Gyms and fitness studios tend to share the same needs: checking in members, processing recurring dues, selling merchandise and scheduling employees.
Finding software that can handle all these needs is a goal for any studio looking to expand and streamline its services. Enter Karmasoft, a Brooklyn-based studio management software that does all this and more. Studios and gyms that use Karmasoft can offer online booking, communicate with members through the software's built-in marketing automation tool, manage employee scheduling and take advantage of a simple point-of-sale system.
When it comes to accepting credit card payments, especially EMV cards, however, things get complicated.
EMV cards are not a new invention, and numerous countries have experienced fraud reduction after implementing EMV cards over the last decade, according to Gemalto. That said, the United States officially adopted the technology only in 2015.
The card issuers (i.e., MasterCard, Discover, American Express and Visa) are rapidly replacing customers’ old mag-stripe cards for EMV cards; however, merchants have struggled to adopt the technology needed to properly process chip cards.
EMV-ready terminals cost between $500 and $1,000, and many providers aren’t EMV certified, rendering their EMV-ready terminals useless.
Merchants can’t afford to be patient, however. In the past, credit card issuers were liable for unauthorized transactions, resulting in billions of dollars lost annually, according to WalletHub. Since the liability shift in October 2015, businesses are now responsible for any fraudulent EMV transactions made when a chip card isn’t processed correctly. Merchants that haven’t adopted EMV are increasingly easy targets for fraudsters in a shrinking market.
Furthermore, banks are now initiating chargebacks without any action taken by the cardholder. That’s because the banks, too, want to see this technology adopted more rapidly and are penalizing merchants who continue to swipe EMV cards.
It’s vitally important that software providers work with a Merchant Account Provider and Payment Gateway that accepts EMV cards and offers EMV-ready terminals. This will protect all businesses that use the software from fraudulent losses and bank-initiated chargebacks.
For Karmasoft users, PayJunction's Smart Terminal makes this all possible (and is free for qualifying customers).
Fitness studios that use Karmasoft benefit from PayJunction’s integration and Smart Terminal in numerous ways. Most obviously, they can now accept EMV cards, effectively protecting themselves from bank-initiated chargebacks and the liability shift. Compared to other EMV-ready terminals, the Smart Terminal offers unique perks when it comes to customer service and image.
The Smart Terminal accepts mobile payments like ApplePay as well as smartwatches, meaning studio members can workout without bringing their wallets. Furthermore, unlike other chip card readers that take up to 22 seconds to process, the Smart Terminal processes EMV cards in just 3.61 seconds, on average. If a customer incorrectly swipes a chip card, the Smart Terminal will prompt him to insert it correctly. With our Smart Terminal, you can avoid awkwardly long wait times and lines at checkout.
The Smart Terminal features green technologies. With electronic signature capture, your studio or gym doesn’t have to store printed receipts in the event of a chargeback or dispute. All signed receipts are stored in the cloud and searchable for future reference.
Customers can opt for a printed receipt or have one emailed to them for their records. Costs associated with printed receipts, like paper rolls, storage space and printer ink are reduced, as is the environmental footprint of your business.
Better still, payments and processes in Karmasoft are unaffected. Maintain the same workflow you’ve grown used to while bolstering your customer service and protecting your business.
Is your software integrated with a Payment Gateway? Are you able to accept EMV chip cards? Let us know how your business handles payments in the comments section below.