Turn players into members

Novuna Consumer Finance has launched a product specifically for the golf industry to help golf clubs offer direct debit schemes so more golfers can become members – and in which the club does not have to pay if those members default.

Novuna Consumer Finance has a revolutionary golf finance product for clubs that want to attract new members and retain existing ones.

Just as life seemed to be getting back to normal after the pandemic, the current cost-of-living crisis is no-doubt a common topic within most clubhouses.

Concern over rising prices is overtaking the worry of rising infection rates for clubs and players alike. Lockdown has been replaced by cutting down: on expenditure in shops, on holidays, meals out and even basic necessities, such as the heating of homes.

So, with the biggest income squeeze in nearly 50 years, players are looking to manage their outgoings more than ever, meaning flexible finance solutions are really coming to the fore.

The membership product offered by Novuna Consumer Finance is tailored specifically for the golf industry, with no recall on defaults and immediate payment to help boost cashflow, as well as market-leading customer service.

The company is on course to speed up play even further, and new services look set to help it grow its share of the golf market significantly in 2023. After developing a game-changing proposition, golf membership finance has proven to be a great success over the last two years as it continues to build momentum across the UK with a new application platform launching in 2023.

“In early 2019 we started working to support golf retail outlets to fund golf equipment and we now work with over 150 pro shops and retail stores nationwide,” says James Eyre from Novuna’s Consumer Finance division.

“Supporting retailers with an interest free offering for golf equipment has been really successful, but we realised there was a huge market we weren’t currently playing in – golf membership finance.

“We understand golf club memberships can be somewhat expensive, so with the ongoing cost-of-living crisis, making the sport accessible and affordable is now more important than ever. In order to improve membership retention, clubs will often offer a direct debit scheme to pay the membership cost over the year instead of in a lump sum. Such an option offers no support to the club and no protection should the member’s circumstances change, leaving them unable to keep up with their payments.

“Unlike the main competitors in this market, Novuna won’t recall funds from the golf club should a member default on their loan, eliminating concerns around cash flow and the overall admin burden for clubs in chasing member debt,” says James.

“We are able to pay the golf clubs within three working days for each fully completed application, whilst other providers typically pay out up to a month after the application has been processed.”

Novuna offers a range of different payment terms, so customers can choose to pay the membership fee over six, ten or twelve months. When members can’t golf in the colder winter months, taking a ten-month payment plan means customers won’t be paying when they’re not playing.

Another stand out benefit of Novuna’s work in this space is its dedicated golf membership team, who look after the clubs from day one, supported by award-winning UK-based customer service teams open seven days a week.

After starting in March 2020, Novuna Consumer Finance’s market share has continued to increase, with exponential growth predicted over the coming months.

“The rollout has been a huge success, with over 50 golf clubs quickly coming on board. Using our finance facility, clubs have generated over £2,000,000 in paid golf memberships over the last 12 months,” adds James.

Novuna is quickly becoming the one-stop-shop for the golf market. In addition to membership and retail services, the business finance division also offers asset funding for over 300 clubs, golf pros and driving ranges, providing funding for assets such as greenkeeping machinery for ongoing golf course maintenance and swing studios for the pros to use when teaching at their respective driving ranges.

Just recently, Mapperley Golf Club contacted Novuna about its membership finance offering. “We’ve used alternative suppliers for our membership finance package in the past but would recommend switching to the Novuna Consumer Finance Golf Membership facility at your golf club,” says Neil Dewing, membership administrator at Mapperley Golf Club.

“Novuna has certainly the best package when it comes to IT systems, ease of use and administration. We were really attracted by the financial benefits of the Novuna package to both the club and our members.

“What really stood out for us was the service we received, they were helpful, organised and knowledgeable from start to finish. It made such a difference to deal directly with a team dedicated to the golf industry who had a genuine understanding of what we were looking to achieve.”

Novuna Consumer Finance is a leading financial services company with over 40 years of experience in providing innovative finance solutions. Forming part of Mitsubishi HC Capital UK PLC, a leading financial services company, powering the aspirations of nearly 1.3 million customers, it’s backed by one of the world’s largest and most diversified financial groups with over £60bn of assets.

To find out more about Novuna’s Golf Membership options call them today on 0333 9960 288 or enquire online at Novuna.co.uk/golf-finance