Payment Mistakes are part of many things that could go wrong at an event. You don’t only need your attendee’s satisfaction and entertainment; you need their money as well. Event attendees spend a lot of money to enter your event. They buy the tickets, and some may even buy the VIP Ticket packages, they spend their dollar checks at your bar and your refreshment area. You even sell them your merch and products at different stalls.
Do you know what makes them take out their cash and spend it on your event, what drives them to do that?
When you compare the total revenues driven by your event, you’ll undoubtedly miss out on more significant insights. To do that,
let’s talk about the four most common payment mistakes made by the event organizers and their solutions to help you take your business to the next level.
Point out the pain points
The most common pain point and payment mistake for a customer is a long line to wait in. Nobody likes long lines, and no one wants to wait. Another pain point is the fear of fraud.
To solve these traditional pain points for the attendees what you need to do is, for the long lines you can add more booths and add more cash counter people than salespeople this way this procedure can go smooth and fast. The user will have a good experience and would want to come in again.
As far as the payment mistake, the fraud is concerned. You can use the traditional old cash method, but the manual cash procedure can be slow and different to manage. Getting the change and adding the amount, all of these things. And who even carries cash nowadays? Using other payment methods like mobile apps that have encryption incorporated in them is a good idea to get this fear out.
Track your revenue
Another payment mistake event manager does is not tracking the source of their income. Sponsorship deals, merchandise, and food generate more revenue than the tickets. But event managers aren’t sure where the money is coming from, they add up and get on with it. Properly tracking it can get them to improve that very area and hence generate more success.
The solution to tracking all this is using payment technology that lets you keep a record of things. Using this technology, you can differentiate your vendors and track from where the sales are coming from.
Know your valuable attendees
Not knowing who your most valuable attendees are another payment mistake event creators do. Your superfan may not be the one who bought the most expensive VIP ticket. It can be one of those who purchased an inexpensive early bird ticket. He can go on and spent enthusiastically on your merchandise and became one of your biggest spenders.
Knowing your top spenders will help you structure your event to attract more of them.
The supply and demand principle
It is the most fundamental concept of economics. But events have trouble balancing out the too. You don’t want an overstocked buffet or ran out of food halfway through the event.
It would help if you got a predictive analysis of the data to make this process smooth. This data will help you measure inventory and supply according to the needs.
WP Event Manager
Don’t worry about these payment mistakes. For that, you can use the WP Event Manager’s Stripe Split Payment Addon, an advanced plugin to manage your payments. Manage dynamic payments, collect commissions in a secure and compliant environment for organizers and admins for all your events tickets using Split payment. Split Payment is an outstanding plugin that allows users to split order payments, using Stripe. Stripe is a payment company that complies with PCI and enables any user to pay by credit card.
Have you committed to not making these mistakes in the future? Follow these solutions to the payment mistakes you make at an event, and you’ll have stocked revenue in no time.