Volo Innovations

Lately we've had a few clients who are unsure on how to go about refunds within Volo. Because of the different circumstances with refunds, there are 3 different types of refund options:

Refund payment and item: This will return the item so it no longer shows on the members account. It will also refund the payment if the member has already paid. Reasons to use this refund option would be if you made a mistake and charged them too much / too little or the member no longer wants the original purchase.

How to refund payment and item:

1. Click into the invoice you need to refund
2. Click on the refund button
3. Select Refund payment and item
4. Change the quantity count to the quantity you wish you return
5. Select the method of payment you are returning
6. Click Refund

 

Refund payment: This will refund the payment only leaving the item on the members file. So once the payment is refunded there will be an outstanding balance for that particular invoice until it is settled. Reasons to use this refund option would be if there was a mistake when entering the payment method (ie accidentally clicked Cash instead of Cheque).

How to refund payment:

1. Click into the invoice you need to refund
2. Click on the refund button
3. Select Refund payment
4. Select the method of payment you are returning
5. Change the Refund amount to the amount you are returning
6. Click Refund

 

Refund item: This will refund the item only leaving the payment on the invoice. This would primarily be used if you're replacing the original item with another item of the same price (ie different size of shirt). Please keep in mind if the item is replaced with one of a higher or lower dollar value, then there will be an outstanding balance on the invoice or an amount owing to the client. In this case, it would be better to refund both item and payment and re-do the invoice.

How to refund item:

1. Click on the invoice you need to refund
2. Click on the refund button
3. Select Refund item
4. Change the quantity count to the quantity you wish to return
5. Click Refund

 

I receive two or three emails a day from Fitness Professionals asking about these accounts ranging from what are they to how do I get one.

In simple terms a merchant account is needed for your fitness company to process credit cards of any type. EFT allows you to transfer money directly from people's bank accounts, some areas call this ACH.

There are different types of merchant accounts and they all charge different fees. This is where the confusion comes in. What type of account do you need? Where do you get one? How much will it cost? What about Pay Pal?

Applying for a merchant account is similar to applying for a loan, if your fitness business is new, has no credit history or is not incorporated you will need to provide a personal guarantee. Why is it a loan? Most merchant accounts will deposit the money into your bank account before they have received the money from your mutual client.

The type of account you need depends on your business and the management software you choose. With Volo being online software you would need an ecommerce account in order to have your merchant account integrated and your Volo store active. Your other option is a terminal based account this is where you would have a separate terminal to swipe your cards and then enter your sales into your management software.

 

 

Fees will vary based on the account and the credit card that your customer uses when they purchase; in the US there are 300 different transaction rates so it can get very complicated, some companies will give you a flat rate or 3 flat rates, qualified, mid qualified and non qualified, but these usually end up costing you more in the long run.There is also:

• a monthly fee
• a per transaction fee
• a % of each transaction
  
• terminal based accounts will also have a rental fee

EFT accounts usually have:

• a monthly fee
  
• a transaction fee
  
• rarely do they have a % fee

For an excel sheet that you can use to calculate what is best for you and a PDF of the aspects of a transaction enter your name and email here:

Since applying for merchant accounts is like applying for a loan the obvious place to go is your bank, however this should not prevent you from shopping around because rates will vary from bank to bank; also there are brokers that can look at multiple suppliers. If you are signing up for Volo we can help you with all your paperwork so please feel free to contact us first.

Online accounts require the use of a gateway, the gateway acts as a go between the online software and the merchant bank. These fees are sometimes rolled into the fees of the account but can be additional so be sure to read your contracts and make sure you ask questions.

Things to look for:

1. Set up fee
2. Annual fee
3. Monthly fee
4. Type of % fee flat or variable
5. % rate(s) this is called discount rate - get lowest, highest and average make sure this is for e-commerce
6. Number of days to deposit in your account from the transaction date
7. is the full amount deposited or a % of it, is there a hold back
8. Is the discount rate taken off of each transaction before it is deposited to your bank account or a total every month (Monthly is way better)
9. Per transaction rate
10. When is the per transaction fee taken off of each transaction before it is deposited to your bank account or a total every month (Monthly is way better)

You do not want hold backs at all and you should try to get an account that has your money deposited sooner.

Having them bill you monthly means that they add up all the fees and take them at one time this will save you hours of accounting or accountant fees, so if it is less than 1% point i personally would always choose the company that only bills me once per month. When they take their fee on each transaction you will need to log a journal entry daily in your accounting program versus monthly.

It is important to remember that a lot of Merchant and EFT suppliers require contracts that are around three years in length and have will have penalties' for canceling early, so be sure to read your contracts before you sign.

Don't forget to get your copy of the merchant rate comparison worksheet and the 10 steps to an EFT transaction. Fill in your name and we will get it emailed out to you right away:

The longer the economy stays down the more we will hear of companies like Crunch Fitness filing for bankruptcy protection. So how do you prevent yourself from following the likes of Crunch or the other fitness chains that have done this in the past or will in the future. Below I have listed a number of key factors that if you do not have a handle on then you should grab a hold fast before you end up in someone's blog about why you failed.

For success you will need to truly know your market which I break into five equal parts; the people, the community, the region, the staff and the service.

• The people are the demographic you provide services to, you need to understand their needs in order to make sure you are providing what they want and how they want it. If you know the people that use your services then you need to be in the area that they can easily access your offerings. For the most part people will travel 20min by any mode of transportation to get you so you need your services to meet the needs of the demographic in that community.
• Your community is the immediate surroundings of your location so go for a drive and a walk around 20min in any direction and you will see all the businesses and residential housing in your area. Make notes, lots of notes, of competing businesses and of all possible affiliates that are around you. Doctors, lawyers, grocery stores and other professional services are fantastic to have in your community.
• Your region is the town or city and the state or province that you are in. Here it is important that you know of future developments, taxes, governing law, legislation and the effects this will have on your operation or location for example in Ontario the tax change is going to add 8% to all fitness memberships and service. It is also important to find out what events are happening in your region, so if there is a marathon or a festival that would be of interest to your target market (your people) then you can blog it, post it and email it to them and let the viral marketing work its magic. Good news this is free.
• The staff are in my opinion the most important asset a fitness company could have. We are in the service business it does not matter how nice your gear is or big your facility if you do not excel and meet the customer service expectation of your demographic then you are done. Be nice to them treat them well and most of all hire the appropriate staff for your people. You can teach somebody on your systems and style but you cannot teach them personality. Hire their personality and train them on the rest.
• For those that are in the business of fitness you need to sell the right services to your people. Your facility needs to speak to them and make them feel like they are a part of your community this is the same for a boxing gym or a yoga studio. To do this you need to know what your members or clients want from you. Easiest way is a survey, Survey Monkeyis good for online, send it out to your members via email as well as hand it to them personally when they come in the front door. Make it short no more than 10 questions, these questions need to have clear direction and simple answers yes or no with a comment area for suggestions.

Become a master of these five areas and you are guaranteed to be successful and be around even if the markets crash again, which they will it is a cycle after all.

Barry Duncan
Volo Innovation
Surge Ahead