The cash flow of up to 50,000 event promoters and organisers is set to improve with a new direct payment service from leading events guide and ticket agent, Skiddle.
Skiddle has become the first major ticket provider in the UK to offer direct payment options to promoters through leading online payment service, Stripe, and it is set to instantly free up to £9 million of income.
As cash flow is often cited as a barrier to putting on an event, with 58% of Skiddle’s promoters claiming it is a major concern for them, the new service aims to free up vital income from advanced tickets sales to prevent it from being a problem.
For promoters who opt in to the service, every time a ticket sale takes place, Skiddle will place the funds directly into the event promoters’ Stripe account. The funds are then transferred to the designated bank account on a rolling weekly basis, meaning promoters will receive regular deposits before the event takes place.
The new payment system will allow promoters to be paid on an ongoing basis, a few days after each sale, rather than having to wait until after the event has taken place. This will significantly improve cash flow, especially for the smaller events that rely on this money.
Event promoters who decide to use the service will also have full visibility of all the transactions on their own Stripe dashboard, making it easier to stay on top of their payments.
Ben Sebborn, technical director at Skiddle, said: “One of the biggest challenges that event promoters face is cash flow. Advance ticket sales are absolutely necessary in order to guarantee attendance and monitor how well an event is performing, but it can tie up valuable income until after the event. This can lead to cash flow frustrations because although an event may have sold of tickets, most of the major ticket agents won’t release funds until the event has taken place and event promoters are left without these funds to help pay for artists, venue hire and staffing, for example. Some of the major ticket agents integrate with PayPal, which is renowned for holding onto promoter's event money without notice and freezing accounts for up to 90 days after the event.
“At Skiddle, we’re always looking for ways to improve the ticket sales experience for our 50,000 event promoters so we decided to partner with Stripe because they are the market leader in flexible and fast payment solutions. We’re the first major ticketing agent to offer this optional payment facility, and for promoters who need the cash flow, this is a fantastic way to ensure they receive funds directly whenever a ticket purchase is made.”
The new payment facility is available as an alternative option to Skiddle’s existing card processing facilities.
For more information, please visit https://blog.promotioncentre.co.uk/skiddle-launch-stripe-integration/