Congratulations on transitioning to a Fully Managed Studio with ClubReady! This shift comes with a few important changes that you need to be aware of, especially if you're used to managing your studio independently. Here's a list of key items to help you navigate the transition smoothly:
1. Integrated Chargebacks and ACH Returns
One of the significant advantages of ClubReady's Fully Managed Billing is the integration of chargebacks and ACH returns. This feature automates and streamlines these processes, eliminating delays in reconciliation. Make sure you're familiar with how these automated systems work to ensure that your studio's financial transactions run seamlessly.
Helpful Tip:
- Make sure to add your email to the Chargeback Notifications distribution list to receive updates on disputes.
Related Articles:
2. Credit Card Updater
ClubReady provides a Credit Card Updater feature. This means that your clients' credit card information will be automatically updated when necessary, reducing returns and ensuring uninterrupted billing. Stay informed about how this feature operates to maximize its benefits for your studio.
Related Articles:
3. Easier Bank Reconciliations
Fully Managed Studios benefit from simplified bank reconciliations. Familiarize yourself with the new process to make reconciling your studio's finances a breeze. This efficiency can save you time and reduce the risk of errors in your financial records.
Helpful Tip:
- If taking a look at your Gross Sales report and the numbers are not matching with the Remit, review this article to learn about why this is happening.
Related Articles:
4. Specific Deposit Days and "Transition Day"
With Fully Managed Billing, you now have specific deposit days and a designated "transition day" (Example: What is collected Monday could be deposited on Wednesday). Understand the timing and importance of these days to ensure that your studio's revenue flows smoothly and consistently.
Related Articles:
5. Chargebacks Prior to 2023 Transition
For studios that made the transition in 2023, it's crucial to note that ClubReady's Fully Managed system only handles chargebacks processed through it. Any chargebacks occurring before the transition on the old gateway remain the responsibility of the client. Be aware of this division of responsibility when dealing with chargebacks.
6. Refunds on Transactions from the Old Gateway
If a refund needs to be processed for a transaction that was originally sold on the old gateway, you'll need to handle it differently. Refunds for these transactions should be returned as Credit Balance, Written Check, or Cash, depending on your studio's policies and the client's preference. Ensure clear communication with your clients regarding these refund methods.
By understanding and following these best practices, you can make the most of ClubReady's Fully Managed Billing system and provide a seamless experience for your clients while efficiently managing your studio's finances. Embracing these changes will contribute to your studio's success in the long run. Welcome to the world of Fully Managed Studios with ClubReady!