Offer finance for event tickets (concerts, sports events)

Introduction

As the world of live entertainment continues to grow, more people are seeking opportunities to attend concerts, sports events, and other exciting experiences. However, with the increasing costs of event tickets, particularly for high-profile concerts and major sporting events, it’s not always easy to afford these experiences upfront. Offering finance for event tickets has become a popular solution, allowing fans to spread the cost of their tickets over time, making it more manageable for a broader audience.

In this article, we will explore how offering finance for event tickets can benefit both consumers and businesses, how this approach works, and how companies like Kandoo, a UK retail finance broker, can help make the process smooth and efficient for both parties.

The Growing Demand for Event Ticket Financing

Live events have always been a significant part of British culture, whether it's attending a football match, seeing a world-class musician perform, or enjoying a theatre production. However, ticket prices for popular events have surged in recent years, largely due to increasing demand, limited availability, and the costs associated with hosting large-scale events. For many, the cost of attending these events has become a financial burden.

For example, ticket prices for major concerts and sports events can range from £50 to several hundred pounds, with VIP packages and premium seats costing even more. For families or groups of friends, the total cost can quickly escalate, making it challenging to justify such a large one-time expense.

This is where ticket financing comes into play. Offering finance options for event tickets allows consumers to spread the cost over several months, making it easier to afford the experiences they desire without having to compromise on their budget.

How Ticket Financing Works

Ticket financing operates in much the same way as financing for other consumer goods. Rather than paying for the tickets in full at the time of purchase, customers can opt for a payment plan, spreading the cost over a set period. This is particularly useful for large ticket purchases, such as group bookings or high-cost VIP experiences.

Typically, ticket financing works as follows:

1. Application Process: When purchasing event tickets online, customers are given the option to apply for financing at the checkout stage. This process is simple and usually involves completing a short application form.

2. Credit Check: Once the application is submitted, the finance provider conducts a quick credit check to assess the applicant’s ability to repay the loan. This is done in real-time, and customers typically receive an instant decision.

3. Payment Plan: If approved, the customer is offered a payment plan that outlines the terms of repayment, including the length of the loan, the interest rate (if applicable), and the monthly payment amount. Some providers may offer 0% interest over a short period, making the option even more appealing.

4. Repayment: The customer then makes regular monthly payments until the balance is cleared. This allows them to enjoy the event without the stress of having paid a large lump sum upfront.

The Benefits of Offering Finance for Event Tickets

For Consumers:

1. Affordability: The most obvious benefit of ticket financing is that it makes attending events more affordable. By breaking down the cost into smaller, more manageable payments, consumers can enjoy experiences they might otherwise have had to miss.

2. Flexibility: Financing provides flexibility, allowing customers to choose payment plans that suit their financial situation. Whether it's spreading the cost over a few months or taking advantage of 0% interest offers, financing gives consumers options.

3. Increased Access to Premium Experiences: Many consumers would love to upgrade their event experience by purchasing VIP packages, front-row seats, or additional perks. However, these options can be prohibitively expensive. Financing opens the door for more people to enjoy premium experiences without worrying about the cost all at once.

4. No Need to Delay or Miss Out: Often, the best events sell out quickly, and waiting to save enough money for tickets can mean missing out. With financing, consumers can secure their tickets immediately and spread the cost, ensuring they don’t miss out on the experiences they love.

For Event Organisers and Ticket Sellers:

1. Increased Sales: Offering finance options can lead to increased ticket sales, as customers who might have hesitated due to the cost are more likely to make a purchase. This can be particularly beneficial for high-ticket items such as festival passes, VIP packages, and premium seating.

2. Improved Customer Satisfaction: By offering a flexible payment solution, event organisers can enhance the customer experience, making it easier for fans to attend their events. This can lead to higher levels of customer satisfaction and brand loyalty.

3. Larger Basket Sizes: Customers who finance their tickets may be more inclined to purchase additional items, such as merchandise, food and drink vouchers, or parking passes, since they are not paying for everything upfront.

4. Competitive Advantage: In a crowded marketplace, offering ticket financing can give event organisers a competitive edge. Consumers are more likely to choose a ticket seller that offers flexible payment options over one that requires full payment upfront.

The Role of Kandoo in Event Ticket Financing

Kandoo is a UK-based retail finance broker that partners with a wide range of businesses to offer flexible finance solutions to their customers. They work with multiple lenders to find the best possible finance options, making it easier for businesses to offer affordable payment plans for their products and services – including event tickets.

How Kandoo Can Help Event Organisers

1. Tailored Finance Solutions: Kandoo understands that every business is different, and they offer tailored finance solutions to meet the specific needs of event organisers and ticket sellers. Whether you're selling concert tickets, sports event passes, or theatre experiences, Kandoo can help you offer flexible payment options to your customers.

2. Simple Integration: One of the advantages of working with Kandoo is the ease of integrating their finance options into your existing sales platform. Kandoo’s solutions can be seamlessly added to your website or ticketing system, ensuring a smooth and user-friendly experience for customers.

3. Access to Multiple Lenders: As a finance broker, Kandoo works with a network of reputable lenders, giving your customers access to a wide range of finance options. This means that even customers with varying credit histories may be able to find a suitable finance plan.

4. Compliance and Support: Kandoo ensures that all finance offerings are fully compliant with UK regulations, giving both businesses and consumers peace of mind. Additionally, they provide ongoing support to help businesses navigate the world of retail finance.

How Kandoo Benefits Consumers

1. Flexible Payment Options: Kandoo works with multiple lenders to provide consumers with a variety of payment options, including 0% interest plans, low-interest plans, and longer-term payment schedules. This flexibility allows consumers to choose the plan that best fits their budget.

2. Quick and Easy Application Process: Kandoo’s application process is designed to be quick and straightforward, with most customers receiving an instant decision. This means that consumers can secure their event tickets without unnecessary delays.

3. Transparent Terms: Kandoo ensures that all finance terms are transparent and easy to understand. Consumers are provided with clear information about interest rates, repayment terms, and any associated fees, helping them make informed decisions.

4. Accessible Finance: Kandoo works with a range of lenders, including those who specialise in providing finance to customers with less-than-perfect credit. This makes event ticket financing accessible to a wider audience.

The Future of Event Ticket Financing

As more consumers look for flexible ways to pay for goods and services, the demand for event ticket financing is expected to continue growing. For event organisers and ticket sellers, offering finance options is no longer just a "nice to have" – it’s becoming a necessity in an increasingly competitive marketplace.

In the future, we may see even more innovative approaches to ticket financing, such as subscription-based models for frequent event-goers or finance options tailored specifically for large-scale festivals and multi-day events.

Conclusion

Offering finance for event tickets is a win-win for both consumers and event organisers. It provides fans with greater access to the events they love, while businesses benefit from increased sales, improved customer satisfaction, and a competitive edge in the marketplace.

For event organisers looking to implement ticket financing, partnering with a reputable finance broker like Kandoo can make the process simple and effective. With tailored finance solutions, seamless integration, and access to multiple lenders, Kandoo can help you offer flexible payment options that meet the needs of your customers.

By making events more affordable and accessible, ticket financing has the potential to transform the way people experience live entertainment, ensuring that more fans can enjoy the concerts, sports events, and festivals they love.