Pass Through Fees

This week, Tim and Randy dive into a hot topic: should gyms pass credit card processing fees onto their clients? With the potential to save gyms tens of thousands of dollars annually, the decision seems financially sound. However, the issue goes beyond just numbers, especially in the fitness industry, which is not just any business. The personal connection between gyms and their clients makes adding extra fees more complicated. Gym owners must think about balancing their finances and building positive client relationships. So, if you want to find out whether the financial gains from passing on fees are worth the risk of possibly driving clients away, join Tim and Randy.They compare the fitness industry's situation to other businesses and talk about different strategies, from moving to ACH payments to raising membership rates. They also look at how different industries handle costs and customer expectations around tipping and service charges.Tune in and discover the best strategies for your business!Key Takeaways:Intro (00:00)Credit card processing fees issue (00:41)Financial implications for gyms (03:01)The importance of customer relationships (06:05)Comparing industry practices (11:35)Strategies for handling fees (13:56)Additional Resources:- Business Accelerator Program winninggym.com/call- Learn more about The Iron Circle - Business Talk with Fitness Professionals Facebook group - Jump on a call with Randy---If you haven't already, please rate and review the podcast on Apple Podcasts!