We earlier shared our comparison of Ayojak Vs. DoAttend, the two ticketing service we have used and MeraEvents, Hyderabad based event ticketing solution has now announced curtailing the payment gateway charge from 4.9% to 2.5%, making it the lowest payment gateway fee in the market offered by any event portal.
Here is an interview with Naidu Darapaneni, Founder of MeraEvents
Pluggd.in: In general, what has been your insight/market understanding before taking this step?
MeraEvents: We are seeing more than 200% growth YOY. The number of event are increasing very steadily. MeraEvents sees more than 1000+ new events added every month. We know that MICE* Industry still not organized sector and not even 20% of the events are online now so we feel there is a huge scope for this industry to be online. As the convenience of buying tickets online increasing we are expected this industry would grow very rapidly.
Based on our experience 5% is lot of cost for the Event Organizers from their ticket value. The penetration to online ticket sales are low due to this reason. We decided to reduce the price to more affordable way. Company might loose this additional 2.5% revenue but if the transaction volume increase it would benefit the industry a lot and in turn MeraEvents would be successful.
Pluggd.in: Are you getting specific discount from payment gateways? Still have a margin?
MeraEvents: As the volume of the transactions are increasing I am able to negotiate betters rates with payment gateways. Right now we are passing the actual payment gateway cost directly to organizers but we still make some margin on CODs. The COD transactions also increasing, usually COD Transaction cost is half the payment gateway cost. As the volume increases we can able to negotiate better rates with payment gateways and it would leave some margin to us. Currently our primary revenue generation source is promotion of events, as more no.organizers are using the platform we expect to increase our promotional revenue. We would be charging Rs.1000 for event listing from now onwards and that amount would be waived off if they integrate our ticket widget code in their website. Combination of all above actions would increase our revenue as well as more more organizers would benefit from the system.
Pluggd.in: Future plans?
We are revamping our UI completely as more user-friendly. We would release our next version in next 2-3 months. We are in the process of Releasing iPhone App for MeraEvents and soon other Mobile versions too. We are enhancing the MoozUp – Event Networking Platform with more features and Mobile Apps. We are expanding Sales offices in Mumbai, Pune, Bangalore, Delhi-NCR, Chennai in next 3-6 months
* MICE stands for Meetings, Incentives, Conventions and Exhibitions.
Will Ayojak and DoAttend follow?