Many gym owners struggle with payment processing issues that cut into their profits, hurt client relationships, and expose the gym to security risks. Building trust and retaining business through secure health club payment processing services should be a top priority for any gym. Fortunately, payment processing software provides the highest level of security for your members and protects against fraud, so your gym can enjoy higher profits and increased credibility. Learn more about financial management, revenue and retention in The Ultimate Health Club Management Guide.
Payment processing occurs when a member connects their card information through a gym management software and agrees to be automatically charged on a regular basis. On payment days, the billing system will automatically send the payment information to processing companies, charging members the appropriate fee. The money will move from the member’s bank account to the gym’s bank account, net of processing fees.
Therefore, health club payment processing involves the sensitive exchange of personal and payment information, which comes with associated liability and security concerns.
Regardless of the size of your gym or the volume of transactions your gym processes, a data breach can happen to you. In 2017 alone, there were 1,765 data breaches worldwide. However, of these hacks, only 4% were “secure breaches” where encryption technology was bypassed in order to steal data. Hackers can always find a way to access personal information in your database if it is not highly protected.
If your gym is a victim of a data breach, you will:
As a fitness club owner, you should protect yourself against these possible outcomes by finding a management software that offers secure health club payment processing and services through end-to-end encryption.
End-to-end encryption is a technology that ensures your members’ credit card information is kept safe by turning the credit card number into a non-decodable number. It is a method for securing data as it moves from source to destination, ensuring that if your systems are breached, the data will be useless to the hacker.
PCI DSS is the Payment Card Industry Data Security Standard for technical and operational payment systems. In order to maintain a PCI certification, one must build and maintain a secure network, protect cardholder data through encryption, implement/maintain anti-virus software and control measures, and regularly monitor networks. ABC Financial provides management software and gym payment processing services that are Level 1 PCI Compliant, with a large focus on end-to-end encryption so its clients are highly protected in the event of a breach.
Data breaches are more than an inconvenience for your gym—they represent a serious threat to your security, reputation, client relationships, and costs. End-to-end encryption through the use of gym payment processing software greatly reduces the risk of data breaches, provides clients with the necessary protection, builds member trust and protects against unnecessary expenses. A Level 1 PCI Compliant software provider like ABC Financial guarantees the highest level of protection for your gym and for your clients.
For more information on gym payment processing and security, download our whitepaper: Understanding Why End-to-End Encryption is Important for Fitness Clubs.