I don’t know about you but I got into teaching martial arts because I loved teaching… I didn’t get into it to become an accountant or collection agency.
And, I was thrilled when I finally pulled the trigger on electronic funds transfer (EFT) aka an audit debit system because I no longer had to be a bill collector.
It’s safe to say that EFT helped make my martial arts business more successful and a hell of a lot more stable.
Why I decided to switch to EFT
For about eight years I used a manual process to collection tuition.
At the first class of every month, tuition was due.
Sometimes that was on the first of the month. Sometimes it was the 6th (or later) of the month.
At the time, I only accepted either cash or check.
When I remembered to tell the students that tuition was due the next class, I would (probably 25% of the time I would remember).
For those members that remembered to bring money that day, I collected their tuition and entered it into my Google Doc spreadsheet.
For the majority of students that forget to bring their payment, I would try to remind them at the end of class.
That worked with varying levels of success.
However, I felt it was a negative experience because now money was getting in the way of their training in a very obvious manner.
Things shifted from me caring about them to appearing as if I cared about the money; which wasn’t the case.
And, by having them physically pay each month, I was asking them to validate it was still worth paying for each month they wrote their check.
It’s definitely a fine line to walk.
My monthly income was also completely unpredictable and I never knew how much I was going to make each month.
And, I was always floating the rent each month; paying for it before I had collected all the monthly tuition.
Having the money before writing the check is just good business.
For long term success, I knew I couldn’t continue to use that process.
Especially considering my school was growing.
I had to make a change.
Not just for my own sanity but for the long term success of my martial arts school.
It was costing me time, money, trust and stress by using my old antiquated tuition collection process.
That’s when I made the move to using EFT to right the ship.
How EFT helps my members:
- They no longer have to remember to bring their check books on the 1st lesson.
- Convenience — They can use credit cards, debit cards, savings or checking accounts.
- They know precisely when payment will be withdrawn each month.
- They can focus on their training instead of the money.
- They see me as their instructor, not a bill collector (which also definitely helps me, too!).
- They know they’re current and don’t have to worry about me stalking them.
How EFT helps my martial arts school:
- I know how much I’m going to make each month.
- I’m no longer a bill collector having to track down late payments.
- Students automatically pay me on the 1st of the month whether they’re in class or not.
- I know when that money will be deposited into my account each month.
- I sign up my members once and no one has to think about the money aspect again.
- I now have all of my money before I make my lease payment.
- If a student is late, they are reminded by my EFT company, I don’t have to stalk them to get it.
Personally, I don’t think you can start too early using this process — I did when I had about 20 students.
Now, it’s just part of my process of signing up students.
And, I’ve never had anyone tell me they don’t want to use it.
In fact, most are relieved I use EFT to make it easier.
The question isn’t “how much does using an EFT service cost” it’s “how much are you losing by not using EFT?”
So, what’s holding you back from using EFT to help your martial arts school become more successful?
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I'm Ryan Wheaton and I work with martial arts school owners to help them attract more students. Many martial arts school owners are confused at how to best market their business and feel awkward in selling situations. I help them overcome those challenges to become confident and competent in marketing and selling their services - helping them become more profitable so they can live the lifestyle they want to live. 
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