There are plenty of payment process myths floating around. Some call them myths - we might call them dirty little lies. And falling victim to these payment untruths could eventually impact your membership retention rates and lifetime value.
You might believe that paying by check work just fine, but you don't know when you're going to be paid until the paper check arrives in the mail. And oftentimes paper checks are set to arrive toward the due date which can negatively impact cash flow. And the belief that paper checks are free? Well, the estimated median cost for receiving a payment via a paper check is $2-$4 per check.
Tools like PayPal, Apple Pay, Google Wallet, and Venmo are impacting your members' payment expectations. Members want convenience and mobility. After all, 72% of your members prefer credit and debit payments, and 86% of mobile time is spent in an app versus a mobile browser.
So how member-focused is your payment process? Take this short quiz to find out - and stick around to the end for tips on improving your process.