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.

October 5, 2022 Event registration No comments yet

How to make event venues safe with Cashless Payments?

There is no doubt that the world of events and hospitality has been seriously hit by COVID-19 and the imposed lockdowns. Major festivals around the globe got postponed or canceled. Across Europe and not only, governments begin to realize that imposed restrictions are indeed an efficient way to limit the spread of the virus, but they also realize that such restrictions can only harm economies in the long term. So, should event organizers implement cashless payments as a precautionary measure to limit the spread of the virus?

As economies get back and running after weeks of lockdown, many of us face unprecedented situations in terms of conducting business and daily activities. Even before this pandemic, it was obvious that the use of cashless payments solutions around the world is on the rise. But guess what? In a post-COVID-19 world, cashless payments might be more important than ever.

It is predicted that a new type of customer will emerge from this pandemic. We already saw an increase in demand for cashless payments solutions over the last years, but the differentiator lies in how providers deliver those expectations and how it separates them from other competitors.

Facts about COVID-19 and Cash handling

Government officials have strongly advised us to avoid cash handling during the coronavirus outbreak. It is well-known that cash is notoriously covered in germs, but what is the reality when it comes to COVID-19 and cash? According to many experts, the chances of being infected after handling cash is still low compared to other ways of spreading the infection. According to a recent post published by Reuters, the U.S. Federal Reserve started quarantining physical dollars coming from Asia, before allowing it to recirculate in the U.S. market. It was treated as a precautionary measure against spreading the virus among U.S. citizens. Although there is no hard evidence saying that handling cash increases the risk of infection, many retailers decided to advise their clients to use cashless alternatives.

At Oveit, we’ve decided to upgrade our closed-loop payment solution and add two additional features, very relevant in the given context. These two are related to real-time footfall tracking capabilities and an App which enables attendees to act as their own cashiers.

End user App (Wallet) for Cashless Payments

Without an end-user App, attendees would still have to visit a physical top-up point to add money to their digital wallets. After many years of experience and feedback coming from our partners, we concluded that building an end-user App (wallet) can bring more value in return, for both event organizers and participants. The purpose of this App is to create a seamless top up process for the end-user (attendees), allowing them to use their own smartphones for comfort and security purposes.

For the event organizer, this alternative decreases the number of cashiers required on-site and therefore reduces the event costs. Attendees are empowered to act as their own cashiers with the entire process being automated. Moreover, by activating the ‘Auto top-up’ feature, participants can assure that their digital balance will never fall under a pre-defined amount.

Also, the withdrawal process is simplified. Traditionally, the process required attendees to visit physical top-up points and receive cash in exchange. The top-up was done by either card or cash payment, but the only option to withdraw the remaining amount was by receiving cash back. The end-user App (wallet) removes this step and enables participants to withdraw the remaining balance on their own or even use it at another event. 

Footfall Tracking

Recently, we’ve received a request from one of our clients. He wanted to know if it’s possible to track in real time the number of attendees in specific areas of the venue. 

With the current social distancing rules in place, we believe that being able to track footfall in real-time can contribute to a safe and responsible event. This way, you can benefit from a modern alternative to control the number of attendees inside a venue. How does it work?

1.       Attendees arrive at the event with their electronic tickets ready to be scanned

2.       A designated staff member hands in NFC wristbands/cards/badges for every participant

3.       By using the Oveit Pay App on an Android device, a staff member simply scans the QR code on the ticket and pairs it with a wristband/card/badge

4.       Before passing the entry point, participants are required to tap their NFC tags on an NFC enabled reader

5.       The same process applies for check out. Participants tap their NFC tags on NFC enabled readers placed at all exit points

Final Thoughts

Among event professionals, we’ve seen continuous debates on whether the event industry will change in the future and how it will change. As retailers get back and running, B2C and B2B interactions look different, with several precautionary measures in place. It’s the aftermath of a global pandemic and it’s our responsibility to act accordingly.

As we are eager to see events coming back to normal, we strongly believe that Oveit can contribute to a safe and responsible way of hosting large gatherings. Of course, other parties must get involved to achieve that, but in terms of safe payment practices and access control, we got you covered!

June 17, 2020 Access management, Economy as a Service, Event management, Event professionals, Event tech, Festivals, Oveit Features, Technology, Uncategorized No comments yet