An Overview of Account Balance and How to Set It up for Your Client (Beta)

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This article will take you through; 

  1. What is Account Balance?
  2. How to set up Account Balance
  3. How to use Account Balance as a payment method
  4. Who can overdraw a client's Account Balance
  5. How to top up your client's Account Balance
  6. What Account Balance transactions look like in your report
  7. How to use Account Balance to put a Gift card on a client's account
  8. Next steps and additional support

This feature is in beta. If you would like early access, please let us know on support@glofox.com

What is Account Balance?

Account Balance is a new feature that streamlines the payment process by allowing clients to put money into their account so they can use it later. It also removes the restriction where you can only process a sale if the client has money on them at the point of sale. 

For example;

  • You can process the sale of a credit pack for your client with an 'Account Balance', which would then leave a negative balance on their account. Your client would then pay that balance the next time they attend your gym/studio.
  • Or, you could allow your clients to add a monetary value to their account, which they can then use to purchase products like water or t-shirts without needing to bring their wallet with them.

As well as that, you can also use 'Account Balance' to reward loyal clients, or even issue gift cards, check out more on that below. 

How to set up Account Balance

To set up 'Account Balance', you will need to enable 'Account Balance' as a payment method; 

  1. Go to 'Settings' on your Glofox dashboard
  2. Click the 'Payments' tab
  3. Toggle on 'Account Balance'

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Who can use Account Balance as a payment method? 

Currently, only staff can use this payment method on behalf of their clients; clients cannot see this as a payment option. 

Who can overdraw a client's Account Balance? 

Sales that cause a client's 'Account Balance' to be overdrawn requires a level of trust between you and your client. It also requires a level of trust for the member of staff who overdraws the account. You need to ensure your staff members make the right judgment call regarding the amount that your business is willing to be owed, and also what clients are reliable enough to make the repayment at a later date. 

When you enable Account Balance, any member of staff will be able to add a credit value to a client's account balance or use an existing account balance to process a transaction. However, you can restrict the permissions on who can cause a client's account to go into a negative balance. If you don't want to allow any transactions to result in a negative balance then go ahead and uncheck all the boxes. 

Account_balance_staff_persmissoin.gif

Automatically collect overdrawn Account Balances

Finally, you can take the manual work out of collecting overdrawn account balances. If you would like to collect the amount owed to the club automatically, then follow these steps;

  • After you 'Edit Settings' next to the Account Balance toggle and switch on  'Automatically collect the amount owed to the Club'
  • Then choose the frequency in which you will collect payments;
    • A set schedule using a number of days, weeks, months
    • At the next subscription cycle

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Please note;

And here there's some critical information you have to know!

  • Only those with a payment method enabled on their account can have their balance collected automatically
  • Only those on a recurring membership can have their balance collected at their next subscription cycle

If you choose the set schedule option, the first day of the schedule is the day it is turned on. So if your settings are to collect every five days automatically, and the client's account balance gets overdrawn today, then that will be automatically collected five days from now.

How to use Account Balance as a payment method

When using 'Account Balance' for purchases, select the option 'Account Balance' from the drop-down list. 

Account_Balance_buy.gif

Please note;

If the option to overdraw the account is not enabled and there isn't enough in the Account Balance to cover the item, then an error message will appear when trying to complete the transaction.

How to top up your client's Account Balance

Currently, the client's 'Account Balance' can only be topped up from the Glofox dashboard by those with a Receptionist, Admin, or Super Admin role. To top up, follow these steps;

  1. Search for the client's name on 'Global Search' or find them within the 'Clients' tab
  2. Click the 'Transactions' tab on their profile
  3. You will see a new view on the transaction profile indicating the client's 'Account Balance'
  4. Click 'Top-up account' 
  5. Enter the payment details

account_balnce_top_up.gif

If the client has a negative 'Account Balance', the card will show in red. To pay off a negative 'Account Balance, follow these steps; 

  1. To pay off their negative 'Account Balance', click 'Make a payment.'
  2. Enter the payment details

What Account Balance transactions look like in your reports

A new column has been added to the 'Transaction Report' called 'Balance'.

A negative value means the client will be able to redeem that value for goods or services at your studio in the future. While this is money in your bank account, it may not have been accrued by you yet for a product or service. 

A positive value means they have used some of their account balance to pay for an item. The value will show as positive if the client draws their account into the negative. This is money that has been used for a product or service that has been sold.

This 'Balance' column can be summed to result in the studio's exposure to 'Account Balance'. 

When summed; 

  • A negative value means this amount will be redeemed by clients in the future. Remember this value is in your revenue but hasn't been redeemed toward a service or product yet
  • A positive value means that overall one or more clients owe you money

The 'Balance' column does not indicate the client's overall outstanding 'Account Balance'. It only represents the impact that 'Account Balance' transactions had on your studio's financial standing, i.e., did you get more money in your bank because of it. 

How to use Account Balance to put a gift card on a client's account

You can use 'Account Balance' to add a gift card value to clients' accounts. This is how that process might look;

  1. You set up a gift card in your store (Click here to learn more about adding products)
  2. A client purchases a gift card directly from you at your gym/studio and you add the purchase to their account from the dashboard. Alternatively, the client can purchase the gift card from the 'Store' on the 'Member App'. *
  3. The client that purchased the gift card will receive a unique 'Purchase Code' and will share that number with the person they are purchasing the gift card for. **Gift_Card_Purchase_Code.gif
  4. The client that received the gift card will then present the gift card information or the hard copy of the gift card to you when they want to redeem it. (You can verify the purchase via the 'Store' tab on your dashboard)
  5. Once you verify the purchase, you can hit 'Mark as Collected' Mark_as_Collected.gif
  6. Now you can top up the receiving clients 'Account Balance' with the value of the gift card so they can redeem it against products and services. Make sure to use the 'Complimentary' method of payment so you don't charge the receiver with the value, as this has already been paid for by the purchasing client. 

*Most gyms/studios will have their own hard copies gift cards which they will share with clients after they purchase one from them. If you have hard copies of gift cards, you can write the 'Purchase Code' down on the hard copy to make it easier to track. 

**If the receiving client doesn't have an account, you will need to set one up for them. 

More on setting up clients here; 

Please note;

Be aware that it is possible to put 'Account Balance' into a negative balance, so if the client doesn't have enough money on their 'Account Balance' from the gift card to purchase, you must communicate that with them before placing them in a negative balance.

Next steps and additional support

Once you have 'Account Balance' figure out, you will likely want to monitor 'Transaction and Payout reports. Read the article below for more information; 

For additional support, reach out to support@glofox.com, and we will be happy to assist you.

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