8 Benefits of Online Payments for Your Event Management Business

October 26, 2022
8 Benefits of Online Payments for Your Event Management Business

“Wait - online payments and event management? Do these things even work together?”

If this is your first thought, you are in the right place.

As times are changing, so is the way that business is being conducted. Years ago it would have seemed like a digital marvel to accept credit cards for an event payment, now, not only are credit cards widely accepted but online payments are more and more common.

So let’s get into it - here are 8 benefits of using online payments for your event management business!

1. Convenience, convenience, convenience

For many, organizing and planning an event could be a lifetime accomplishment. Personally, we feel those that plan weddings deserve a medal.

Each step in the process has a magnitude of difficulty, ranging from quick tasks to tightrope routines while juggling multiple sharp objects. Unfortunately, payments can create short-term chaos and lots of unnecessary stress.

Imagine this scenario - “Hi there, we’re happy to set aside your date. You have 24 hours to send your deposit to secure it. After that, we will give your day away. Wiring/payment instructions are attached.”

Now it’s a mad dash to the nearest bank for the customer (if they’re open) where they will first wait in a 30+ minutes line, then confirm your property’s banking details 3 to 4 times to the teller, pay for the convenience of wiring the money and, lastly, get proof of the payment… just in case.

Why not instead eliminate this stress and have the alternative - “Hi there, we’re happy to secure your date, here’s a link to pay the deposit right away!”

Input credit card, click submit - voila! Payment received, date secured.

2. Save Time

We just noted how much easier it is for the customer, but what’s in it for your team? Okay, we understand that a happier customer makes life easier!

Beyond a happier customer, you will also save your team time. Instead of having to confirm with the accounting department days later or following up on a cheque that never seems to arrive. Your event and sales team can find out instantly when the money is in.

This reduces follow-up as online payment is instant. No wondering, no gently-worded emails to confirm the cheque has been mailed or re-sending banking information for a wire transfer.

With that extra time, your team may be able to close more revenue or improve customer service. The choice is yours!

3. Reduce Costs

By accepting online payments, your team can drastically cut down on paper, postage and labour hours. A simple email with a digital invoice and payment link can replace all of these items and get the job done. Not only does this mean a reduction in overall costs, but it also means more time for your team to focus on revenue-generating activities - meaning higher ROI!

4. Secure your transactions

Adding online payments through a reputable processor, like Stripe, provides a secure transaction for your customers. Their sensitive payment information is encrypted, which protects them from potential fraud. Also, this removes the risk from your team who may have to manually write down or save this information if receiving it via phone call or email.

Let’s keep everyone protected!

5. Give the customer peace of mind

Have they received my check yet? Did I put the right address? Do I have the right bank account?

These are the questions running through the customer’s mind and can take up to weeks to get confirmation that everything is all good (or not!). Adding online payments can help to alleviate this pressure and often give instant confirmation that payment has been received and to the right place!

6. Give your business peace of mind

Did they send the check yet? Was the address I gave them right? Was all the banking info correct?

Déjà vu? Peace of mind is a two-way street. Your team will also get immediate confirmation that the account has been paid, allowing you to focus your attention on more important things - like executing the event!

7. Get paid, faster

Maybe this goes without saying, but transactions that process instantly versus a mailed cheque, bank wire or other forms of payment simply don’t compare.

Depending on your current method of receiving payment, online payments could reduce this by days or even weeks to just minutes!

8. Fewer awkward conversations

When payment is in limbo, so are conversations with the customers.

Planning an event that needed a $10,000 payment installment last week which the customer promises they sent 2 weeks ago can be an awkward situation.

Immediate confirmation for both sides with online payments means that there is no guesswork and you can keep planning your customer’s dream event!

Bringing it all together

If you can’t tell by now, we’re big fans of online payments.

For your event management business, this can help to improve the customer experience and your cash flow! Using tools and products that accept online payments is important in this digital age.

If you want to see how your event management business can accept online payments, check out Event Temple. Not only will you find online payment tools, but can discover why we’re the #1 rated event management software, two years in a row!

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