Want to boost sales for high value tickets such as for festivals, conferences, or large scale club events? Now you have the power to create a ticket that splits the costs over a series of monthly payments, encouraging sales and keeping things affordable for more of your customers.
What exactly is a payment plan and how does it work? -
A payment plan is a ticket system that allows customers to spread the cost of their ticket over a number of months.
Payment Plan tickets are broken down into three main parts, such as below:
Deposit: Initial non-refundable payment plus the booking fee and delivery charges
Instalment: The middle or part payments
Balance: The final payment and conclusion of the payment plan
Customers won't receive their tickets until the payment plan has been completed.
Payment plans are displayed in the promotion centre as shown above. Broken down into the 3 different parts.
The availability column shows how many of each part has been purchased/completed.
The deposit shows how many people in total have purchased payment plan tickets.
The instalment availability shows how many customers have paid the first instalment etc. This continues as the instalments go down. Therefore there may be less availability for instalment 2 as not all customers have completed the previous instalments.
The balance availability shows how many customers have completed the ticket and will get sent their barcode, therefore attending the event.
Note: Customers will be completing payment plans at different times, depending on when your deposit ticket goes off sale, so these figures may vary.
Customers agree to the Payment Plan by purchasing their deposit ticket and this is charged to their credit or debit card immediately along with the booking fee. This payment is non-refundable and no claim can be made to recover this money in any way whatsoever unless the event is cancelled or postponed.
Once they have successfully purchased their deposit ticket, Skiddle will then automatically debit their card on a monthly basis. Payments are taken on or around the 1st of each month as specified below. There will always be at least one calendar month between the deposit payment and the first instalment.
For Example: For any Payment Plan opened with an Initial Payment made in January 2022, the first automated payment will be taken on or around 1st March 2022 and then monthly thereafter if applicable.
How to Create a Payment Plan -
Here’s a rundown on how to create your own payment plan:
First off, head to Manage Events > View all events
Now we're on to the set up of your Payment Plan ticket. The next thing to do is name your Payment Plan, we recommend using the following format so your customers know exactly what ticket it is, and how long it takes to pay for it.
#Ticket name# #Total number of payments# Month Payment Plan
Add in the date and time you want to go on sale with the plan.
Next up is pricing. You can create a deposit ticket cheaper than the instalment ticket(s) if you wish, however you must ensure that you work out the correct prices for the deposit and instalments so the customer pays the correct amount in total for their ticket. These cannot be altered once created.
For example, if a ticket is worth £75 and you want it across 3 payments, you may want to split it accordingly:
Deposit ticket: £25
Instalment tickets: £25 (this will be taken twice)
Deposit ticket: £5
Instalment tickets: £35 (taken twice)
For the example in the screenshots, the complete ticket is worth £45. So it's been split into two payments (one deposit and one instalment) of £22.50.
Add deposit price, ticket allocation, number of instalments and the price of the instalment tickets.
You'll notice now on the right of the screen, is the T&Cs customers will get when signing up for these tickets, informing them when to expect payments to leave their account. It's good to check these over to make sure you've set your tickets up correctly.
You cannot edit this payment plan once, saved, so double check everything before finalising. Complete the plan by clicking Create Payment Plan.
And that's it, you're all set!
For more visual learners please see our handy How To video below: