One of the biggest challenges that Club Administrators face is collecting payments in a timely manner. Handling collections can be tricky, but proactively setting up your payment processes will keep your organization from paying the price later on.
Here are a couple of suggestions which can help you get your money on time.
1. Only allow payments via Credit Card
In general, we observe that clubs where credit cards are encouraged, receive their payments on time without any hassle. A Korrio customer recently said:
“We have been 100% online and credit card only for 10 years.
This year two with Korrio has been simply awesome”.
Tim Taricco - Eastlake Little League Admin
Not only can you offer Credit Card payments in full, but you can also give your members the option to make payments over time. You can also automate those payment plans so your members only have to physically enter their credit card information once and the remaining balance will be charged to their card automatically over a specified length of time.
Let Korrio manage these payment plans for you. There are two automated payment plan options that you can offer your membership. See the Korrio Support article titled Setting up the Monthly vs. Custom Payment Plans for more information.
2. Manage your Outstanding Balances
With the exception of declined/expired cards and remaining planned payments on Automatic Payment Plans, you will not find any outstanding balances related to credit cards.
Payment Policy Agreement
If for whatever reason your organization has the need to accept payments via Check, it is important that you have a strict policy in place to manage your Outstanding Balances. This policy begins with setting expectations upfront with your membership.
To do this, create a Payment Policy agreement that your members have to read and agree to during the registration process. Korrio’s Agreement functionality can be used to implement this policy for your registrants.
For those members who don’t have computers or are likely to hand you cash at the field, you can use Korrio’s Admin-Entered Registration functionality.
To keep track of your Outstanding Balances, it is important to establish a monthly maintenance plan to review and act on all delinquent payments. Korrio offers Club Administrators an easy Balance Report which includes all registrants with a balance, the amount they owe and the ability to easily communicate with them. To learn more about the Balance Report functionality, read our guide titled Collections, Outstanding Balances.
Getting paid on time is a crucial step for the survival and success of any organization. Korrio’s tools can assist in this process and ensure that your club experiences better cash flow with less effort by Club Administrators.