How to accept crypto payments for events and venues
Being part of the event management industry, we had the chance to work with visionary leaders from all over the world. Working with such partners has always forced us to adapt and innovate, making sure that Oveit is the ticketing tool they (and their communities) are looking for. And crypto payments make no difference.
But it’s time to say that crypto payments should become a thing. The market itself evolves at a speed never seen before: according to a report from Crypto.com, by the end of 2022, there will be 1 Billion crypto users! That’s a 10X increase in the span of just two years!
This opens new possibilities for businesses in general and event organizers in particular: accepting crypto payments to easily onboard this new generation of customers and event attendees.
But the rapid growth in popularity has its shortcomings. There are still many myths around the industry and accepting crypto payments, especially for event organizers, may seem like a hard thing to do. But it shouldn’t.
That’s why we made it easy for events and venues to accept crypto payments for tickets. Here’s how you can accept crypto payments for your events with Oveit.
How to accept crypto payments through Oveit
Open an account with Oveit.
Our event management software helps thousands of event organizers create full experiences. Sell electronic and NFT tickets, check in attendees, and set up a cashless payments system – no coding required.
Connect your payment processor.
We work with Crypto.com and Utrust to accept crypto payments and with PayPal and Stripe for fiat currencies. We work on direct payments, meaning each time an order is confirmed, money goes straight into your account.
Set up your event in minutes.
Our easy-to-use solution helps you get started in minutes. Set up ticket categories, registration forms, and add-ons, invite team members and create your own event economy with Oveit Pay. Our real-time reports will help you get an overview of your experience.
Publish your event, share it with your community, and get paid right away.
You can easily embed the registration form on your website or send registration links to your customers.
Yes, selling tickets for crypto has never been easier. But while the technical implementation is frictionless, you may ask yourself why you should accept crypto payments for your events. To answer this question, we’ve prepared a short list of the benefits of doing so. Based on our experience, customers prefer to have multiple payment options, and crypto payments have gained more traction in the last two years.
Why accept crypto payments for your events?
Easy to implement
The days when accepting crypto payments was a time-consuming chore are fortunately behind us now. Nowadays, businesses from all over the world can easily accept crypto payments – without the need for any technical background.
Our crypto payment processor partners will help you get paid in various coins, taking care of all the complicated processes that may take place in the background. All you need is to create a merchant account and connect it to Oveit. Afterward, each payment will go straight into your account, without having to wait until your event is over in order to get access to your earnings.
Crypto payments have lower transaction fees
It may sound hard to believe, but accepting crypto payments is actually cheaper than working with fiat currencies. Over the last few years, the crypto market benefited from incredible investments. In both financial capital and manpower, thus creating an infrastructure meant to serve its users.
While the traditional payment processors’ fees are, in general, between 2 and 3% + a fixed amount, the norm for crypto processors tends to be just 1% of the transaction. This will help you better budget your event and have total control over your money, without having to spend enormous amounts on unnecessary fees.
Instant payments from anywhere
Events are international gatherings. Over the last few years, we’ve had a chance to be part of hundreds of events in different parts of the world. And one thing is certain: events gather like-minded people. Regardless of how long they have to travel to be part of these extraordinary experiences. By accepting crypto payments you allow attendees from all over the world to easily secure their place. Without having to worry about local currencies and high exchange fees.
As more customers tend to avoid fees related to the classical banking system, crypto payments will allow anyone, from anywhere, to easily purchase tickets for your next gig.
Accepting crypto payments gives access to new customers
Customers that are looking to pay with cryptocurrencies represent a new segment, one who otherwise may not be tapped into by your business. According to Forrester Consulting, US-based businesses that started accepting crypto payments attracted new customers, 40% of which were new customers that spent, on average, twice as much as credit card users. It’s safe to say that allowing attendees to buy event tickets for crypto will allow you to interact with new audiences.
Global cryptocurrencies have a total value of $2 trillion (as of 2022), and accepting crypto payments will allow you to tap into the wealth created by them.
Early adopters will help you spread the word
Accepting crypto payments can also be a marketing hook. Each new technology has seen its share of early adaptors. But none had the ability to create such loyal fans as blockchain did. And although it’s safe to say that blockchain and cryptocurrencies are heading towards mass adoption, the enthusiasm has not faded. In fact, we see a continuous increase in both enthusiasm and user base. And events related (directly or indirectly) to Web3, blockchain, and NFTs benefit from this wave of passion.
Allowing customers to easily purchase event tickets for crypto will make them spread the word about their experience; not once we’ve seen it with our existing customers. For both crypto payments and NFT ticketing.
Final words
Decentralized payments become more popular each day. New customers are onboarded in the crypto world, encouraging more businesses to accept different payment methods from their customers. And based on the adoption rate seen today, it’s expected that by 2030 almost half of US citizens will own cryptocurrencies (43%). And these numbers will be considerably higher in countries with poor local economies.
The future is already here – especially in the event management industry. As more and more customers, especially those from the younger generations, are looking for alternative payment options, we hope that this article helped you get a better understanding of how to accept crypto payments for your events. And why you should start today.
Article written by .
Alex Pana is the Marketing Manager at Oveit, a US-based tech company focusing on improving virtual and in-person experiences. Prior to joining Oveit, Alex worked with 2 of the world's leading financial services companies. Over the last 4 years, Alex worked directly with hundreds of live and virtual events, understanding how technology improves the overall experience. He is people-oriented and although his role is to share the word about Oveit's solutions, he loves to learn about people's experiences. Be they good or bad. He has a degree in Public Administration. This is where he first learned that small changes can result in big improvements. Having this in mind it was only normal for him to join Oveit.