Think about the last time you planned a meeting or an event, did you pay with a credit card? How was your reconciliation process? Did you have all your itemized receipts?
Making your purchases with a credit card may seem like the easy way out, but you may be cutting corners without receiving any benefits. Below are the top five reasons why you need to stop paying for your events with a credit card:
- Lack of granular data. Take a look at the stack of receipts next to you from your last event. How long would it take for you to determine how much you spent in food and beverage? Entertainment? What about a complete report of all your spend by category? By paying with a credit card you do not see the complete breakdown in spend by category, making it more challenging to complete your reconciliation reporting and negotiate better rates for your frequently used vendors.
- Loss of front-end control. It is common for more than one planner to use the same credit card for meetings and events. With the card being passed on from planner to planner, it becomes a greater challenge to keep a running total of spend and ensuring you are staying within your budget. All the passing of credit card information can lead to...
- Fraud. Card-not-present fraud is on the rise as technology grows and, expecting to reach $25.6 billion in fraudulent charges by 2020. When fraudulent purchases are made, a planner might not notice the purchases immediately causing unnecessary stress and time wasted disputing a charge. Fraud does not stop with the card user. For a supplier to accept a credit card for meetings and events they are accepting the risk of a chargeback, disrupting their business.
- Not universal. Credit cards are not a universal payment, especially when used internationally. The last thing you want while on site for an event is to try to make a final vendor payment and learn that your credit card is not accepted by that supplier.
- Time intensive reconciliation. You put on an incredible event and are ready to conquer your next great venture, but first, you have to tackle your expense report and event-end reconciliations. If you have back-to-back events, you run the risk of mixing receipts and losing track of your spend. The faster you can organize your payments and complete your reconciliations, the faster you can move on to your next great event.
You don't have to put up with these challenges! Use EvedPay, a payment solution that is purpose-built for the meetings and event industry so you can:
- Extend your AP process to efficiently handle the event category
- Enable proactive budget management
- Eliminate card reconciliation
Contact us so you can stop focusing on administrative tasks, and get back to creating amazing experiences with your meetings and events.