Memberships are valid for the duration of the calendar year in which the initial application or renewal was submitted. A nonredeemable fee that is paid for a service or to use a facility. It can be paid monthly, quarterly or yearly.
Membership club means an organization, whether incorporated or not, which is the owner, lessee, or occupant of a building or portion thereof used exclusively for club purposes at all times, which is operated solely for a recreational, fraternal, social, patriotic, political, benevolent, or athletic purpose, but not for
If you are a life member of a club or organization, you have paid or been chosen to be a member for the rest of your life.
A Member Type is used to define a member's attributes, dues payment schedule, and expiration settings. If your organization has 5 types of members, you will want a member type configured for each of them. Examples of member types include Professional, Associate, Student, Organization, Lifetime, etc.
An associate member is a person who is a member of a club, organization etc. but has only partial rights and privileges or subordinate status.
Deciding what to charge for your membership is one of the most important decisions your organization can make. How do you strike a balance between ensuring that enough revenue comes in to cover all your operation costs, and charging your members a fair price for the value they’re receiving?
There are many factors to consider when setting up (or updating) your membership dues structure.
If you’re curious about the answers to the above questions, as well as other decisions you’ll need to make, read on to find out everything you need to know about membership dues.
Monthly, Annual, or Multi-Year Member Dues:
A lower monthly price tag makes members more likely to sign up
New members sign up with little hesitation, knowing that they can cancel at any time. It’s easy for members to switch tiers if they’d like more or less benefits You can analyse your renewal rates every month and see what is and what isn’t working for your members It’s easy to track monthly revenue
You make the most revenue because members pay the full price of membership
Some members don’t like the hassle of making monthly payments
It’s easy for members to leave at any point, so revenue is less predictable
If you’re managing payments manually, it can be challenging to track down every member’s payment
Many members like the convenience of paying once and forgetting about it for the next 12 months. Annual membership often comes with a discount, giving new members an incentive to sign up. Members are unlikely to drop off before their term is done
Many organizations are finding success in a multi-year dues option, where members can receive a discount when paying for three to five years at once. The pros and cons of this option are similar to the annual option: Paying once and forgetting about it is very convenient for members. Members have an opportunity to take advantage of significant savings. Members stay with your organization for multiple years, leading to a very healthy retention rate
When offering any kind of discount, you must always consider the overall impact to your bottom line. Too much of a deal, and you’re losing revenue; too little, and no one will bite. But if your organization can reasonably stand to lose a certain amount of money per member per year in the spirit of retaining them longer (or getting them to join in the first place), the benefits pretty drastically outweigh the costs. One other thing to note: paying for multiple year’s worth of dues all at once, even at a discount, may be difficult for some. Consider pairing this offer with a payment plan where members can commit to paying smaller monthly installments over the first year.