Without money, your club can’t survive, so here are a few factors to consider on the financial side of things (all of them may not apply to you).
Standing orders
If your members (or their parents) pay their fees by monthly standing order, the amount and day on which they pay is fixed and can only be amended by them. In difficult times, you may decide to reduce your fees or defer payments, but you can’t do this without people creating a new standing order, which isn’t their priority, considering all things else. If you did manage to convince your members to make the change, they’ll need to change this back to the original payment amount, once things are back to normal.
If members cancel their standing orders, or india rcs data their payment fails, you won’t know until you’re manually reconciling payments next month. The delay of that information is bad news for forward financial planning.
With club management software, like LoveAdmin, you’re in full control. You can change the amount you want to collect – down (or up!), without members having to take action. If a member cancels their recurring payment (which can be made via Direct Debit or PayPal), the system alerts you immediately. In the event you want to defer payments for a few weeks, that can be done within a few clicks.
Free ultimate guide to managing members
Cash, cheques, and bank transfers for seasonal or termly fees
Taking payments by cash, cheques or bank transfers means that your cash flow stops when your club is not open for business. It’s worth considering recalculating your fees to be collected monthly rather than in lump sums. For example, if you’re charging for 3 terms across the year at a total cost of £300, divide that by 12 and charge £25 per month. Not only is this more affordable for members, but also improves cash flow in quieter weeks, like the summer holidays or Christmas.