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Frictionless Event Payment System

Having a straight forward event payment system can be the difference between failure and success. Making sure that your customers can easily register for you paid events is one of the first things that you need to check while opting for an event registration software. But you need to also check and see if you can use that money prior to your event. Having a solid cash flow will help your business grow; having cash flow problems can crush your business.

Over the last few months, the event management industry was one of the most affected industries by the COVID 19 pandemic. Live events have been postponed or canceled, and the ones that took place were limited to a small number of attendees. Sponsors withdraw their offers as many companies decided to use part of their marketing budgets for day to day operations. Some event organizers moved the experience to online events, facing new challenges, but at the same time continuing to deliver incredible experiences to their communities. 

But having an event payment system that allows you to easily access your funds is something that every event organizer should have in mind. Regardless of the current global situation. 

At Oveit, our goal was to use technology to empower event planners that put all their work into bringing people together. Offline and online. We wanted to create a tool that makes everything fully automated, but also lets you have full control. And payments were one of the first things that we focused on.

photo showing the green "register" button on a computer keyboard
Image by bastiaan from pixabay

Direct debit for event payments

Using our event registration software, our partners have instant access to their ticketing income. All our pricing plans have the direct debit feature activated, meaning that each time a customer places an order, money goes straight into your account. For us, this is how an event payment system should look. This way, even if a customer places an order for an event that will take place one year from now, you can use that money to support your efforts. 

Secure Payments for Events

Let’s face it, paying over the internet can sometimes be an issue. For you and your customers as well. This is why we have decided to work with some of the most important payment processors in the world. This way, each time an order is placed, we can be sure that the client’s credit information is in safe hands. We do not process or store any credit information. Yet tickets are issued only after the payment is confirmed.

Multiple payment processors

Live events bring people together all over the world, so it was essential for us to provide an event registration software that supports multiple currencies and payment methods. We haven’t limited payment methods to just credit or debit card transactions. We added bank transfers as an option as well. And frankly, the option was used more than we have initially expected.

After creating their account, our partners can choose to easily integrate PayPal or Stripe as their payment processor. The Integrations are straight forward, allowing event organizers to receive money from each order straight into their account. 

As a tech company, we couldn’t neglect cryptocurrencies. Especially after running a survey with part of our partners as seeing that over 50% said that they would consider allowing customers to pay with cryptocurrencies for their future events. From March 2020, we have partnered with Crypto.com, allowing our partners to sell tickets using cryptocurrencies.

Having an event payment system that allows you to process payments in a secure environment is crucial. Your customers need to feel safe each time they share their credit information. But at the same time, it’s important to have a system that is flexible and works for you. 

How to monetize your Virtual Event

Today, more people than ever are using online platforms to host events. The current situation forces many artists to keep their fans engaged through different streaming platforms, right from their own houses. As expected, this change from offline to online is quite different in terms of generating revenue for both event organizers and artists. Therefore, in order to support everyone who puts on live events as part of their daily lives, it is extremely important to find efficient methods to earn actual income from virtual events. In this article, we will go over different monetization strategies for your online events.

Monetize through Sponsorship

Sponsors are looking for engaging ways to get exposure. In a virtual environment, there are several ways to connect participants with a brand in a fun and interactive manner, before and after your event.

  • Branding Opportunities during your Live Stream

Enable your sponsors to bid for a designated logo space on your live stream. Based on the available sessions, you can offer them to have a logo displayed during a keynote, breakout or even in networking spaces. Identify those sessions that receive more publicity and aim to target higher tier sponsors to be part of it. Make sure to find a platform that is equipped with this feature.

  • Sponsored Virtual Event Bags

Yes, virtual event bags seem to be a thing now! You can give your sponsors the option of choosing what goes inside your virtual event bag. Ranging from coupons or vouchers to a free trial or an online course, it can basically include anything that can be claimed online. Afterwards, the bag is shared directly with your attendees in the form of a newsletter, via email, social media or through the event app.

Ticketing and paid access to Streams

Revenue coming from ticket sales plays an important role for both online and offline events. However, since the attendee experience can be quite different in a virtual environment, participants might get reluctant when it comes to paid events. For this reason, organizers need to add sufficient value (content, speakers, artists, interactions and sponsors) to convince fans that paying for their virtual event is totally worth it. It can be easy to make them buy tickets for a first edition. However, the quality of the presented content and the overall success can only be measured after hosting at least two online events and after experiencing a positive retention rate.

Selling products in Virtual Events

Traditionally, virtual events that promote the launch of a new product invite attendees to purchase those products in a physical location, after the event. While this is a good sales strategy, because your clients can test and see the real product in an actual location, allowing them to order straight from your live stream can prove to be efficient as well. How is this possible?

Based on the purpose of your virtual event, you can host a dedicated session during your live stream and create an online market for your participants. Let’s assume that online viewers want to buy a product in the middle of a demo. Don’t make them wait until the event is over. Instead, find a solution that provides shopping cart functionalities so that your viewers can drag items into the cart at any point in the presentation.

What if you want to include some items in the ticket price? As previously mentioned, it tends to be a bit harder to convince people to purchase tickets for virtual events. However, if you play it right and you provide great value in return, selling tickets for online events should be a joke, especially if freebies are included. With Oveit, organizers can include products in the ticket price by using the ‘Perks, benefits and addons’ feature. Why is this feature useful for virtual events? Well, it is a great way to keep track of claimed items. Maybe you sell three ticket categories and only those that purchase a ‘Gold’ category are entitled to claim those freebies. You want to avoid scenarios where you need to manually search for individual attendees and find out what they are entitled to claim.

Adding ticket addons

Final Thoughts

There are a lot more monetization strategies for virtual events, but following the ones mentioned in this article should get you a good start. If planned right, online events can serve as a highly effective means to connect and form a community, while generating revenue in the same time.

Here at Oveit, our team is currently working on developing a user-friendly solution for Virtual Events. We will keep you updated with our progress, but don’t hesitate to drop us a line!

Book your tickets to ICEEfest 2016

ICEEfest, one of the largest digital events in Central and Eastern Europe is about to go live again for its 2016 edition.

The two-day event attracts marketers, agency people, and digital media enthusiasts from all over the world. More than 3000 attendees gather yearly since 2008 to engage and discover new digital marketing trends.

ICEEfest partnered with Oveit to handle event management infrastructure and we are really happy about helping build up such an event.

Here’s last year’s official after movie. It’s been a blast and we highly recommend you register to the event and save on ticket prices.