With a global adoption rate of almost 90% among the most profitable schools, it’s safe to say autopay is the standard for successful martial arts businesses. Of course, there are some policy limitations depending on where you are in the world. Excluding those special circumstances, autopay is a must-have for martial arts schools who want to improve the student experience and generate reliable revenue.
Each year, Zen Planner releases the Martial Arts Benchmark Report, the most comprehensive analysis of business data in the industry. Within these reports, we look at different aspects of student agreements and more specifically, the percentage of schools using autopay. Champions, the most profitable martial arts schools in our report, use autopay at a high rate and that percentage is rising every year. From 2016 to 2018, the percentage of Champions using autopay at their schools rose from 84% to 89%.
Here are a few ways automatically processing student payments each month benefits your martial arts business:
Autopay Improves the Student Experience
By implementing autopay at your martial arts school, you remove the thought and energy required to make manual payments on student agreements. With autopay, students and parents don’t have to worry about signing an invoice every month or registering for new memberships online. Martial arts students want to focus on sharpening their practice; they don’t want to worry about whether or not they owe you money.
Autopay Improves the Owner and Staff Experience
Much like autopay provides your students with peace of mind, it also empowers you and your staff members to focus on what matters most, your martial arts community. With autopay, you and your staff members no longer have to print off invoices or send payment reminders to students who owe a membership fee. You and your staff members want to focus on transforming lives through martial arts, not managing every single monthly payment.
Autopay Enables Reliable Revenue
Reliable, recurring monthly revenue is the financial lifeblood of Champions. With autopay, your school receives the right amount of money at the right time. Schools on autopay generate more revenue, report higher profits and are able to forecast future finances much more effectively. For the most part, your school’s expenses are the same each month. To achieve profitability, you should be able to predict your monthly revenue to the same degree of accuracy.
Learn how Champions operate their schools beyond using autopay.
Download our Annual Martial Arts Benchmark Report today!