Sports club memberships across Australia are set to become cheaper and more affordable, courtesy of a new partnership between sports payment technology company Clubfunders and cashback shopping platform PokitPal.
The groundbreaking partnership aims to introduce a Cash Back Membership Payment solution, which represents a mutually beneficial opportunity where fans get financial incentives and clubs receive ongoing monetary support.
According to the agreement, cashback originating from PokitPal's merchant partners would be directly and seamlessly linked to patrons' chosen clubs. This will subsequently reduce the upfront cost of club membership and help with daily expenditures.
Blake Lawrence, CEO of the Gold Coast-based firm Clubfunders, remarked that collaborating with PokitPal would help alleviate financial pressures on families, fans, and members while strengthening support for their favourite sports club.
In a concerning revelation, Lawrence noted that up to 80% of sports clubs predict ongoing diminutions in core revenue streams such as memberships, local sponsorships, and community fundraising. "In these challenging economic times with high interest rates and high inflation, consumers are cutting back on non-essential expenses, leading to a decline in professional sports club memberships," stated Lawrence.
Lawrence later explained the benefits of this novel partnership: "The Clubfunders-Pokitpal partnership offers much-needed relief from the ever-increasing costs of living. It enables parents and club members to save significantly when conducting regular shopping activities and allows them to continue to support their club."
Lawrence further explained how the mechanism works with an example, "if a merchant offers 5% cashback on a $200 purchase, that $10 will come off club membership and the benefits that it provides."
Gary Cobain, the CEO of PokitPal, conveyed his excitement and positive outlook regarding the collaboration with Clubfunders. He expressed delight in the opportunity to work together, emphasising PokitPal's role in contributing to the affordability of sports for young Australians. Cobain highlighted the joint efforts of PokitPal and Clubfunders, aiming to empower individuals and sports clubs.
The goal is to create a future where transactions related to sports become more seamless and convenient. The collaboration is a promising initiative that seeks to enhance accessibility to sports and promote a smoother experience for both individuals and clubs involved.
Gary Cobain said, "We are delighted to work with Clubfunders and for PokitPal to play a part in making sport more affordable for young Australians. Together, PokitPal and Clubfunders look forward to empowering individuals and clubs alike, fostering a future of seamless transactions and convenience."
The partnership highlights a positive shift in the sports industry, making club memberships more affordable and encouraging continued support for clubs at a time when they are facing potential reductions in revenues.
By incorporating cashback rewards with membership dues, fans have a stronger incentive to support their clubs, making a notable contribution to the sustainability and vitality of the sports industry across Australia.