Craig Mac, WNiF Publisher, interviews Daniel Moy, Strategic Partnerships Manager at EzyPay.
Multi-award winning FinTech company, Ezypay, has been specialising in the provision of subscription payments for almost 25 years. Operating in a diverse range of industries, Ezypay has offices in Australia, New Zealand and Malaysia, processing payments via direct debit and all major cards with global capability across 10 countries worldwide. Payment for your gym membership has certainly come a long way since the ‘honesty system’ that founder George Holman used where members paid their fees by leaving cash or a cheque in an envelope in the club!
Craig: Firstly Daniel, I have always thought that the honesty system George had in his club in the 90’s showed an unbelievable amount of trust in his members. What are your thoughts on such a system?
Dan: Well, I imagine it was much the same way as it is now, in that operators need to ensure they are doing everything possible to make it easy for customers to pay for their service, to ensure good cash flow for the business.
Back then, there weren’t any other options to collect membership payments and gym owners had to put trust in their member relationships.
George saw this as a gap in the market and started Ezypay to make it easier for Australian businesses to collect membership payments.
Nowadays, we have much better technology and tools to be able to help initiate these transactions; ensuring businesses get paid on time, whilst giving customers a seamless and automated payment experience.
Craig: How critical is it to have a cash flow management system in place for your business?
Dan: Simply put, and with the industry in mind, the days are gone where “cash is king”. In any business today, “cashflow is king”. Without cashflow and with the increasing overhead pressures on businesses in recent times, you will simply not survive without trusted, proven systems in place to ensure a steady stream of revenue to maintain your business operations.
Craig: Are there benchmarks when it comes to direct debit billing and the collection of membership subscriptions and how does Ezypay stack up to the competition?
Dan: For Ezypay, it’s all about making sure we are doing everything possible to deliver the highest collection rate possible for every single business utilising our service.
As a primary focus, we aim to collect payments on the first attempt, yet we also offer automated payment recovery methods to help businesses and their customers avoid debt.
Pre-debit notifications, credit card expiry notifications and exemptions, failed payment incentives, storage of multiple payment methods and network tokenisation are just some of the tools Ezypay has available to ensure a smooth, customer friendly experience.
Craig: Once you have your billing system in place, you have to admit, its set and forget really…until of course failed payments are flagged. How does Ezypay help owners manage those subscriptions?
Dan: Yes, that is the beauty of the system. In addition to preventing payments from failing (with options such as pre-debit notifications), when it comes to payment recovery, Ezypay has always been proud of our ability to offer our partners, our merchants and their customers an array of automated, customisable options and approaches to collect those payments that are outstanding.
For example, we can automate how and when a re-bill attempt is performed. We can also store a secondary payment method when the customer signs up, and automatically bill the second payment method when the primary method fails. We also can send a communication directly to the customer, with a link allowing them to provide new payment details, for that one-off payment, or as an ongoing replacement.
All these capabilities drastically improve collection rates, without the business needing to spend time chasing down “debts”.
Craig: Is it easy for a business to swap or transfer to another billing provider? Migrating your existing data to a new provider shouldn’t be stopping businesses from switching to the right solution.
Dan: Sometimes the service providers chosen at the beginning of the business journey are a great fit for that time, however, as the business grows and needs change, checking in on whether these needs are being met is crucial.
Switching over can give businesses a range of new features to improve their service offering, allow them to expand to new geographies and, ultimately, save them money. Ezypay makes it an easy transition for merchants that choose to move over. We assist to migrate business data onto the new platform, including your customers’ payment details, billing dates and frequency, payment methods and subscription end dates.
We ensure all the relevant data is transferred so that the migration is as seamless as possible.
[box type=”info” align=”aligncenter” class=”” width=””]Want to find out more?
For more information on EzyPay visit www.ezypay.com, call 1300 652 825 or email daniel.moy@ezypay.com.[/box]
Article published in the What’s New in Fitness Magazine – Summer 2019 Edition.