As an event organizer, you understand the importance of keeping your participants happy. One way to do that is by offering flexible solutions, like credit balances, that provide a convenient alternative to refunds while still benefiting your business. Here's why credit balances should be your go-to option.
Minimize Revenue Losses
Instead of issuing refunds, credit balances allow you to provide store credit to customers who can then use it to pay for future events or merchandise. This means you keep the revenue and don't have to dip into your funds for refunds.
Convenient and Flexible
With credit balances, participants can choose to apply their store credit whenever they want. This flexibility allows them to register for upcoming races without the need to process additional payments, streamlining the registration process. When checking out, the participant’s credit balance information is displayed, and they’re given an option to apply the credit to their order total. Participants can also check their remaining balance and credit expiration date through the MyEvents participant portal.
Boost Loyalty and Customer Satisfaction
Credit balances are a great way to build a strong relationship with your customers. Use them as rewards for loyalty or as part of your service recovery strategy to turn unhappy customers into loyal participants that return year after year.
For example, if a participant contacts your team about a negative experience or a situation arises where you would like to reward someone for a certain action, you can offer them a credit balance to show you’re willing to go the extra mile, which is always appreciated.
Easy to Issue and Manage
Issuing and managing credit balances is easy; you can either choose to refund to credit balance when canceling a registration or apply the credit directly to a participant's account from their People profile. By utilizing the credit balance feature, you can retain the cash you’ve already collected, thereby protecting your bottom line while maintaining fairness and added convenience to your customers.