One of our biggest success stories when it comes to our checkout process has to be the introduction of our payment plan solution. Since its launch in 2018, it’s been helping promoters increase their conversion rates and average order value by offering fans a flexible payment scheme and a low upfront deposit.
Here are just a few reasons why we now have over 60% of our partners using it.
Increased adoption and conversion rates
Our payment plan offering typically boosts an event’s conversion rate by upwards of 24%. However, since the start of the pandemic we’ve seen this shift intensify, with over 10x more customers deciding to checkout on this method than before. We believe this shift will solidify and become the go-to method of payment for event-goers during the coronavirus recovery.
A higher average order value
Another key success factor is the impressive 74% increase in average order value it brings. We’ve seen that customers are far more incentivised to purchase extras such as accommodation and travel when this payment option is offered at checkout.
Flexibility is one of the biggest advantages of our payment plan offering, with promoters able to customise the amount of installments that customers pay, as well as the initial upfront deposit. Whether you want to do monthly or weekly installments, our technology allows you to.
For even greater flexibility, we recommend also adding our Pay with Friends feature. This allows customers to split their booking with friends, meaning no more chasing payments and awkward conversations.
No risk to a customer’s credit file
Our payment plan carries no credit file risk to customers compared to others on the market, giving event-goers extra peace of mind when checking out.
Low bail rate
The bail rate (orders that don’t complete the plan) remains less than 1%. This is thanks to automated payments, automated emails to notify customers when payments will be taken, and manual follow ups to those who miss any payments. We’re very active in our communications with customers to make sure they don’t fall off the plan unknowingly.
Join other great events in using it
Our solution is already being taken advantage of by a number of major events around the world, including the likes of Coachella (USA), Primavera Sound (Spain), Grapevine Gathering (Australia), AMP Lost & Found (Malta, pictured above), EDC (Portugal), Mad Cool Festival (Spain), and BST Hyde Park (UK, pictured below), who have chosen us as their Official Payment Plan Provider.
If you’re interested in finding out more about how our payment plan offering can help your event, get in touch today.
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