Grow Revenue with Prommt’s Advanced Pay By Link Solution for Sports Hospitality

The return of fans at live events halfway through 2021 was cheered by all and met with the need to quickly adapt to the post-pandemic market, with fans interested in new technology like never before. Two years of shopping online has made customers comfortable going cash-free. These changes are a key to unlock valuable trove of data on fans and their purchasing habits, empowering sports clubs to create customised experiences that entice customers to be freer with their spending – whether they’re buying season tickets or a membership to your prestigious business centre.

As fans increasingly gravitate towards convenience, personalisation and agility, the need to incorporate new methods of effective payment collection that seamlessly merge physical and digital touchpoints is more vital than ever.

By 2028, only 9% of payments are expected to be made in cash. Debit card payment volumes will reach 22.3 billion in 2028 with contactless accounting for nearly two-thirds of the total.

Source: UK Finance Report, 2019

When sports clubs process match tickets and stadium tour sales by writing down card details or asking fans for card details over the phone/email/WhatsApp, it renders them susceptible to fraud and chargebacks. As the responsibility of inputting card details lies with the merchant, they face the risk that a) it is not the actual cardholder they are getting the details from or b) the cardholder may later deny they approved the transaction.

Every chargeback incurred results in a penalty fee from your bank, which ranges from 15% to 40% of the total transaction value. If your monthly chargeback rates exceed a predetermined threshold, excessive fines in the ballpark of 12,000 euros will be levied against your sports club. If they remain above the acceptable threshold, you run the serious risk of your merchant account being terminated. With a frozen merchant account, your ability to process credit card payments is revoked. It is safe to say that with card fraud and chargebacks, prevention is better than a cure.

Even if we assume that chargeback volume remains static, current data suggests that global chargeback costs may reach approximately 117 billion euros by 2023. The average industry cost per chargeback is expected to be approximately 190 euros.

Source: Chargebacks911, 2021

Why Prommt?

Prommt is an advanced payment request platform that allows you to send secure, branded payment links via email & text message. Our trusted payment links outsource card number entry to the customer, and shift fraud liability to the card issuer and away from the merchant. We partner with all of the main payment providers in the UK, including Barclaycard, Clover/Fiserv, WorldPay and Global Payments. Prommt helps sports clubs:

• Close deals over the phone without the risk of chargebacks and card fraud
• Store tokenised cards for high spending and repeat guests
• Offer a fully-branded and personalised payment experience for their fans
• Set up payment plans, automatic pre-payment notifications & reminders, and issue refunds

1. Built in Compliance that Secures Payments

Prommt accelerates your remote payment request process, allowing you to securely request payment via Card and Bank transfer with built in compliance. We are PCI Level 1-certified. Customer data is managed in compliance with GDPR and the UK Data Protection Act 2018. While card-based payments are processed through 3D Secure 2.0 in compliance with Strong Customer Authentication, payments made via bank are conducted using PSD2/Open Banking protocols and protected by industry-standard banking security.

2. Low risk

As no card details are passed between you, your customers or your staff, the risk of compromised card data is eliminated. Customers must authenticate directly from their banking app, reducing the risk of fraud and eliminating chargebacks. Personal information is encrypted and protected by industry-standard banking security.

3. Built for Teams

By streamlining their payment collection processes and minimising payment administration, sports clubs can significantly reduce the chances of human error and manual intervention that ties up staff time. Prommt excels at team management, access control and compartmentalisation. We enable you to centrally manage users, locations and functions. Key staff are alerted as soon as a payment is made, and comprehensive reporting is available to enable reconciliation of payments and accurate reporting.

4. Recurring Payments

Prommt provides you with an integrated, end-to-end solution to handle scheduled payments and communication, reducing the hassle and expense involved in setting up and managing subscription plans.

5. Autocharge

Prommt enables secure, compliant card-on-file payments, by providing a safe and compliant way to tokenise customer card information at the payment gateway level so that returning customers can be charged automatically for future purchases.

6. Cost-Effective with Increased Cash Flow Reliability

With our Pay by Bank option, the cost of each request is independent of its value, which provides you significant savings on high-value items, avoiding card fee schemes compared to traditional payment methods.

7. First – Class Support

Our support is prompt and seamless, provided by experts. We are committed to growing with your business and this is one of the many reasons why we boast 95% customer retention rate.

Drive profitability and boost payment conversions with seamless bank and card checkouts that follow your customer wherever they are, however they want to pay. See solutions.

References:

1. https://www.ukfinance.org.uk/sites/default/files/uploads/pdf/UK-Finance-UK-Payment-Markets-Report-2019-SUMMARY.pdf
2. https://chargebacks911.com/chargeback-stats/
3. https://www.paymentsdive.com/news/payments-firms-see-slam-dunk-opportunity-with-sports-venues/616830/
4. https://www.oracle.com/a/ocom/docs/dc/stadium-of-the-future-report-final.pdf?elqTrackId=b349bd0c60e24ed885d0f9c7fb8f37e1&elqaid=81365&elqat=2