Restaurants: How to Choose Your Event Deposit Process

Event deposits are a useful tool to confirm and secure dates on the calendar. We’ve created a diagram for you to easily determine which option aligns with your current process.

Deposit Set Up Visual Chart.png

Here are some additional considerations if you're still not sure which option is best for you.

If you use Toast for your POS system, check out this article on How to Redeem Event Deposits in Toast.

Option 1: Your guest picks a menu, then pays a deposit. 

Best for venues

  • That prefer percentage deposits based off the menu or food and beverage minimum
  • Offering set menu packages 
  • With a full time event manager that can draft proposals
  • Where it’s practical to know what the menu items are upfront

Pros

  • Your guest understands exactly what the deposit is going towards 
  • Menu decisions are made before paying and some guests appreciate that
  • Typically these deposits are larger

Cons

  • It takes longer for a lead to move into a confirmed status in your calendar
  • You may be holding a date for a while before receiving a payment

Option 2: Your guest pays a deposit to hold the space, and then picks the menu.

Best for venues

  • That are accustomed to charging a room fee or flat dollar amount deposit
  • With ever changing menus
  • In high demand with limited availability 
  • Where menu tastings are needed

Pros

  • Faster peace of mind for you and your guest that the event date is secured
  • You are rest assured that all your confirmed events in your calendar have paid deposits
  • Typically these deposits are simple room fees 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

After deciding the best option for your event management needs, we will work with you to set up your process in Perfect Venue.