements it into our processes. It encourages repeat business and offers flexibility while streamlining your payment processes. To learn more about how else eSoft Planner can increase your cash flow, request a custom demo of our software.