A Smarter Payment Solution for UK Event Companies: Why It’s Time to Switch from Your High Street Bank to Payset
Many small- and medium-sized event organizers in the UK rely on High Street banks for their business accounts and Stripe for payment processing. Few in the events industry seem aware that there are better alternatives out there.
Key Takeaways
- Faster Payments: Payset offers near-instant or same-day payments for many transactions, both locally and internationally, compared to the 1-5 day processing times of High Street banks and Stripe.
- Multi-Currency Support: Manage transactions in 38 currencies using a single multi-currency account, avoiding the complexity and high fees of traditional banks.
- Lower, More Transparent Fees: Benefit from free account opening, transparent pricing, and free incoming transactions
- Free, instant payments: Transfers between Payset accounts are always free and instant
- Real-Time Visibility: Gain complete oversight of your financial activity through a unified dashboard, unlike the limited insights from banks and payment processors.
- Bulk and Scheduled Payments: Efficiently manage payments to vendors, staff, and suppliers in one go, reducing administrative burden.
- Simple Onboarding and Support: Get started quickly with Payset’s automated onboarding process, backed by responsive personal customer support.
Currently Relying on a High Street Bank?
Event companies are no strangers to payment complexity. From managing international suppliers to processing attendee payments, every event brings a maze of financial transactions.
Many small- and medium-sized event organizers in the UK rely on High Street banks for their business accounts and Stripe for payment processing.
While these services are convenient and may satisfy your company’s basic payment needs, they often come with high fees, sluggish processing times, and limited multi-currency support.
Few in the events industry seem aware that there are better alternatives out there.
Enter Payset, an Electronic Money Institution (EMI) specializing in payment solutions for event organizers and designed to streamline your financial operations, cut costs, and deliver the agility your events business needs.
Common Payment Challenges for Event Companies
Event organizers juggle countless financial responsibilities. Here are some common pain points:
1. Slow Payment Processing
Delayed settlements can impact vendor relationships and create unnecessary stress before event day. High Street banks can take up to five business days to process payments, while Stripe may also experience delays during peak periods.
In contrast, Payset offers near-instant or same-day payments on many transactions, ensuring your partners and vendors are paid on time.
For example, payments between Payset clients are always free and instant.
2. High International Transaction Costs
Events often involve international vendors, contractors, and performers. Traditional banks can charge steep foreign exchange (FX) fees and unfavorable exchange rates, while Stripe applies additional cross-border fees.
With Payset, which is set up to support cross-border transactions, you benefit from two huge moneysaving features:
1. The ability to transact like a local (using domestic payment networks) in the UK, EU, US, Canada, and more, eliminating the need to exchange currencies for many transactions.
2. Instant, low-cost currency exchange with real-time exchange rates and transparent fees, reducing the cost of international transactions for which FX is necessary.
3. Lack of Multi-Currency Support
Handling multiple currencies is inevitable for global events. Managing multiple bank accounts for different currencies or relying on Stripe for conversions can be inefficient and costly.
Payset’s multi-currency IBAN accounts allow you to hold and transact in up to 34 currencies from a single online dashboard, eliminating the need for multiple accounts.
4. Limited Visibility and Reporting
High Street banks and Stripe often lack the detailed reporting and real-time visibility you need to make informed financial decisions.
Payset’s intuitive online dashboard offers a complete overview of all your financial activities, providing real-time tracking and generating customizable reports.
5. Post-Brexit Challenges
Brexit has increased regulatory complexities and cross-border payment friction. For UK-based event companies, managing payments within Europe can become a costly administrative burden.
Payset is regulated in the UK by the FCA and designed to navigate post-Brexit financial challenges with ease.
Types of Transactions Payset Can Simplify for Event Organizers
The various payment types Payset can improve for your events business include:
- Venue Payments: Payset’s instant local and international transfers ensure venues receive funds on time.
- Ticket Sales and Registration Fees: Accept payments from attendees globally in multiple currencies without conversion delays.
- Vendor Payments: Seamlessly pay caterers, decorators, equipment rentals, and more using bulk payment features.
- Freelancer and Contractor Payments: Simplify international freelancer payments with low-cost cross-border transactions.
- Staff and Performers: Ensure timely payments to event staff and entertainment providers using Payset’s scheduling features.
- Marketing and Promotion: Pay global marketing agencies and advertisers without incurring high FX fees.
Why Payset is the Right Choice for UK Event Companies
1. Faster Payments, Smoother Events
No more waiting days for payments to clear. Payset enables faster global payments, ensuring your suppliers and partners are paid without delays.
2. Multi-Currency Accounts for Global Events
With support for 38 currencies, Payset eliminates the hassle of managing multiple accounts and paying high currency conversion fees.
3. Lower Fees, Higher Margins
Unlike banks and Stripe, Payset offers transparent pricing, free incoming transactions, and zero fees on transfers between Payset users.
4. Complete Visibility with a Unified Dashboard
Gain a real-time view of your financial activity. Track payments, manage cash flow, and generate reports effortlessly from Payset’s centralized platform.
5. Bulk and Scheduled Payments
Pay thousands of vendors, contractors, and staff members in one go with our bulk payments feature. Schedule payments in advance to ensure timely disbursements.
How Payset Compares to High Street Banks and Stripe
Seamless Onboarding and Superior Support
Getting started with Payset is quick and hassle-free. Our automated onboarding process allows you to apply for your account in minutes, and most accounts are approved within 48 hours.
During the onboarding process and throughout your partnership with Payset, our dedicated support team is available via WhatsApp, live chat, and through a dedicated Help page from your account dashboard to assist you at any time.
Make the Switch Today
The UK events industry moves fast—shouldn’t your payments do the same? By switching to Payset, you’ll unlock a faster, more cost-effective way to manage your financial operations.
Contact us for a free consultation and discover how Payset can transform your payment processes. Let’s make your next event not only memorable but financially seamless.
Experience the future of payments with Payset. Get started now.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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