If you are tired of chasing down payments owed to your venue, keeping track of remaining balances, and wishing you got paid on time (every time), Weven offers an easy way to collect payments, saving you time and streamlining the entire process.
When using a two-sided venue management system like Weven, not only are you able to request payments from a client, set deadlines, and schedule automated reminders easily, but both parties will feel more confident in being aware of upcoming payments and their due dates.
Weven allows you to customize your contracts and accept electronic signatures easily. Creating a payment plan and sending automatic reminders about overdue payments eliminates spending time writing and sending reminder emails or coordinating a time to meet in person to hand off a check.
Table of Contents
- Why You Should Switch to Online Payments
- Payments Through Weven
- Best Practices
- How Weven Supports You With This
Why You Should Switch to Online Payments
(...if you haven’t already!)
Today's tech-savvy clients expect to conduct the lion's share of their wedding planning online, and that includes completing payments. Did you know that 67% of millennials have not written a check in the past month? This number is expected to be significantly higher among Gen Z (Finance Buzz). Meet your clients where they are and cut out the need for manual invoice reminders or the possibility of missed client payments in the process.
Not only is it challenging to collect and manage cash payments, but doing so increases the room for risk and creates more work on your end by manually recording payments. Settling payments online gets rid of the security risks of handling cash. Online payments also save you time and effort without running back and forth to the bank.
65% of small and medium-sized business owners agree that customers accepting digital payments increased their total sales over just accepting cash or check (Visa). Online payments are easy, safe, and convenient for everyone involved!
Payments Through Weven
Weven integrates with Stripe, a 3rd party online payment processor, to allow our venues and their clients to complete transactions regardless of banking institutions. Stripe uses the best-in-class security tools and practices to maintain a high level of security.
Our fees are some of the lowest in the industry! Many of our hosts prefer this method over others because it supplies the preferred convenience of online payments that their clients appreciate and are coming to expect while still minimizing the associated expense.
No more trudging to the post office or meeting your clients every few months to collect a check or cash. Due to the pandemic, more venues than ever accept online payments via credit card. Weven’s platform allows payments to be made online, tracked, and managed all in one place.
The venue rental is often one of the largest costs when planning a wedding, but what better way for Wedding Clients to rack up the credit card points? Can you say “free honeymoon”?
Making a Payment Plan:
Stay on top of when you are receiving revenue by working out a payment plan that breaks up the lump sum into smaller installments. We always suggest sharing a standard payment plan in your contract to help set client expectations but remain flexible enough to meet your clients’ needs.
Make sure to generate and send the initial deposit link along with your digital contract, then create reminders with the remaining links after booking. Not only will this rise to the top of your Wedding Clients’ planning account, but they will be reminded of upcoming payments they may have forgotten about- or maybe even complete a payment ahead of time!
“Our contract stipulates a payment schedule that our clients like. We collect 20% as a down payment to reserve the date which is nonrefundable. Then, we require 50% of the remainder due 6 weeks prior to the event and final payment 7 days before the event. This allows for adjustments to their invoice leading up to the date. For example, if the headcount increases, if they want us to customize and add special gifts for their guests, etc. We have room to include last-minute changes before final payment.”
Emily, Plan Bee Farm Brewery
Client Advisory Board Memember
How Weven Supports You With This:
Weven's system provides hosts and their clients a place to manage event payments and stay on track leading up to their event. This is fueled by a robust set of tools that allow...
THE HOST TO:
- Generate, track and log both online + offline payments in one place.
- Set reminders for upcoming payments so clients will automatically be prompted as a due date nears.
- Receive live updates on the status of all payments.
- Create new payments or issue refunds if amounts change during the planning of an event.
THE CLIENT TO:
- View what they've paid and what is still due in one place.
- Receive automatic email reminders and conveniently have access to all upcoming payments on their Planning Portal dashboard and from within their tasklist.
- Quickly make online payments from within their Planning Portal.
- Invite family members or friends to make payments via our Financier role (if applicable).
Follow this tutorial to start collecting payments through Weven.
Current Weven Hosts:
For additional questions, feel free to contact your Weven Venue Success Representative.
Not a Weven venue yet and interested in learning more? Schedule a Free Weven Demo today!