In this post-pandemic world, now is the time for all sports planning organizations to review their housing business models. Traditionally, most organizations offering event housing would rely on post-event rebates and commissions as their main, or only, revenue stream. Everyone knows the headaches that come with this; having to carry the cost of your services, waiting for hotels to slowly report and pay final earnings, and the dreaded post-event reconciliation process that causes people to see spreadsheets in their nightmares.
What COVID-19 has shed light on is the liability that organizations following the above model suffered, and will continue to suffer unless they are willing to explore alternative business models. We see the future of housing being more revenue upfront.
At Meetingmax, all clients have access to a payment gateway, a tool which gives event organizers the ability to collect revenue immediately. You no longer need to rely on post-event payment from your hotels. (Woohoo! Talk about financial freedom.)
How can I collect revenue immediately with Meetingmax?
All Meetingmax clients have free access to a payment gateway integration with Stripe. There are a variety of options available in Meetingmax to collect revenue including:
- Booking Fees: Charge a nominal non-refundable booking fee when guests complete a room transaction. In Meetingmax you can charge a service, per night, per room, or per reservation fee.
- Deposits: Charge guests a deposit at the time of booking to protect yourself from cancellations or no-shows. In Meetingmax you can charge full payment, one night room + tax deposits, or a specific dollar amount on a per night, per room, or per reservation basis.
- Reservation Penalties: Charge guests for late actions. In Meetingmax you can charge a fee for late booking, late date change reduction, and late cancellation fees. You can even select which sub-blocks to apply these towards, excluding certain blocks if required. An upside to penalties is that they help to encourage ideal guest behaviour such as early bookings.
- Tiered Cancellation Fees: Charge increasing cancellation penalties the closer guests cancel to the event start date. For example, if a guest cancels their hotel reservation six months prior to the event, then charge them a nominal cancellation fee as you have a high likelihood of reselling that room. However, if a guest cancels one week prior to an event, charge a higher fee as you can’t resell that room. In Meetingmax you can easily set up tiered cancellation fees for various date ranges.