Of course this is one of the first things you should do when starting a bootcamp/pt program/etc… I mean, you don’t want to chase for checks or cash at the end of every month.
However, I’m getting more and more fed up with EFT… and I may just stop offering it.
Let me explain..
..the overall EFT concept sounds great – sell someone on a 12-month commitment so you’re ‘sure’ you’ll be getting that $ for the next 12 months…
But if you’ve been doing this for a while, and especially when you start getting more clients, you just KNOW some of these payments are not going to go through.
And I don’t know about you, but I just HATE finding out that not all payments went through for the month.
I literally just can’t STAND it.
But above all that, when you have that bootcamp/pt client that just stops showing up, WHILE they’re on EFT, and no matter what you do to get him/her back nothing seems to work… you can almost ‘feel’ that cancellation request coming in.
And even if it doesn’t come in, you almost want to cancel FOR them since you want to avoid any future headaches.
So I think I came up with something to avoid that ‘fear’ of payments not going through. It’s really basic, but ever since I started using it I feel way more relaxed as it 100% guarantees your income.
- Offer your monthly programs as usual, but offer an INSANE discount on a paid-in-full membership (in my bootcamp I offer 12 month pif.. and if they can’t do that I’ll pitch a 5-month pif).
- In your sales consultation, steer the prospect towards that pif in any way you ethically can. Throw in awesome bonuses like free grocery store tours, monthly coaching calls, nutrition seminars, even make a physical nutrition booklet to give out
- Get the pif, collect the money, then deposit that money into a separate bank account that you can NOT touch
- If you did a 12-month pif, arrange with your bank that every month 8.33% of the total amount in your account gets transferred over to your regular bank account (one twelfth of 100% is 8.33%)
- Sit back and relax as you now have TRUE guaranteed income for the next 12 months.
I know this is super simple, but I can’t tell you how relieving it is to avoid the whole ‘collecting’ issue with EFT. And yeah, since you’re giving a discount your monthly income from the pif will be slightly lower… but it’s SO worth the peace of mind.
Hope this made sense – and let me know if you have any questions below. Thanks so much for reading, talk to you guys soon!