Boost Your Event Profits with These Payment Platform Secrets
Whether it's a local festival or a global convention, one factor can make or break an event's financial success: the payment platform you choose.
The right solution unlocks immediate access to your ticketing revenue. But pick the wrong processor, and you could face high fees, delayed payouts, fraud issues, and cash flow constraints.
Seamless cash flow allows you to reinvest proceeds quickly, cover expenses, and ensure operations run smoothly. The ideal payment platform doesn't just process transactions – it provides robust fraud protection and flexible payment options to maximize sales.
Key Factors in Choosing an Event Payment Platform
When it comes to selecting the right payment processor, there are three critical factors for optimizing your event's cash flow.
- Simple, Up-Front Pricing: Lots of so-called “budget” platforms have hidden fees. To ensure you’re getting the best value, and to make sure you can accurately budget your next event, you need a platform that has simple pricing that doesn’t try to mask other costs.
- Immediate Fund Access: The ability to access ticket revenue as soon as sales commence."You want that revenue hitting your account as soon as someone purchases a ticket," says Bryan Brand, vice president of business development at Ticketsauce. Delayed payouts can severely hamper your ability to cover upfront costs like venue deposits and marketing expenses.
- Control Over Revenue: Full control over ticketing revenue enables better financial planning and management. The ideal solution gives you complete ownership of your ticketing revenue from day one. Brand explains, "That full control allows for better planning and reallocating funds where needed."
By prioritizing these three factors, you will have the financial flexibility to execute your event seamlessly. The right payment platform prevents cash flow constraints from becoming a bottleneck.
The Advantages of Using Stripe for Event Payments
Stripe is a preferred choice among event payment platforms due to its comprehensive benefits. Here are some of the things that Stripe does right, which will give you an idea of what your payment platform will need (if you don’t go with Stripe)
Immediate Access to Funds
"Stripe is going to give event organizers direct access to funds immediately upon sale and then ongoing throughout the entire sales cycle,” Brand says. This immediate revenue stream is game-changing for event organizers juggling multiple large upfront expenses.
Diverse Payment Options
Stripe caters to how modern attendees want to pay. In addition to standard credit/debit cards, it supports popular digital wallets like Apple Pay and Google Pay. The platform also meets the growing demand for "Buy Now, Pay Later" flexible payment plans.
"Having options like Apple Pay, Google Pay, Afterpay, Klarna, and more increases conversions by removing friction," Brand states. "You're not turning away buyers based on their preferred payment method."
Advanced Fraud Protection
While fraud monitoring is often an afterthought, Stripe has robust protection tools built-in. Machine learning algorithms proactively detect and prevent fraud before it happens across all payment types.
Why Offering Diverse Payment Options to Users Is So Important
Providing a range of payment options is essential for delivering a seamless attendee experience and maximizing ticket sales. The right payment platform accommodates all the popular ways people want to pay.
Enhancing the User Experience
"Think about it: if someone is ready to purchase but you don't offer their preferred payment type, that's a missed opportunity," Brand explains. Whether it's digital wallets, buy now-pay later services, or standard credit/debit cards, you're removing potential friction points.
Research shows that 28% of buyers have abandoned an online purchase due to a lack of their preferred payment method. Offering options like Apple Pay, Google Pay, and installment plans creates a user-friendly experience tailored to different attendee preferences and needs.
Boosting Ticket Sales
By allowing attendees to pay how they want, you eliminate barriers and open the door to more purchases. Flexible payment types can increase conversions by 35% compared to only accepting basic credit card payments.
"The more options you provide, the more potential buyers you can reach," says Brand. "It's about making the process as seamless as possible to drive sales."
The Pitfalls of Choosing Budget Payment Processors
While budget payment processors like Authorized.net or PayPal may seem cost-effective upfront, event organizers need to carefully weigh the significant limitations and risks they present.
Limited Features and Flexibility
Top-tier platforms like Stripe are designed to provide a seamless, modern payment experience. Budget processors simply can't match that flexibility:
- No support for digital wallets like Apple Pay and Google Pay that attendees increasingly use
- Lack of "Buy Now, Pay Later" installment options that boost conversions
- Outdated checkout interfaces that create more friction
Increased Risk of Fraud and Transactional Limitations
Beyond just missing out on payment flexibility, budget processors raise security and operational concerns:
- These platforms often fall short in fraud detection and prevention.
- They might impose restrictions on the number of transactions, hindering large-scale event sales.
- They lack advanced tools for monitoring and blocking fraudulent activities
"With those cheaper options, you're also going to have more fraud issues," Brand states. "It's a riskier transaction environment."
Impact on Revenue and Event Security
The combination of limited payment options, increased fraud exposure, and inability to scale can impact your revenue potential and hurt the attendee experience.
- Increased fraud risks can lead to financial losses and damage to the event's reputation.
- The limitations in payment options could deter potential attendees, affecting ticket sales.
"The limitations in payment choices could absolutely deter people from purchasing tickets and attending your event,” Brand says.
Not only does this impact sales, but fraud issues and a poor checkout experience can also damage your event's reputation and brand integrity.
Deciphering the True Cost of Payment Processing
Choosing a payment processor is not just about comparing service fees and credit card processing charges. That narrow cost perspective overlooks the bigger picture impact on your event's success.
Service Fees vs. Value Delivered
While budget solutions like PayPal may charge 2.7% per transaction compared to Stripe's 2.9% + $0.30, that minimal fee difference doesn't account for the value gap:
- Lack of advanced fraud protection tools
- No support for popular digital wallets and installment options
- Inferior checkout experiences that can deter sales
"You get what you pay for," Brand states. "A minimal fee difference is insignificant compared to the potential security risks and lost revenue opportunities."
Overlooking Security and Efficiency
Prioritizing rock-bottom processing fees often means compromising essential security measures and operational efficiencies. "The cheapest option is rarely the best fit for large, complex events,” Brand says.
A secure, PCI-compliant platform prevents fraud losses that can easily dwarf any fee savings. Plus, optimized payment flows reduce checkout abandonment.
Balancing Cost and Experience
While fees are an obvious consideration, the right payment processor delivers value by optimizing the entire attendee and organizer experience:
- Seamless checkout with diverse payment options
- Robust fraud monitoring
- Smooth operational efficiency from sale to payout
"A versatile, secure solution like Stripe may cost slighter more, but it pays off exponentially in reliability and attendee satisfaction," Brand explains.
Take Charge of Your Event’s Financial Success
Selecting the right payment platform is crucial for ensuring the financial success of your event. Ticketsauce, integrated seamlessly with Stripe, offers a powerful solution that simplifies payment processing while enhancing every aspect of your event management.
Ticketsauce uses Stripe to provide immediate fund access and diverse payment options. This integration allows event organizers to connect their existing Stripe accounts through Ticketsauce, giving them control over their fees, customer management, and immediate access to funds. This setup minimizes waiting times for payouts and reduces the hassle of account reconciliation, making financial management a breeze.
Here are key advantages of using Ticketsauce for your events:
- Transparent and Competitive Pricing: Ticketsauce offers a straightforward fee of 3% + $0.99 per paid ticket, plus credit card processing fees. There are no hidden fees, monthly subscriptions, or cancellation fees, even for free and RSVP events.
- Global Payment Acceptance: Whether your event is in the USA, Europe, Asia, or any of the 47 countries supported, Ticketsauce enables you to handle payments in multiple currencies, ensuring a global reach for your events.
- Immediate Revenue Access: By integrating your Stripe account, you gain instant access to ticket revenues, which facilitates better cash flow management and quicker reinvestment into your event.
- Enhanced Event Features: In addition to payment processing, Ticketsauce offers customized seating chart creation, on-site staffing support, and the option to rent necessary devices for ticket scanning and event management. For those requiring a tailored approach, Ticketsauce can create a white-labeled on-site app, offering a cohesive brand experience.
- Comprehensive Service and Support: If you are running a formal process and need a customized proposal, Ticketsauce is ready to respond to your Request for Proposal (RFP) and provide the solutions you need to win your ticketing business.
By choosing Ticketsauce, you not only streamline your payment processes but also enhance every aspect of event planning and execution. Partner with Ticketsauce for your next event to unlock seamless financial control and an exceptional attendee experience with the support of industry-leading technology. Contact us today.
