With the holidays in full swing, you may or may not have seen that we released a way that you can control transaction fees when selling retail products a few weeks ago, saving you some serious dough. This new feature is called Minimum Cart Value.
Here’s how it works –– You can determine the lowest dollar amount that an athlete can run with a stored credit card or bank account in a Wodify retail transaction. So say that an athlete wants to buy a $3 FitAID with their stored credit card. For every credit card transaction, you pay about $.20 and a percentage of the cost of the items purchased to the credit card and merchant companies. So for that $3 FitAID, you pay about $.25 in fees. If an athlete wants to buy a $25 t-shirt with their stored credit card, you pay about .$65 in fees.
But say instead of charging your athlete $3 for a FitAID on their credit card, you charged them for $25 in store credit on their card instead. Then every time they wanted to buy a FitAID, they bought it out of their store credit. So you only pay that $.65 transaction fee one time. If that athlete buys 8 FitAIDs with their store credit, it saves you about $5 in fees! Then multiply that savings across the 100+ athletes in your gym.
This new feature allows you to set a minimum dollar amount that you can run transactions for and only works for an athlete’s stored retail credit card or bank account. You can still allow anonymous users to purchase goods or services that are lower than your minimum dollar amount to avoid preventing prospective clients from purchasing products at your gym.
Learn more about this feature on the video. Here’s how to set it up — We’ve created this knowledge article that walks you through how to set up this feature, as well as a video. Take a look, save some money, and let us know what you think in a comment below.