What is an Automated Event Payment System and Its Importance?
For an event organiser, the challenges of managing the funds manually can be very tough. There are taxes, ticket transfers, partial/full refunds, and cancellations and many other transactions that keep happening throughout the event.
Benefits for Event Organizers & Attendees
With automated settlements in KonfHub, there are two benefits:
a) All the ticketing transactions are transparently shown and the amount due to you (i.e., settlement amount) is calculated automatically.
b) Ticket sale proceeds are automatically transferred to your bank account details provided as part of your event information in KonfHub at a fixed cadence of 7 days, i.e. Thursday of every week.
Transparency in the settlement
Settlement is the amount that will be earned by the organiser. At a high level, it is income (i.e., ticket sale) minus expenses (i.e., payment gateway charges and any taxes). Since settlements relate to paid ticket transactions, they are not applicable for free events: Settlements are relevant only for paid events only. The settlement will be made every 7 days, so four times a month. As an organiser you can see the income and expenses clearly on your dashboard.
In the rest of this article, let’s see aspects of automated settlements and how it works in KonfHub.
Transactions Table
This table shows the grouped transactions, sum of settlement amount happened in a day for a particular settlement cycle.
Individual Settlements
Individual settlements show the total of daily transactions under a cycle, but only for a particular cycle. So, for example, in this table, if you press any settlement ID (the ones in blue colour) where the settlement amount is greater than 0, you will be able to see the total amounts (settlement amount, transaction amount, expense etc.) that happened under that settlement cycle.
Individual Settlement Table
It shows the grouped transactions record that happened for a particular settlement cycle each day.
Day-wise Transactions Table
Number of transactions happened each day including, registrations, refunds and carry forwarded amount. It shows the individual transactions that each happened under a settlement cycle. In the pic below, if you can see sold-7; Refunds-1; for your event also, there will be the same records, so if you press it, it will show you how many attendees registered and refunded in a day.
Grouped Transactions
It shows the total transactions that happened each day under a cycle for all the settlement cycles. For example, you can check the grouped transactions table in the pic below.
On-Demand Settlement
On-demand settlement offers immediate settlement to the organizers. Apart from the periodic settlement on a monthly or fortnightly basis, an immediate automated settlement can be done.
The objective of on-demand settlement is to make your life as an event organizer easy: you can get your funds whenever you want. For example, in between the event you might need to pay the venue booking fees and need additional funds. You can use the on-demand settlement to receive immediate funds from your settlement balance.
Download Reports
To ensure that you as an organiser have transactions & settlement details readily accessible, we also provide a CSVs download option. The downloaded sheets contain the overall information with reference to the transactions that have happened for the event so far.
Each settlement report record includes the settlement ID, settlement amount, settlement date, tax amount, expense, etc.
Shows the overall amount that will be settled to the organiser and the amount that will be deducted.
In the pic below, you can see the settlement table, and you need to press the download button to get the associated CSV.
Summary
At KonfHub, we constantly update our features and add new ones to make the organiser's job easy and scale to 100x, and automated settlements are part of that vision to make your life as an event organizer easier.