The Quick Guide to Event Payment Processing

Feb 14th, 2024

Payment ProcessingEvent & Equipment Rentals

 

If you find yourself in the thick of event planning, you likely already have firsthand knowledge of how many moving pieces you must manage. A lot of factors go into the planning and execution of an event. From the rental of equipment to ticket sales, you’ll be juggling lots of things – and it can make event payment processing more complex. 

Here are a few aspects to consider when picking out a payment processor for your next event.

 

Understanding Event Payment Processing 

Before we dive into the solution to simplify your planning process, let’s start with a quick breakdown of what payment processing is. 

In a nutshell, payment processing gives a company the ability to accept payments, refund payments, or pay outside vendors. Most people are familiar with payment processors for accepting credit or debit cards, but some processors may also accept ACH, e-checks, and even cryptocurrency payments. 

During events, there’s a lot of money flowing in different directions at different rates, increasing the complexity of what you need. A general-use payment processor made for simple e-commerce transactions likely won’t fit the needs of an experienced event planner. 

Think about how many different things you can charge for at your event. You likely have some fixed, one-time purchases like tickets and booth spaces. These are balanced by ongoing rentals of equipment, tables, and chairs. Although less common, you might even have to think about variable costs based on usage, like electricity. 

All of this works together to make payment processing more complicated for event planners. You need something that handles every aspect of your event for convenience and ease of use.

 

Key Features to Look For

Next, let’s explore what to look for when finding the perfect event payment processor. Here are a few features that shouldn’t be missed.

Flexibility and Customization

Every event has its share of unique offerings and transaction types that need to be handled by a payment processor. Make sure everything you may need to charge for can be handled by the same payment processor. 

In other words, make sure your solution can handle both one-time and recurring payments.

Security and Compliance

Security is crucial any time you’re dealing with money changing hands, it should be top of mind as you review potential payment processors. At Ascent Payment Solutions, we safeguard all your cardholder data and ensure compliance with PCI certification. We also provide user authentication with IDVerify EMV 3DS and point-to-point encryption for added security. 

Ease of Use

A quick, seamless way to accept payments is absolutely necessary for pulling off an event without a hitch. It should be easy to use not just for event planners, but also for attendees. They want to pull out their card and make their payment quickly and efficiently. Look for seamless integration with current software usage for even greater convenience.

Deposits, Cancellations, and Refunds

When planning an event that deals with rentals like booth equipment, you need to be able to handle the initial deposit as well as cancellations and refunds. 

A basic payment processor may be equipped to handle one-time transactions, but you need something more specific. Look for a processor that can handle ongoing rentals with an in and out date to make sure all your needs are covered under one umbrella. 

Cost-Saving Features

Another part of finding the perfect event payment processor is looking for tools that help your rental business cut costs. For example, a processor might be able to apply compliant surcharges to mitigate your processing fees or offer interchange plus pricing, which could save your business money compared to flat-rate services.

Reporting

With so many pieces to juggle, it helps to see at a glance how much money is flowing in and out. A payment processor with reporting features can help you better understand the big picture. 

Some reports you’ll want access to include:

• End-of-day reports

• Batch Settlement reports

• Open-Auth and Clerk Reports

• Daily Volume summaries

• Reports by Card Type / Payment Type

If your software integrates with gateways that your payment processor is familiar with, it may be able to provide even more information for tracking and reporting.

 

Tips for Evaluating Processors

These key features are crucial components of your new payment processor for an event planner, but here are a few other tips to help you make the right decision. 

Pricing and Fees

Along with organizing an exciting and memorable event, profitability is top of mind for many event planners. While it’s normal for any payment processor to charge for their services, be sure to ask about any fees or extra charges they may be hiding from you. 

For example, do they charge an application fee, set-up fee, or termination fee? Do they lock you into a long-term contract?

Processing Speed

How long will it take for the payment you accept today to land in your bank account? Look for payment processors who offer next-day funding. This enables you to keep things moving in a positive direction as you plan the finer details of the event.

Customer Support

Don’t make the mistake of choosing a payment processor who solicits your business and then drops the ball when you need assistance. Especially when you’re in the middle of a live event, you’ll want a reliable payment processor who answers the phone if you need technical support.

Ascent Payment Solutions guides you through the implementation of our services at every stage. We're here to assist you with onboarding, technical questions, and even statements. If you have a question, rest assured that our support team is here to help!

 

Plan Your Next Event with Ascent

Ascent Payment Solutions is a world-class payment processor specializing in event industry payment processing. If you want a payment processor experienced in your industry, we can help you with low fees, fast payments, quick deposits, and automation of every step of the payment process. We support you and your business and help you collect the money you’re owed!

Reach out to us today to learn more about our solutions and how we can help your next event run even smoother!