How to manage member payments without losing members

No matter how big or small your membership organisation is, there’s a few words that we can’t seem to shake when we think of tracking member payments.

Daunting.

Time-consuming.

But it doesn’t have to be.

There are a few different ways you can manage your member payments with ease.

Hey, you might even enjoy it.

1. Avoid switching to a new payment tracker

Managing member payments can be, to say the least, challenging. Particularly if you are switching to a new payment tracker.

It can be risky. And there’s often a lot at stake – namely – losing members.

Like many industries, membership organisations rely heavily on customer experience as a crucial component to retaining members. In fact, a study by PwC found that 32% of members would churn after just one bad experience. And when it comes to membership organisations, often we speak about customer experience in terms of making payments with ease. The ease of what it actually takes be a member, to subscribe.

So, you can imagine the risks involved if you decide to switch your members to a new payment tracker. How hassling members for their payment details (again) would negatively impact their customer experience. And members aside, it becomes a frustrating and time-consuming task for you too, exhausting resources that could otherwise be better used to grow your member base.

It’s exactly why SwiftFox integrates with any financial platform.

2. Use a CRM (Preferably, SwiftFox)

So it’s one thing to store your member payment data, but to be able to monitor, streamline and utilise this data, is an entirely different ball game. That’s where a Customer Relationship Management (CRM), can help.

And before you think “We’ve already got one” or “I’ve heard this before”, stick with us for a bit longer. We don’t mean just any CRM, but one that can tackle your key pain points when it comes to tracking member payments. That was built by people who are familiar with your industry needs.

Time-consuming manual processes, scattered payment data, member communication and the security of member data are just some of the challenges faced by memberships organisations that we kept in mind when we built SwiftFox.

SwiftFox allows payment tracking to be time efficient, automated, streamlined, secure – and that allows you to be able to facilitate your member communication at the same time. Not bad hey? Particularly if you are looking to grow your member base. You can essentially think of it like a one-stop-shop for manging your members.  One, centralised location where you can visualise and track incoming payments, payment sources, arrears, membership expirees, payment failures and so much more.

3. Utilise your financial data

A a study by McKinsey shows companies that anchor their marketing and sales decisions in data increase the return on investment by 15% to 20%.

So, you’ve got all your financial data for your members. But how can you make the most of this data? And use it to make informed decisions for your organisation?

Communications and marketing

You could be cutting lists based on members whose membership has expired, or payment has failed. Then you could use this list to create targeted communication and marketing for these members. An email that’s personalised. A call or text that relates directly to that member. An invite to an event that will help them re-engage. Did we mention that SwiftFox has all of these marketing tools?

Visualising your data

You might be wanting to make your next organisational decision based on your current member data. But who really wants, or has the time, to spend hours sifting through countless spreadsheets.

(Besides the SwiftFox team)

SwiftFox's customised dashboard takes things one step further. Based on our industry knowledge we work with you to create a customised dashboard in SwiftFox. A place where you can visualise your member payment data and track financials at a glance, enabling you to make the right decisions quickly and easily.

So it might be obvious, but SwiftFox is a really powerful tool for managing membership payments. Get in touch with our team by June 1st, to get 10% off your first-year’s subscription.

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