Grow your club’s membership by providing flexible payment options

With a surge in golf participation expected shortly, Fairway Credit has, for the last six years, operated a solution that enables members to apply directly for finance which does not require the club to obtain credit broking authorisation, writes Roger Brown, chief commercial officer, Fairway Credit.

With the re-opening of golf clubs at the end of the month, over 25 million people vaccinated in the UK, and longer days with better weather on the way, things are beginning to feel so much better.

Of course it’s been a really tough time for golf club management over this last year with many months of empty fairways, silent clubhouses and the financial implications created as a result. There is, however, great optimism from club managers as a sense of ‘returning to normal’ inches closer.

Preparing for the future

Behind closed doors there has been a flurry of activity to get everything ready for a successful re-opening – from greenkeepers and maintenance staff, to hospitality teams and housekeeping, preparations are well underway to welcome players back albeit in a gradual, staggered way.

This is great to see but how is this activity being funded? Although club managers are constantly looking at ways to diversify income streams and encourage visitors to spend more when at the course – golf club membership remains the major source of income for most clubs. How are your membership numbers looking for 2021?

Never before has it been more important to retain existing members and bring new players into UK golf clubs – members are the financial life blood and the route to a secure and sustainable future. At Fairway Credit, we believe this will be a pivotal time in golf history – increasing golf club membership will not only help clubs survive in a post pandemic era, but thrive. The future of clubs that cannot sustain and grow membership will become increasingly precarious.

Following heightened interest in the game after the first lockdown and the early reintroduction of golf, multiple annual club memberships taken out then, will soon be up for renewal. So too, of course, memberships will align to the start of better weather. For the recruitment team, this is the time to strike, promoting the benefits of membership and securing much needed income.

Using a credit option to pay for membership

It’s important for clubs to consider compliant payment options for existing and new members. Recent economic uncertainty has made the financing of golf club memberships attractive. In addition, many golfers are looking at new ways to conveniently manage their ongoing annual expenditure effectively by spreading the cost of their club memberships over convenient monthly repayments.

It is also beneficial for clubs, providing them with a smooth, reliable and regulatory compliant cash flow. With memberships paid to the club in full at the start of each membership year, the club can manage their own financial planning.

Fairway Credit, a trading name of Premium Credit, is a market leading brand providing this service to the golf market for over 25 years, providing our services to nearly 40,000 golfers.

As well as allowing golfers to spread the cost of membership, clubs can receive a percentage commission for every member that uses our service. More importantly the club receives the annual membership fee upfront in a timely manner, allowing cash flow to be maintained and capital to be spent when and where it’s needed most.

Clubs that actively engage in promotional activity relating to credit facilities can often require FCA authorisation. However, since 2015 Fairway Credit has operated a solution that enables members to apply directly to Fairway Credit for finance which DOES NOT require the club to obtain credit broking authorisation, provided the Fairway Credit regulatory guidance processes are followed.

We are aware that there is much misinformation in this area which has unsettled some clubs but as the industry leaders and experts we are happy to provide guidance to our golf clubs to help them keep facilities live and compliant.

Whether the golf club directs its members to Fairway Credit’s dedicated payment portals set up on behalf of the club or the payment option is integrated into the club’s existing invoicing systems via Club Systems, we have an unrivalled insight into the requirements of both the member and club. We use this invaluable experience, backed by industry leading administration and systems support from our UK based offices to provide a smooth, seamless customer journey.

Fairway Credit is the popular option, with one in four fee paying golf clubs working with us, and almost 20 percent of members at these clubs choosing Fairway Credit.

Our Fairway Credit facility helps golfers enjoy the benefits of membership, and clubs the satisfaction of knowing their subscription administration is expertly managed and that income generation is being sustained.

If we can offer assistance in this area, help you build your membership base and grow revenue opportunities for your club, please don’t hesitate to contact one of the Fairway Credit team on 0344 736 9818.

www.premiumcredit.com/products/fairway-credit