- Event Promotion Tips
How split payment options could boost your festival ticket revenue in 2024
By Ryan Moss
- 17 Jan 2024
- 1 min read
Social media, a great ticket provider and different marketing techniques are all helpful tools when you’re promoting a festival. We’ve covered those in the past, and today, we’re going to look at something else that can help drive sales.
Split payment methods.
They’re popular in the E-Commerce world. For example, how many times have you heard a friend say they bought their latest pair of trainers through Klarna?
They can help you boost festival revenue, too. Here at Skiddle, we offer a few split payment methods. Let’s have a look at what they are and how they can help.
What split payment options do Skiddle offer?
Before we get into how split payments can help ticket sales, let’s have a look at the options we offer.
Payment Plans can be found in The Promotion Centre. The builder will show a diagram of how your Payment Plan, making it easy to visualise how your plan will look in practice. You can then set the allocation, deposit price and the number and price of instalments.
For more information on Payment Plans, head to the link below and discover our in-depth guide on the feature.
PayPal Pay In 3
Our other split payment service is PayPal Pay In 3.
It’s available for orders between £30 and £2000, letting customers split the cost of their festival tickets into three interest-free payments at checkout via PayPal.
For more information on PayPal Pay In 3, hit the link below and discover more about the feature.
How can split payment options boost your festival ticket sales?
By driving last minute sales
Spontaneous and last-minute sales can be the difference between selling out or not. So, keeping your marketing going until the end of the sales cycle and generating as many sales as possible is crucial.
However, with festivals, it can be tricky for potential attendees to commit to a last-minute sale on a whim. That is thanks to the ticket cost.
With PayPal Pay In 3, you won’t have to wait for the instalments to be paid in full before you get the remittance. Customers can use the feature to buy a festival ticket a week before the gates open.
By encouraging people to purchase early
The flipside to our previous point is that split payment options can encourage people to purchase early.
It’s straightforward behaviour. When people know they can budget the cost of a ticket, they’re more likely to buy. It’s easier for them to look at their monthly outgoings and cut back on costs in other places if needed.
You can encourage early purchases by using our Payment Plan feature. Why not set a low allocation of Payment Plan tickets and encourage people to take advantage of the split cost through your marketing?
The only thing you need to keep in mind? Our Payment Plans can’t be paid for with PayPal. So, think about whether you’d like to prioritise early or last-minute sales and go from there.
By building customer loyalty
The big-name club and festival brands that inspire us all have one thing in common: they’ve built customer loyalty over a long time.
Over the years, they’ve offered valuable experiences to their customers. In return? Their attendees have responded by buying tickets year after year.
Using our Payment Plans feature can go a long way to help build customer loyalty. People will remember if you offer an easier way to pay. Over time, they’ll keep coming back, going from first-time buyers to loyal attendees.
By minimising refunds
When someone commits to a split payment, they’re less likely to get a refund.
You don’t need us to tell you why fewer refunds are music to your ears, but it’s worth mentioning: you’ll have a better chance at getting the maximum income from your ticket sales.
With fewer refunds, you’ll spend less time sorting out requests and watching to see if tickets have been resold. That frees you up to work on making your festival the best it can possibly be.
If you like the sound of our features and think split payment options could help, we’ve rounded up a few more links below.
Payment Plans v PayPal Pay In 3
Here you can view both features side by side, which will help when deciding whether to prioritise early or last-minute sales.
How to set up a Payment Plan
If visual learning is more your thing, have a look at our how-to video on creating Payment Plans in The Promotion Centre.