Fitness4Less Improves Direct Debit Processing with Fundtech
Jersey City, NJ – April 2, 2014 - Fundtech, a market leader in global transaction banking solutions, today announced that Fitness4Less, a UK-based network of low-cost gyms, has selected Fundtech’s Bacsactive-IP service bureau to support the fast, reliable and low-cost on-boarding of its members via Direct Debit arrangements.
Prior to engaging Fundtech, Fitness4Less used a Bacs service bureau that charged debit payment fees per transaction for every new and renewing customer. In order to process the charge, customers had to be re-directed from the Fitness4Less website, limiting the company’s ability to promote its services and offerings to its customers. To resolve these issues, Fitness4Less implemented Fundtech’s fixed-cost Direct Debit solution, Bacsactive-IP. As a result, it is able to offer its customers the ability to pay for membership on a 24/7 schedule—of particular importance to the company because a great deal of its online transactions are conducted outside of Bacs operating hours, in the evening and on weekends. It is also able to see the status of any customer in near-real-time, helping them to quickly resolve issues, effectively manage their cash flow and provide a high level of customer service. Finally, Fitness4Less realized significant cost savings using Bacsactive-IP compared to its previous Bacs service bureau.
“Our membership system is black and white,” says Emma Edwards, marketing director at Fitness4Less. “As soon as we have confirmation that someone has paid for their membership they can instantly get access to our premises. As soon as we get failure on their part, the membership is instantly closed and they won’t get access from that time.”
“By nature of its business, Fitness4Less operates on tight margins, so minimizing transaction fees and carefully managing cash flow are of critical importance,” says Kim Dennis, Head of Sales, Fundtech Merchant Services at Fundtech. “We’re excited to be able to provide Fitness4Less with a solution that drives significant cost-savings in accepting customers’ Direct Debit payments.”
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech’s customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm’s major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. Thousands of financial institutions and companies worldwide rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.
Patrick Kilhaney, Public Relations & Analyst Relations Manager
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