When planning events, one thing that might not immediately come to mind is the event payment processing part, that is, how you'll handle payments.
Yet, it’s a detail that can make or break your event.
Picture this: you’ve created an awesome event.
You've lined up the best speakers, packed the agenda with irresistible content, and did an awesome job at marketing it too.
People are talking about it and plenty of them are eager to attend. They hit your site, excited and ready to secure their spots. Then, just as they're about to purchase a ticket in the checkout process... things start to go wrong.
The payment system might not seem secure enough, which makes them hesitate.
Or perhaps it's too complicated to use, confusing even the most eager attendees.
Or maybe their preferred payment option isn't available, which can be a dealbreaker for many.
Whatever the reason might be, it can turn excitement into frustration, and, in the blink of an eye, those eager attendees start second-guessing their decision to buy a ticket.
Some might even give up and close the tab, never to return, leaving you with lost revenue and a missed opportunity.
To make sure that doesn’t happen to you, in this article, we’ll go over everything you need to know about event payment processing.
We'll discuss why having a smooth and secure payment processing matters, explore different payment methods available, and show you how setting up payment plans can increase your registration rates.
Whether you’re new to event planning or looking to refine your current process, by the end of this guide, you'll be equipped to handle event payments smoothly and efficiently, making sure that nothing stands in the way of your event's success.
Ready?
Let’s get started!
Why Efficient Event Payment Processing Matters
First, let’s take a look at why efficient event payment processing isn't just a minor detail or an afterthought, but a core component of a successful event.
More completed registrations
Remember the scenario we discussed earlier? Excited attendees reach the checkout, only to be frustrated by:
❌ A payment system that doesn’t feel secure
❌ A complicated and confusing payment process
❌ Lack of preferred payment options
However, when you have an efficient payment process in place, you prevent these issues from happening.
How?
Well, efficient payment processing means:
✅ A checkout process that feels safe and trustworthy. This builds confidence with your attendees, and when they feel their information is secure, they are more likely to complete the transaction.
✅ A simple and user-friendly experience, making it easy for even the least tech-savvy attendees to navigate through the payment steps without frustration.
✅ Offering multiple payment options, catering to everyone’s preferences, whether they prefer credit card or debit card payments (Mastercard, Visa, American Express, Discover), digital wallets (Apple Pay, Google Pay, PayPal), or other global payment methods.
This approach increases the likelihood of completed registrations and enhances the overall experience for your attendees.
By removing barriers at checkout, you ensure that excitement turns into action, leading to higher attendance and more revenue for your event.
An improved registrant experience
Every interaction attendees have with your event - from the moment they hear about it all the way to the follow-up after the event - shapes their overall impression.
A key part of this journey is how they experience the registration and payment process.
Not only can this part turn into an endpoint, but it can also ruin their entire perception of the event.
If attendees find the registration process smooth and welcoming, it sets a positive tone for the entire event. Conversely, a difficult payment process can leave a sour taste, even before the event starts.
By ensuring the payment process is quick, secure, and accommodating, you're not just facilitating easier payments - you're enhancing the attendee experience at every step.
This positive first impression can boost attendee satisfaction and increase the likelihood that they will return for future events.
Better cash flow management
Efficient event payment processing isn't just about attendee convenience - it's also important for managing your event's finances effectively.
When payments are processed quickly and securely, you gain immediate access to funds, which is crucial for covering event-related expenses without delay.
This timely inflow of funds allows for more flexible and responsive budgeting.
You can manage venue bookings, speaker fees, and other logistical needs with greater ease, avoiding the financial strain that often comes with delayed payments.
Moreover, having a clear view of your financial status at any point leading up to the event helps in making informed decisions, whether it's about scaling up certain aspects of the event or implementing cost-saving measures.
Additionally, refunds and chargebacks have become a noteworthy challenge in event management and can be a serious problem, especially if you run large events with high ticket costs.
By ensuring your payment process is clear, secure, and well-documented, you can significantly reduce the chance of any of these issues happening. This not only protects your revenue but also maintains the integrity of your financial management, keeping your event's financial health stable.
Enhanced professionalism and trust
Think about your favorite online store, the one you return to time and time again because everything is just right.
The website loads quickly, navigation is intuitive, the checkout process is simple, quick, and secure, and items always arrive on time as expected.
This consistency in experience across all touchpoints builds deep trust, turning you into a loyal customer.
That's the level of trust and professionalism you want to replicate with your events.
Now think about this:
Would you still come back to that store and buy products if the website took a bit longer to load?
Well, yeah, if everything else is great.
Would you still come back to that store and buy products if you had to spend a bit more time finding what you need, or if it arrived a couple of days late?
Probably, if the product was fantastic and exactly what you needed.
But, would you still come back and purchase products if the payment process was confusing, slow, or didn’t look very safe?
Of course not, right?
This goes to show that while people might 'forgive' many slip-ups in different segments, they definitely won't when it comes to the payment process.
Everything must be spot on here, as this is where trust is either built or broken.
Just as you wouldn’t risk your security and comfort with a dubious payment system online, your event attendees won’t either.
Because of this, you need to ensure that every attendee's payment experience is as smooth and secure as the best online store they trust.
In the world of event planning, a trustworthy event payment system not only assures attendees of their personal and financial safety but also sets a professional standard.
It tells them that every part of their experience has been carefully planned and executed, which encourages repeat attendance and promotes positive word-of-mouth - a key ingredient for the ongoing success of your events.
Understanding Different Payment Methods
Now that you understand why efficient payment processing matters and how important it actually is, let's go over the different payment methods available.
Essentially, payment methods can be categorized into two main types: online and offline.
Each has its own set of advantages and specific use cases, which can accommodate various needs and preferences of your event attendees.
Let’s take a closer look at each:
Online Payments (Online Credit Card Processing)
Online event payments, particularly online card processing, have become the norm for quite some time, and it's clear why: they are quick, fast, and secure - just like your event payment processing should be.
Because of that, attendees love it, and you, as an event planner/event organizer, benefit from it.
The way online payments work is simple: all attendees need to do is enter their card details and complete their transactions in just a few clicks. But how do you make online payments available for your attendees?
Well, there are a couple of different technical aspects you need to understand here.
First among them is payment gateway integration.
A payment gateway acts as a bridge between your event's registration platform and the financial network handling the transaction. It securely validates the attendee's credit card details and payment information, ensures funds are available in their bank account, and ultimately, enables the transaction.
If you want the simplest and most straightforward way for:
➡️ your customer to pay
➡️ and for you to accept payments
You have to have a payment gateway integrated into your website.
Why?
Well, let’s get back to our online store analogy — what would look more professional, safe, and trustworthy: being redirected to another platform to complete your payment and then being sent back, or if everything was happening on the online store platform itself?
The answer is clear.
This integration is often already handled if you use an event management platform to create your website and event-related pages. Many event management solutions come with pre-built connectors to popular payment gateways, simplifying the setup process for accepting payments.
Related reading: How to Choose the Right Event Payment Solution
However, if you're building your event site from scratch or using a platform without these integrations, you'll need to manually integrate a payment gateway. This can be a more complex process, often full of hassle, requiring technical expertise to ensure security and functionality are up to standard.
Now, there are many popular payment gateways, but two of the most commonly used are Stripe and Square. (we’ll explain why in a sec).
The real advantage of integrating such gateways is having the payment processed in real-time, which means you get an instant payout if needed.
Another benefit of online payment processing is fraud detection and secure transactions.
As the world becomes more digital, and more transactions take place online, the risk of online fraud increases. Popular payment gateways implement numerous security protocols and are PCI-compliant to combat this risk.
PCI compliance refers to a set of guidelines developed by the Payment Card Industry to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. This not only protects the financial data but also maintains the integrity of the entire payment process.
In addition to PCI compliance, payment processors use other security measures to protect transactions:
- Encryption uses algorithms to convert sensitive data into "cybertext," which can only be deciphered with the correct key.
- Tokenization transforms sensitive information, like credit card details, into a string of symbols and numbers, or a token.
- Two-factor authentication requires users to verify their identity using two forms of authentication, often through a phone number or email. This security measure is used in conjunction with encryption or tokenization. Note: two-factor authentication is rarely used as the previous two methods are enough in most cases.
When we talk about online payments, another important aspect we need to go over is fees.
Payment processing isn't free and often comes with a fee structure that might surprise you if not fully understood beforehand. Because of this, you should take some time to understand the fee structure of the payment gateways before choosing one.
Two platforms that accept all major credit cards and don’t have complicated fee structures and hidden fees are Stripe and Square; they charge 2.9% plus 30 cents per transaction. These transaction fees are in addition to any fees charged by online ticket sales services or event ticketing platforms.
Yes, ticket sales services and event ticketing platforms also charge their fee which can vary a lot depending on the solution. A smart strategy is to select a solution that allows you to pass both the processing fees AND the event ticketing platform fees to the ticket buyer
One such solution is Accelevents.
Accelevents allows you to pass all fees (2.9% and 30 cents payment gateway fee + $1 per ticket plus 1% of the sale amount Accelevents charges) to the buyer directly, making the whole thing basically free for you.
It's important to note that some processors will charge different rates for different cards, have a setup fee, or even monthly fees.
Stripe and Square, two platforms we mentioned earlier, don’t have such fees, and that's one of the reasons Accelevents integrates with them, providing a streamlined, secure, and cost-effective payment solution for your events.
Offline Payments
While online payments are standard for many events, offline payments still hold significant relevance, especially in certain contexts.
There are three main types of offline payments:
- Check
- Invoice
- Cash
While paying with cash and checks has become less common due to logistical and security concerns, paying by invoice remains a popular choice for B2B events, large corporate events, and events requiring customized payment agreements.
In these cases, the transaction amounts are often higher, and payment may need to go through several layers of approval within an organization. Invoicing allows for this flexibility, and on top of that, it also accommodates delayed or partial payments which are common in business settings.
To show you how setting up offline payments looks like in an event management platform, let's use Accelevents as an example.
In Accelevents this feature is called ‘Pay Later via Invoice’ and it allows attendees to reserve their spots during registration and receive an invoice afterward. They can then pay the invoice at their convenience via check, wire, ACH, credit card, or any other preferred method.
The first step is to enable offline payments, which can be found under Settings > Payment Processing.
While here, in Accelevents, you can also configure other settings:
- Allow attendees with UNPAID tickets to check in to the event - If this is disabled, attendees who have not fully paid cannot enter the event (check-in), whether it is onsite, online, or hybrid.
- Show custom text on checkout to attendees - This allows you to add a message at checkout for attendees who will choose to pay later.
Once this feature is enabled, registrants will see the option to select ‘Invoice’ at the end of the checkout process. After they purchase the ticket via the pay later option, they'll receive an order confirmation email with an invoice in PDF format. This email, as well as the invoice, can be fully customized and branded to match your event’s theme.
With Accelevents, you can also track when an order was made and when payments were made, making it easier for you to manage your event's finances. And if payments are still pending, you have the option to send follow-up reminders to ensure timely payment.
This system not only facilitates smoother transactions but also maintains professionalism and convenience for both organizers and attendees.
Why Setting Up Payment Plans Boosts Registrations
When potential attendees come to the payment stage of their customer journey, they are already:
- Interested in attending the event
- Excited about the content and speakers
- Considering the logistics of attending
At this point, they are in the 'maybe' mindset, and here is where they ultimately decide whether they will actually become attendees or abandon their carts.
So, our goal here is to turn their 'maybe...' into a definite 'YES!'
But how do we do that?
Well, by removing friction and lowering the barrier to entry.
Friction is anything that could be a potential objection for your customers.
For example, thoughts like:
- ‘It’s too expensive’
- ‘I don’t have enough money right now’
- or ‘Let me think about it’
Can quickly make a potential attendee hesitant and lead to them leaving the process altogether.
These barriers, especially financial ones, are often the last hurdles that prevent interested individuals from becoming happy attendees.
One effective way to overcome these objections and convert more 'maybes' into 'yeses' is by offering payment plans.
Payment plans break down the total cost of event registration into smaller, more manageable installments, spread out over a period. This approach can significantly lower the immediate financial burden and make the decision to register feel less daunting.
It’s much like deciding between paying for a year of gym membership upfront or opting for monthly payments. Most people find monthly payments more palatable because it spreads out the financial impact and fits better into monthly budgets.
The same goes for how people purchase phones on a plan rather than paying the full price upfront.
It’s about ease and accessibility.
Similarly, when attendees can spread the cost of an event over several months, the financial commitment feels lighter, and the decision to register becomes easier.
Here’s where offering payment plans can have a tangible impact:
- Increased Accessibility
By breaking down the cost into smaller, periodic payments, more people can afford to attend.
This broadens the potential attendee base, making your event accessible to those who might otherwise skip it due to cost concerns.
- Higher Conversion Rates
Offering a payment plan often convinces those on the fence. It reduces the financial intimidation of a lump sum payment, making the 'buy' decision easier and boosting overall registration numbers.
- Reduced Cart Abandonment
High ticket prices can lead to higher rates of cart abandonment during the registration process.
Payment plans keep potential attendees in the funnel, reducing the likelihood they'll leave due to cost.
- Enhanced Customer Loyalty
By accommodating attendees' financial situations, you build trust and goodwill.
Attendees remember the flexibility and consideration shown by your event, which can lead to repeat attendance and positive word-of-mouth recommendations.
Implementing payment plans not only simplifies the decision-making process for potential attendees but also enhances the overall customer experience.
How to set up and manage payment plans
“That’s great, but how do you set up and manage payment plans?”
Great question!
We’ll use Accelevents again to show you how this can be efficiently implemented to ease both your workload and your attendees' payment concerns.
Setting up and managing payment plans in Accelevents is straightforward and shares some similarities with setting up offline payments.
First, you need to enable the option to "Pay Later via Invoice," which we discussed earlier.
Once enabled, attendees can opt to apply for a partial payment when they purchase a ticket.
Here’s how it works in steps:
- Enable Pay Later Option: Go to Settings > Payment Processing in your Accelevents dashboard. Enable the option that allows attendees to choose "Invoice" at checkout.
- Set Up Payment Plans: When setting up the event, you can define specific payment plans. For example, you can allow attendees to pay in two, three, or more installments. You set the amount and frequency of these installments according to what makes sense for your event and your financial management strategy.
- Automated Reminders: To ensure that attendees keep up with their installment schedule, Accelevents allows you to set up automated reminders. These reminders are sent out to attendees before each installment is due, helping to prevent missed payments and maintaining a steady cash flow.
- Tracking Payments: The platform provides a tracking system that helps streamline your financial oversight by showing who has paid, how much, and who still owes you money. This tracking is essential for financial planning and ensuring there are no discrepancies in payment collection.
The flexibility of partial payments can convert more interested individuals into confirmed attendees, enhancing your event's success and reach.
Typical payment plan example
To better understand how payment plans can be structured, let's consider a typical example that might be used for event registrations.
Imagine you're organizing a three-day conference that costs $300 per ticket.
While this fee might be justifiable for the value it provides, it could still be a significant amount for some potential attendees to pay all at once.
To make this more accessible, you could offer a payment plan that breaks down the total cost into more manageable installments.
Here’s what a typical payment plan might look like in this case:
👉 Initial Deposit: Attendees pay an initial deposit when they register. For our example, this could be 30% of the total ticket price. So, they would pay $90 upfront. This deposit secures their spot and gives them immediate access to pre-event materials or forums if available.
👉 Second Payment: The second installment might be due halfway between the registration date and the event date. If someone registers two months before the event, the second payment could be due one month before the event. This could be another 30% of the ticket price, so another $90.
👉 Final Payment: The final installment would be due shortly before the event, ensuring that the full payment is completed in time for the event’s start. The last payment could cover the remaining 40% of the ticket price, amounting to $120.
Each of these payments can be automatically scheduled and reminders sent through a platform, ensuring attendees are well-informed about upcoming due dates.
Additionally, each installment can be customized to include processing fees if necessary, which can either be absorbed by you as the organizer or passed along to the attendees.
Closing Thoughts
As we wrap up this comprehensive guide on event payment processing, one thing remains clear: the way you handle payments can profoundly influence the success of your event.
That's why it's of extreme importance to make event payment processing as efficient as possible.
The more efficient your payment is:
- The more attendees you’ll have
- The more satisfied they’ll be
- And the greater your financial stability will be
Whether you are just setting up payment processing for your first event or you are refining your existing one, in this article we've shared with you the basics of event payment processing, giving you everything you need to know to make your payment process smooth, secure, and efficient.
However, knowing what and how it needs to be done is only part of the equation.
The other, often more challenging part, is implementing these practices effectively, which requires a robust event management platform.
So, which platform should you choose?
As you've seen in the article we've used Accelevents as an example to show you how easy it can be to set up and manage payments for your event.
And, while there are other platforms that offer similar features, Accelevents is the only enterprise-level event management platform for virtual, hybrid, and in-person events that is easy to set up, use and customize.
So you don't only get a payment platform, you get everything you need to run your event from start to finish.
Oh, and did we mention that Accelevents offers a free trial too?
That’s right - you can try it out before making any financial commitments.
The free trial lets you explore many of the features without upfront costs, ensuring it meets your needs before you invest.
And for those who prefer a more tailored experience, we offer a personalized demo too.
During this session, one of our event management experts will walk you through how Accelevents can transform the way you plan and run events
Click here to try Accelevents for free or book your personalized demo today!
See you on the other side!
