The Secret to Grow Event Revenue? Technology.
Business

The Secret to Grow Event Revenue? Technology.

Book More Events and Get Paid Faster
Carats & Cake / 08 09 22
Photo by Moon & Back Co.

Wouldn’t it be great if you could grow event revenue by producing additional capacity? Just pull dates out of thin air, manufacture staff at will, and open your doors to all. 

Unfortunately for the bottom line (but fortunately for your sanity), that’s not how it works. And with rising costs for…everything these days…you have to work extra hard to close dates with speed.

As you book up all your dates, the only ways to grow event revenue are to improve your operating efficiency on each event, or to drive more revenue from each event. Carats & Cake’s revenue optimization solutions are proving to do all of the above. And add a bit more consistency to your cash management, too.

Flexible Payment Options Meet Your Customers' Needs

Venues that offer Carats & Cake’s four monthly payments option to their customers see a 15% average increase in per event spend. This increase in revenue translated to increased profits. The typical venue sees a 4.5x YoY Return on Investment when they offer Carats & Cake.

Carats & Cake also improves cash flow and keeps you focused on selling. Our venue partners see 80% of their invoices paid on time. This not only puts cash in the bank more quickly, but it also gets it there more efficiently, without having to chase down payments.

grow event revenue with digital invoicing tools

How the Carats & Cake Solution Works: A Modern, Digital Extension of Your Brand

The solution gives your customers the modern, trustworthy, and efficient experience they expect. 

Our platform enables you to generate an invoice for your clients in seconds. Literally. If you wish, you can connect a copy of the contract to the invoice. Customers can sign the contract digitally.

Your customers receive the digital invoice seconds after you send it with your logo appearing at the top of the page. Carats & Cake has been in the wedding and event industry for nearly 10 years, we know that your branding is essential at every touchpoint with a customer and we step on that. 

The invoice simply asks, “How do you want to pay?” Your customers can pay by credit card or e-check in full (the solution is PCI DSS compliant) or in four interest-free monthly payments. Once we process your client’s payment, they receive confirmation. And so do you.

Whether the customer chooses to pay in full or over time, you receive full payment within one business day. For the customer, in this period of financial volatility and inflation, they are able to manage their own cash flow better as well while not necessarily having to sacrifice their preferences in order to get the deposit costs “down.”  Anecdotally we hear often that sales conversations become a lot more aligned in that regard and that a venue’s customers feel that they’re getting a better experience.

Best-in-Class Reporting and Tracking

Carats & Cake provides a property dashboard that helps you track who has paid, who hasn’t, and who needs a friendly reminder.

You and your customers receive immediate, automatic confirmations when payments are processed. You can export payment and invoicing data at any time for internal bookkeeping or external reporting with just one click.

This modern, up-to-date system is complementary to existing systems and there’s no downtime during onboarding. No more collecting credit card or bank account information by phone, manually sending PDFs, and constantly following up and tracking down payments. 

In addition to helping you improve the customer experience, our system frees your staff from chasing payments, so they can have more time to grow event revenue and build your business.

Grow event revenue digital payment dashboard

Premium Marketing Support from the Industry’s Fastest Growing Digital Community 

Partnering with Carats & Cake also gives you access to our blockbuster team of social media experts. We attract more than 500,000 followers to our channels: planners and future newlyweds. They crave our informational and inspirational content—to the tune of 40 million+ impressions every month.

This is the team you want if you're looking to reach your marketing goals and grow event revenue. We've helped shape great luxury brands in retail, lifestyle, and hospitality. We know how venues work and what it takes to increase event income. We also emphasize agility and speed-to-market. 

Today's buyer, more than ever, is a visual buyer. With access to inspired wedding imagery available at every turn it is so important for the client to see tangible and relevant content. — Caroline Mntondon, Weddings & Social Manager, Four Seasons Resorts Lanai

Carats & Cake's marketing and payments solutions work hand-in-hand. If you want to attract couples to your venue, book more events, grow event revenue, and get paid faster, let's talk.

grow event revenue with best in class marketing
More About Carats & Cake

Carats & Cake is building the fintech platform for events business to better connect with, and serve the needs of, digital and mobile-first customers. We believe that by using modern technology, the very best engineering talent, and a mission-driven approach, we can transform the events industry with purpose-built tools and solutions that enable future growth. Our platform is built on trust and transparency, making it easier for properties to convert sales and align with customer needs every step of the way.

Schedule a Demo

Fill out the form to speak with one of our experts, and tap into Carats & Cake's audience and expertise:
 

80%
Invoices Paid On-Time
 
15%
Average increase in event spend
 
4.5x
return on investment