I'm afraid I'll have to collect this membership card, as it has expired.
I'm sorry but your card has expired, so I'll have to hold on to it.
この会員証 = this membership card
もう= has already, has since
失効してます = is invalid / is expired
ので = so, because, as
回収 = recover-> collect
させて頂きます = please allow me to
もうい一つの例文:
Since this card is expired, I'm afraid I have to keep/take it. (この言い方はすこし厳しいです。)
I'm afraid... / I'm sorry, but... = 恐れ入りますが / 申し訳ありません
Hold on to (something) = 短時間になにかを取っておく
アメリカ合衆国 
