Event deposits are something we highly recommend, and a useful tool to confirm and secure dates on the calendar.
We have created a diagram for the most common deposit options that we see.
The Options Explained
Option 1: Your guest picks a menu, and then pays the deposit.
- This is best for venues that:
- Prefer percentage deposits based off menu or food and beverage minimums
- Are offering set menu packages
- Have a full time event manager that can draft proposals as needed
- Need to know what the guest's menu is going to be upfront
- Pros
- Your guest understands exactly what their deposit is going towards
- Menu decisions are made before paying, which leaves less to do as the event gets closer
- Typically these deposits are larger
- Cons
- It takes longer for an event to be confirmed
- You may be holding a date for a while before receiving a payment
Option 2: Your guest pays a deposit to hold the date, and then picks the menu.
- This is best for venues that:
- Are accustomed to charging a room fee or flat dollar amount deposit
- Have ever changing menus
- Are in high demand with limited availability
- Menu tastings are needed
- Pros
- Faster peace of mind for you and your guest that their event date is secured
- You know that all your confirmed events in your calendar have paid deposits
- Typically these deposits are simple room fees, or a flat fee that goes toward the total balance, that are easy to understand
- Cons
- You may need to collect additional deposits making it cumbersome for the guest
- There is no rush to agree on menu items which may delay logistical planning
If you use Toast for your POS system, check out this article on How to Redeem Event Deposits in Toast.
If you are still not sure what option is best for you, it is definitely not a one size fits all! Ultimately, you need to do what works best for your business. Feel free to reach out to support@perfectvenue.com with any additional questions.