Key Takeaways
- Events companies operate on a large scale, often internationally.
- A strong payment platform can help you navigate related challenges.
- With Payset, you’ll benefit from fast and affordable payments, access to multi-currency IBANs, real-time FX exchange, and more.
- We can help you pay freelancers, contractors, and partners with ease.
Events companies are in a unique position — often operating globally and maintaining a huge network of vendors, sponsors, and talent agencies.
And it doesn’t stop there. You also need to work with partners, employees, contract workers, clients, and guests, each with unique payment needs.
Other factors add even more challenges, meaning that your events company needs to handle numerous transactions with ease. Here’s how to choose a payment solution and reach your maximum potential.
Three Challenges for the Events Sector
Let’s look at three major challenges: foreign transactions, profit margin preservation, and regulatory compliance. Here’s what you need to address.
International Activity and Payments
Business is a more global phenomenon than ever before. Findings from McKinsey indicate that cross-border payment flows amounted to $150 trillion in 2022, representing a one-year increase of 13%.
Events businesses are one part of this trend, as they frequently engage with partners, guests, and employees in countries outside their base of operations.
The UK is among the most notable markets with international activity, even in the post-Brexit landscape. The country had a strong events market that attracted 1.5 million inbound visitors and £1.7 billion in related spending in 2023.
And in the EU, international event participation is made even easier by laws like the Schengen Agreement, which allow event guests and workers to travel easily between eligible countries without internal border checks.
Those factors mean events companies often need to transact in the British pound (GBP), the Euro (EUR), and various other local currencies.
And other countries with international events can expect to see similar trends.
Tight Revenue Margins
The events industry has tight revenue margins arising from high staffing expenses and venue costs, difficult logistics, and strict deadlines.
Members of the events sector have recently cited budget restrictions as an issue. EventsAir found that 63.5% of respondents see financial constraints as their biggest challenge, with organizations pressured to “do more with less.”
Although that survey identified other cost-saving measures, finding an affordable payment solution is critical to preserving your profit margins.
Doing so doesn’t just reduce transaction costs — it also improves cash flow, streamlines vendor payments, and frees up funds for investments and growth.
Regulations and Compliance
Payment regulations are stricter than ever, especially in Europe and the UK.
Those rules don’t always apply directly to your events company, but you’re almost always required to choose compliant financial and payment services.
That means satisfying regional versions of regulations like:
- The Payment Services Directive 2 (PSD2), a core piece of regulation governing payment services, security, and open banking.
- Tax obligations, including value-added tax (VAT) remittances.
- GDPR privacy obligations.
- Consumer protection laws, including refund and cancellation rules.
- Reliance on an FCA-authorized payment service if based in the UK.
Your company’s compliance team is ultimately responsible for adhering to regulations. But choosing a fully regulated and compliant payment solution like Payset can simplify parts of the process and give you further peace of mind.
What To Look for In a Payment Platform
Your events company can find its ideal payments platform by seeking out a variety of features. Here’s what Payset has to offer.
- Multi-currency support: Handling multiple currencies will help you pay your global event partners with ease. With a Payset account, you can hold, spend, and receive over 34 different world currencies, including the British pound (GBP), the Euro (EUR), and many others.
- IBAN accounts: Transact like a local with a Payset IBAN and protect yourself from IBAN discrimination! Alongside international transfer options like SWIFT and SEPA, you’ll get access to select local payment networks.
- Fast cross-border transactions: Pay your vendors, talent, suppliers, and partners on time — a must-have feature under tight event deadlines.
- Low fees: Optimizing transaction costs can go a long way toward preserving profit margins. Save fees on ticket sales, sponsorship payments, employee wages, and other frequent spending! With Payset, you’ll enjoy competitive fees on every transaction, plus affordable account fees and free sign-up! See our pricing details here.
- Real-time FX conversion: When you swap currencies on our built-in FX exchange, you’ll see real-time conversion rates upfront before committing to a trade. Avoid unexpected costs with this feature!
What Else Does Payset Provide?
Mass Payments
With Payset, you’ll be able to pay several parties at once. Just upload a list of payees and start managing and tracking payments. It’s perfect for festivals, conferences, and multi-day events with big crowds or complex logistics.
Mobile Access
You can use Payset as a desktop or mobile app, managing your event finances no matter where you are! Whether you’re on the go as an event organizer or producer, accessing the Payset dashboard is fast and easy.
Pay Freelance and Contractors
Payset can help you make payments to people working in any capacity, from regular employees to international freelancers, performers, or temporary staff.
Find out more about our payroll options here.
Real-time Reporting & Audit Trails
With Payset, you’ll have maximum insight into your financial data. Get full visibility into cash flows, track return on investment (ROI), and manage future projections for all aspects of your business from your account.
Our Security & Compliance Commitment
At Payset, we offer a secure and compliant financial platform that’s ideal for managing high-value sponsorships or government contracts.
It’s a multifaceted effort on our part. First, we’re authorised as an EMI with the UK’s Financial Conduct Authority (FCA), allowing us to serve customers inside the country. We also serve over 70 other countries around the globe.
Next, our efficient KYC/AML policies allow us to perform verification on all user activity while placing minimal burden on you as a customer.
Finally, our safeguarding policy segregates your funds from company funds, and our GDPR privacy policy ensures that your rights are protected.
Ready to Start?
Get started with Payset today to streamline global payments, reduce costs, and empower your events business with secure transactions.
