RMTs (Registered Massage Therapists) and general massage therapists are in a competitive business. The core of a successful RMT is repeat business. When you have a repeat client, the CLTV (customer lifetime value) of a customer drastically increases. This means higher growth and higher profitability.
One of the ways massage therapists have grown is with the simple strategy of accepting credit cards. Clients will be more likely to want to come to you in the first place if you accept credit cards or even debit cards. Secondly, clients will be more likely to return if you accept credit cards.
RMTs and massage therapists have told us that they see about a 20% increase in revenue and double the return customers when they accept credit cards. That’s meaningful for any business.
Clients tend to like paying with credit cards for 2 main reasons.
- The convenience of not having to carry cash
- The ability to get points by paying with credit cards
This is great for clients, but there is a downfall for RMTs to accept credit cards. It costs money. A typical payment processing company will charge 3% and sometimes up to 5% to accept credit cards. However, TCM was set up with the mission to drive down the price of accepting credit cards. Right now, we will charge around 2%, but we are on a long term plan to drive that down way further. We think the price should be zero.
When you are an RMT or massage therapist, you will also need flexibility with your payments. That means the ability to accept payments on your mobile phone, through your computer, and even invoicing. With invoicing, customers can leave right away and you can send them an email with a “PAY NOW” button so they can pay at their convenience. This shows flexibility and trust. Many of our RMTs are using invoicing to with their repeat customers.
