The participation fee is the key source of revenue for events. Because of the large market expansion, it’s expected that total ticket sales revenue will increase by 8.6% in the U.S. over the next four years. So here’s a no-brainer: The more tickets you sell, the more money you earn. So how do you do this?
Although many event planners focus on promotion and the platforms for selling, they often forget about the crucial “how to pay” aspect. From online marketplaces to branded event websites, there are many places where people can find tickets, but they don’t always find a good way to pay for their ticket.
Why do you need a payments system?
Online is where we discover, communicate, buy, and quite often live. An online ticketing system that is integrated into your event website is the go-to place for prospective event-goers, which means you should use every chance you have to catch them there.
Since omni-channel commerce is clearly on the rise these days, you need an online event payment system that is both flexible and configurable. Think about integrating diverse payment methods through cooperation with external payment providers like PayPal and Skrill, and then embed electronic ticketing to simplify onsite check-in. Depending on your audience and the registration format, you can also add offline payment methods, including cheques or onsite payment. The main goal is to make sure that each of your registrants is able to use at least one of the payment methods available on your website.
The process of collecting payments for the event
The challenge of any payments set-up process is not only determining the methods you need to integrate but also what you are actually offering for the price. In addition to the ticket, many event organisers collect extra revenue at the registration stage by selling merchandise and providing options for accommodation booking. Add the calculation of fees and taxes, and you will get a pretty sophisticated system of payments operations.
Here’s a quick guide on how to organise event payments:
- Choose the payment methods that you want to utilise.
- Configure the settings for each method by setting up fees and currency options.
- When you allow payment by cheque, specify contact details for where the payments should be sent.
- Determine the cost per transaction as well as pay-out methods and times.
- Set up tax rates and configure fees for merchandise selling or accommodation booking.
- Choose or change page layouts.
What questions should you ask software providers before making your decision?
To set up event payments, you need a software solution that will help you process multiple financial transactions in a secure environment. Shop around for tech vendors that have the necessary capabilities for your payments system. Once you have a list of your top five choices, consider asking the following questions to test the quality of the software providers:
- How can I integrate a payments system with the registration process when using your services?
- What are the processing capabilities?
- How much do you charge per transaction?
- What are the pay-out times for transactions on your platform?
- Do you support merchandise sales or any other capabilities for revenue collection?
- Can I create financial reports with your system after completing the ticketing processes?
- How do you ensure the security of payments within your system?
How to choose secure event payment solutions
The question about the secure use of your payments system is a really important one. You don’t want to lose your event revenue, and neither do event registrants want to lose the money they spent on your platform.
When the platform allows the management of multiple payment methods and revenue streams, event organisers are often concerned about how they can ensure each payment method is secure. Here are some tips on picking a foolproof platform with payments integration:
- Pay attention to encryption technology: The rule of thumb when making the management of financial transactions secure is data encryption. Thanks to this simple technology, you can certify the confidentiality of any private financial information that your users share with you through their event payments.
- Chargeback protection: The problem with many payment systems is that they can be compromised through chargeback fraud. The most common scheme is when clients call financial institutions after they’ve made a payment and ask for a chargeback, explaining that they haven’t approved this transaction. Make sure the tech provider you cooperate with has a strong fraud protection mechanism in place that involves cooperation with payments processing institutions.
- The use of multiple processors: The efficiency of a payments system basically depends on how it can maintain operations that are run through different processors. Choose a provider that has a documented strategy of cooperation with supported processors in terms of fees, pay-out times, approval mechanisms, etc.
Why should you choose GEVME?
Even if math was your favourite subject at school and you don’t have any problems with the calculation of event revenue costs, a flexible system for payments management is a must. The simplest and most efficient way to collect event payments online is through an integrated system for registration management. Indeed, with the abundance of all-in-one software solutions that can be found on the market, it’s silly to choose separate tools for ticketing and payments management.
When it comes to payments integration, GEVME is a smart choice because it makes the set-up journey easy and understandable, even for someone who is new to event planning:
- Choose your custom payment methods and add them to the system in just one click:
- Configure payment settings such as payment gateway, merchant ID, and pay-out account all in one place. You can also enable payments by cheque or direct deposit if you choose to use offline payment methods as well:
- Create your custom pay-out accounts that can be configured flexibly:
To organise payments for an event of any size, you need an integrated, secure system for registration management that offers the support of multiple payment streams and methods. Using GEVME, you can establish a simple ticket-selling process with minimal time or labour investment.