This blog deals with how the cloud-based platform’s business checking account and other features solve the payment problems faced by event management companies.
Events are one of the strong tools that can bring people together. It offers powerful experiences that create lasting impressions. Event management companies are the architects behind these memorable experiences. They play an important role in ensuring that events, regardless of their scale or complexity, run smoothly and successfully.
The value of the global event management industry is growing day by day. It is expected to reach a value of $1,135 billion by 2026. However, like any other business, the event management company also should overcome certain challenges to maintain its growth. Here are some:
Marketing and Promotion Expenses
Effective marketing and promotion are important to attract attendees to your event. However, marketing campaigns and promotional activities often come with fluctuating budgets. Having a business checking account without a minimum balance requirement lets the company allocate resources to marketing without worrying about maintaining a certain balance to avoid fees.
Budget Constraints
Staying within the assigned budget is important for an event management company. Otherwise, there are possibilities that the clients may not pay for the extra expenses. So, for an event manager, it is important to have a separate business checking account that gives a proper record of all the transactions. It helps in understanding how much money is spent and how much is still left without considering your personal balance.
Vendor and Supplier Management
As an event management company owner, you may have multiple vendors and suppliers to manage. It is essential to keep a healthy relationship with each of them. For this, you may have to pay each of them on time. Paying them via their preferred method gives an additional impression.
Immediate Payment Solution
An event management company should be ready to have more guests or attendees than they planned for. In a situation when they are informed of the arrival of more guests only at the last moment, an immediate payment solution is necessary. These payment solutions will help them immediately purchase additional requirements, such as food, chairs, etc.
Now the question is, where can you find the solution?
The answer is Zil US.
Zil US is an all-in-one platform where an event management company can find solutions to almost all their payment struggles. Here are some:
Business Checking Account
Zil US offers a business checking account that allows an event management company to solve all of the above-mentioned challenges. A checking account is like a deposit account that lets the account holder deposit money, withdraw funds, and manage day-to-day financial transactions.
- The platform’s checking account comes with no minimum balance requirement, no initial fees, and no monthly fees. This helps an event management company to keep more of its resources available for its core purposes. Every dollar saved like this can be redirected into more customer engagement activities.
- The checking account from Zil US can be opened from anywhere in the world. This helps an event management company to open a US checking account even without being physically present in the US.
- With the platform, the company can have multiple checking accounts. It offers the company better organization, financial management, and operational flexibility. Different accounts can be allocated for different events or projects. A separation like this lets the company track income and expenses for each event individually.
- Moreover, the ability to have multiple checking accounts allows the owner to run a second business smoothly without affecting the first one.
Make Payments Your Way
As an event management company owner, you may have to deal with a number of vendors and suppliers. Each may demand different payment options, and satisfying each of them is important. Zil US offers multiple payment options that can help you. Let’s see the most important ones.
ACH Transfers
ACH transfers are one of the leading B2B transaction methods which is processed by the ACH network. The ACH network is governed by NACHA, of which Zil US is an official member. So, making ACH transfers via ZIL US is easy and affordable.
Funds transferred via ACH are often available within one to two business days. This allows an event management company to pay vendors and contractors promptly. Moreover, ACH transfers can be scheduled for recurring payments like venue deposits, catering fees, etc. This way, the platform ensures that payments are made on time, without late fees or penalties.
Wire Transfer
Wire transfers are significantly beneficial for an event management company. It allows for direct payments to vendors and eliminates the requirement for intermediaries. Thereby it reduces the complexity of transactions. Moreover, they are the most ideal method if the company has international vendors. Zil US offers both international wire transfers and domestic wire transfers.
The transaction limit of a wire transfer is high, making it a perfect solution for businesses that have to deal with a large amount of money. With the cloud-based platform, you can easily track your wire transfer. That is, you can have control of your finances even while sitting at home.
Manage Your Finances with Corporate Expense Cards
An event management owner may not be able to deal with all of the operations single-handedly. The company might have multiple employees under it to do specific roles. Zil US offers corporate expense cards that the company can give to its employees.
Corporate expense card from the platform allows the employees to make purchases directly related to their roles. With the platform, the employees no longer have to use personal funds or go through lengthy reimbursement processes.
The company can easily track how much money is spent on specific events. This helps the company in budgeting and financial reporting. Moreover, there are options for the company to set spending limits. That is, the employee cannot use the card for any unauthorized expenses.
Conclusion
Zil US is an all-in-one platform that offers multiple features that can help businesses, including an event management company. The platform’s business checking account, which comes with no charges, helps companies save money and spend it on things more important. The multiple payment options and the corporate expense cards are also significantly beneficial.
