💡 Before you start, set up 2 things:
To receive payments, you need to create or connect a Stripe Connect account for your organization. Internationally recognized Stripe is one of the most popular and secure payment processing platforms in the world. Stripe is Venueplace's payment processing partner. Read more about creating and connecting a Stripe Connect account here.
Set a cancellation deadline for each package: either 7, 21 or 60 days before the event. The cancellation deadline affects two important things: when the client pays the remaining amount of the booking; and when you can upload your invoice to the Venueplace platform. Read more about setting a cancellation policy here.
How the client pays:
At the moment of booking, the client pays a 10% booking fee based on a prepayment notice created by Venueplace, either by card payment or by bank transfer (companies). The fee is held in deposit by Venueplace.
The remaining 90% of the booking fee is paid depending on the time left until the event:
If there is less time left until the event than the cancellation deadline + 3 days → the client pays the 90% immediately.
If there is more time left until the event than the cancellation deadline + 3 days → the 90% is paid later, on the date "cancellation deadline + 3 days".
You confirm the booking within 2 business days. If you neither confirm nor decline, the booking is cancelled and the 10% is refunded to the client.
Receipt of the 90%: with card payment the amount is charged automatically; with invoice payment the client pays it themselves. Reminders are sent by Venueplace 2 weeks in advance. If the payment is not received, the booking is cancelled.
💡 Special case: if a venue is booked less than 10 days in advance, the client is charged the full amount immediately (with a 7-day policy, there are 3 days left to cancel).
How does the money reach you?
The money arrives in your Stripe Connect account at the latest when the cancellation deadline is reached. At that point the money is, figuratively speaking, already "in your hands" and is waiting to be paid out.
Upload your invoice to the Venueplace system.
Upload time. You can upload the invoice based on the cancellation deadline (with a 7-day policy, 7 days before the event; with a 21-day policy, 21 days before the event; with a 60-day policy, 60 days before the event. You may also upload the invoice after the event has taken place.)
Invoice requirements: issue the invoice for 100% of the booking fee, including VAT. (The amount also includes Venueplace's 10% service fee – the latter is not shown as a separate line on the invoice.) Always include the booking number in the description, and add your own reference number if you wish.
The money reaches your bank account 7 days after the invoice is uploaded. After the invoice is uploaded, Stripe holds the money for another 7 days to comply with SEPA payment requirements. Stripe then makes the payout to your organization's bank account.
Venueplace then sends your company a separate invoice for the 10% service fee. This invoice is considered paid through offsetting against the 10% deposit already paid by the client to Venueplace.
In simple terms, the money reaches your company like this:
The booking amount arrives in your company's Stripe (i.e. payment processing platform) account at the latest when the booking's cancellation deadline is reached (figuratively speaking, the money is already "in your hands" at that point and is simply waiting to be paid out).
Then, as the host, you must upload an invoice for the booking to the Venueplace platform.
After the invoice is uploaded, the booking amount reaches your organization's bank account 7 days later.
Example: 21-day cancellation deadline
The event takes place on 30 August and your package has a 21-day cancellation deadline.
Date | What happens? |
1 July | The client sends a booking request and pays 10% of the booking amount. |
within 2 business days | You confirm the booking. |
6 August | The client pays the remaining 90%, i.e. 24 days before the event. |
9 August | You can upload your invoice to Venueplace, i.e. 21 days before the event. |
10 August | You upload the invoice. (This can also be done later) |
17 August | Stripe makes the payout to your bank account after the 7-day waiting period. |