Last editedMar 20232 min read
Organising and managing any type of event often involves some level of stress, and this is magnified when the event is large or involves some kind of live performances. There are so many moving parts and keeping track of them all can be a nightmare. However, processing event payments can be a much smoother affair with an event payment system.
Here we will discuss event payment processing and the best way to process payments at a live event.
Planning Event Payment Processing
Event organisers have a lot to arrange, such as booking acts, attractions and venues. But with a good event payment system, they have one less thing to worry about. In fact, payment processing is the thing that may well make or break an event.
One poor act out of several won’t have much effect on people’s enjoyment of the whole event. Likewise, a booked speaker may not be as popular as predicted, but again it won’t ruin the whole event if a couple of acts or attractions aren’t as good as you’d hoped.
However, any major problems with event payment processing can cause myriad knock-on issues which can completely ruin the occasion. Issues with cash flow or dodgy payment terminals can mean attendees aren’t able to purchase the refreshments or souvenirs they want, nor pay for rides or other attractions that might be available.
Such event payment processing issues can be disastrous, which is why the best way to process payments at a live event is through a reliable event payment system that enables attendees to pay easily and quickly for any and all items and attractions.
Best way to process payments at a live event
Online payment technology has become ubiquitous and its ease of use and reliability have made it the best way to process payments at a live event. People have grown used to the ease of electronic payments and will expect it at events, and its quickness helps reduce the amount of time attendees must wait in queues for refreshments.
Manual payment processes take time and slow down the entire event and create bottlenecks, lessening the enjoyment factor for everyone involved. By using online payment for live events, you maximise the enjoyment factor by minimising the amount of time attendees have to wait for their purchases.
Online payments are safe and faster than other methods. Online payment processing streamlines the entire payment system, helping you maximise revenue and profit.
Online payment for events
There are three main elements to payment processing software you need for an event online payment system. These elements are:
merchant account
payment processor
payment gateway
Merchant Account
Having a merchant account enables you to process online credit and debit card payments, which will be crucial for hosting a successful live event. First you need to acquire a business licence to demonstrate the legitimacy of your business, which will then allow you to open a business or merchant account.
Payment Processor
Payment processors are companies that process transactions on behalf of merchants. They achieve this by relaying information from your registered credit card between both your bank and the banks of your customers.
Payment Gateway
An online payment gateway is the technology that deposits the funds from purchases made at the event into the merchant’s bank account. Payment gateways connect the merchant and payment networks, collecting the payment details of each transaction made at the event. The gateway then relays the transactional information to the payment processor.
We can help
GoCardless offers PayTo which is perfect for secure transactions such as online event payments. Its transparency and scalability make it ideal for event payment processing, plus it incurs lower fees than cards.
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.