What is a payment processing system?
Every online business that sells something needs to have a payment processing system. Whether a product-based company or a service-selling website, payment processing is integral to the fitness business. It manages customer payment methods and transfers directly to the business account. A payment processing system is equipped with more than one payment network that customers commonly use, for example, Stripe, MasterCard, Visa, American Express, and banks.
Usually, a successful transaction process is as follows:
- Customer
- Merchant
- Payment Gateway
- Payment Processor
- Issuing Bank
- Acquiring Bank
How does a payment process?
When a customer makes a payment, several steps are involved to ensure the amount is transferred safely from the customer’s account to the merchant’s account. So, what are the steps for a successful and easy payment process? The user typically adds the card information to the system, which can be in-store, online portal, or through a mobile app. Information is submitted to the payment gateway that is responsible for information verification.
The payment gateway sends information to the processor that forwards an authorization message to the card network, which can be a Visa or a Mastercard. All the data transferred from one node to another is encrypted. The card network then approves or rejects the payment request depending on the card’s status. If the card is inactive, the transaction will be failed, but otherwise, the transaction will be successful.
The payment processor informs the card issuing bank to transfer the amount to the merchant’s account to complete the payment process. All these steps usually take a few seconds; you might have an idea if you have used online payments. Payment processors typically charge a small fee to make the transaction possible.
What is the difference between a payment gateway and a payment processor?
Payment gateway
A payment gateway is a secure and private mechanism that sends and receives a customer’s payment information. It works like a bridge between the customer and the bank network. The payment gateway offers the flexibility to make payments using multiple methods, such as credit cards, debit cards, online bank transfers, or e-wallets.
Payment processor
A payment processor receives the information the payment gateway sends in encrypted form. Then the payment processor sends the information to the sender’s bank. Once the bank verifies the data, a transaction occurs, and the amount is transferred. The customer gets notified of the successful dealing with the amount and timestamp.
Payment methods offered by Wellyx
Wellyx offers several payment methods that most customers commonly use. The built-in payment system of Wellyx offers ease of making purchases. Wellyx is designed following an easy and practical user interface. A user does not have to add card details every time he has to make a payment. He can add card detail to the system for the first time and use the exact payment details for his subsequent purchases.
Following are the payment methods a member can use with Wellyx
- Credit Cards
- Direct Debit
- Stripe
The mode of payment can be online, in-person, or mobile.
Online payments
Create ease for your customer to make payments using the online portal. Wellyx platform allows quick and safe payment processing, and a member can add services or products to the cart and purchase them instantly. Once the purchase is successful, the Wellyx payment processing system creates an invoice for the customer.
Mobile app
One of the main benefits of Wellyx is access using the mobile app. The customer-focused mobile app includes their profile, schedules, services, and products they can buy. Members need to add items to the cart and proceed to make the payment. The ease of making purchases and payments adds value to the customer experience and leads to increased customer satisfaction.
In-person payments
In-person payments are managed by a point-of-sale system that collects payments, sales records, and the inventory of your gym business. POS system work with any online or mobile payment method. Members can use their credit or debit cards for recurring payments or as a one-time payment.
Importance of payment processing for gym business
Seamless payments
Wellyx offers a robust business management platform where you, as a business owner, sell your gym merchandise and get payments utilizing an integrated payment system. The payment management system offers seamless and smooth business transactions from the customer to the merchant bank account. Customers prefer fast and easy transactions, and Wellyx does that flawlessly.
Global access
As Wellyx grew over the years, it now offers payment processing in 50 different countries and direct debit facilities in another 37 countries. The addition of multiple payment methods makes it easy to get paid as a gym owner. Setting up a payment method takes a few clicks from the user’s end. After that, a member can make payments with a single tap.
Alerts and notifications
Wellyx payment processing delivers alerts and notifications using all industry-standard features like automated failed payment alerts, successful transaction notifications, and smart retries to keep intelligent control of card retries for security reasons. A computerized card updater is a helpful feature that automatically updates new card information on the database for the cards that are expired or inactive for a significant period. The automated update ensures you always have an updated card detail at the checkout.
Fast & simple invoicing
Invoicing is made easy with quick invoice generation for one-time or recurring payments. You can set up repeating or one-time invoices for credit cards or direct debit payments. For repeating customers of your gym, payment is processed after a specific time, and the invoice is generated. Also, you can manage refund requests and void payments, which are canceled transactions before the money transfers to the merchant account. In short, you can handle all money-related matters of your gym business with Wellyx payment processing.
Store card & Direct debit
Members can safely store their card or direct debit details in the Wellyx system as a quick payment mode. Direct debits work like an authorized payment automatically charged from the customer’s card. The automated notification system and encrypted payment information make it significantly less likely to face any loss of revenue or comprised data.
Simple pricing and fast payout
Wellyx does not have any hidden costs for payment processing, unlike other payment processing systems. It allows gym owners to set up their bank details for multiple branches. Also, the payout is streamlined, so you don’t have to wait for unnecessary delays in receiving payments.
Final words
Now we have discussed what and how payment processing work for your fitness business. Wellyx, an all-in-one gym management software, can manage everything your gym has, like memberships, scheduling, payments, staff, reporting, and everything. It replaces the traditional methods of managing processes using a spreadsheet or buying subscriptions from multiple platforms. But here, Wellyx is the solution for your gym business to increase revenues and run it like it is meant to be.
