Interested in how instant payments can improve your event ticketing services platform? Consumer spending is set to rise over the next 12 months, signalling healthy growth in the events industry. However, venues and event ticketing platforms also see shifts in consumer preferences and attendance styles, so the time to innovate has never been better.
Instant payments technology can transform your customer experience for the better and drive growth across your business. Yet, finding the right partner and actually implementing instant payment solutions can be challenging.
That’s why, in this article, we’re looking at how you can improve your ticketing services and get started with instant payments. Read on to learn more about building next-generation digital ticketing solutions and how they can benefit your hospitality and events business.
How instant payments can add value to the events industry
There’s plentiful competition in today’s events industry. Online and hybrid events have redefined the experience economy and created new opportunities. So, every part of your ticketing platform must be optimised to engage, attract and convert customers. Here, instant payments offer a range of benefits to both drive sales and streamline the purchasing process.
Faster payment methods can enhance the customer experience by allowing consumers to complete purchases without unnecessary friction that impacts merchants’ conversion rates. For example, lengthy processing times can quickly drive up cart abandonment rates. Research shows that sites loading in as little as one second convert three times more customers than sites loading in five or more seconds. Similarly, payment declines from data entry errors are almost as common as those from insufficient funds. Instant payments also reduce fraud by removing the risk of fraudulent chargebacks. By leveraging customer bank account details directly, you can assess transaction affordability ahead of time.
Combined, you can gain a competitive advantage by building a reputation as the go-to platform for this season’s hottest events. It’s why instant payments are the future of ticketing. Of course, this is easier said than done. So, how can you integrate instant payments in your event ticketing platform?
How to incorporate instant payments within your event ticketing software
1. Find a reliable partner
With numerous payment service providers in today’s market, it can be difficult to select a third party to improve your event ticketing software. Worse still, not all ‘instant payment’ methods are truly instant. This is because the European instant payment landscape remains fragmented, so finding a third party with a sophisticated network is essential.
Brite is a leading provider of enterprise payment solutions. Our Instant Payouts Network spans nearly 4 thousand banks across 24 European countries. As a result, we offer fast payout solutions in various critical markets covering several currencies.
What’s more, Brite Instant Payments delivers instant payments in six European countries. These include Sweden, Finland, the Netherlands, Estonia, Latvia, Lithuania, and soon Belgium. We also have a wealth of cross-industry experience – from insurance to e-commerce – meaning we’re the best choice to enhance your event ticketing software.
2. Deploy the instant payment tech
Once you’ve found your solutions provider, the next step is to add the instant payment method to your ticketing system. Your third-party solution provider should give you implementation guidelines to make this step easier. (All the more reason why finding a reliable partner is so important!).
By way of example, here’s what we provide at Brite. As you can see, this step should be relatively easy: you should be able to see each step you need to take in detail. Equally, your solutions provider should be on hand to answer any questions throughout.
If you find yourself lacking answers to questions ahead of the implementation process, it may be time to reach out to some providers to get answers. Payment service providers can become invaluable strategic partners for your business. So, make sure you choose wisely and ask them about their onboarding processes and meet with their teams.
3. Optimise your checkout
Now that your business can accept instant payments, it’s time to optimise your checkout. This involves making the payment method easy for customers to find and use. For example, with Brite, all you have to do at this stage is choose the checkout design you’d like to use.
Exactly how you optimise your checkout will vary depending on how your customers behave. Use your event ticketing platform’s analytics and determine whether your customers prefer mobile or desktop devices. From here, find the right balance of visual information (including logos and text description) to fit your website’s existing design and get started.
4. Spread the word
Finally, let your customers know that instant payments are available on your website. We recommend, you use your third-party solution provider’s logo and add a FAQ page to your website. You could also put a banner on your website to let new customers know and email your existing ones to announce the news.
Access instant payment solutions from Brite
The events industry is undergoing an evolution, and instant payments have a critical place in its future. By streamlining how customers buy tickets, you can offer guaranteed slots at their favourite events. What’s more, you can improve your cash flow at the same time – but only if you find the right partner.
Brite is a highly experienced payment solutions provider. With a pan-European Instant Payments Network and extensive industry expertise, we can help you attract new customers and retain existing ones. With no downloads or registration necessary, our powerful API gives you faster, smarter and more secure payments all in one.
So, if your business wants to explore better payment solutions, let’s talk.