What is Refund Protection and How Can it Increase Your Revenue?

February 28, 2019 Nick Begley

From injuries and illness to adverse weather conditions and transportation failure, we’ve all missed an event that’s been on our calendar for months. That disappointment shouldn’t be compounded by a financial loss.

Thanks to refund protection, an add-on that can be offered during the ticket purchase flow, consumers have peace of mind when life gets in the way. Purchasers that protect their tickets can apply for a full refund when certain unforeseen circumstances occur and they can’t make it to an event. With ticket prices soaring in today’s marketplace, a modest fee added to a large purchase is a welcome and sensible way for your customers to protect themselves financially.

Refund protection is good for your customers — and your bottom line

Beyond offering an improved experience and the customer satisfaction that comes with it, live events organizations benefit greatly by incorporating refund protection into their consumer buyer journey. 

Here are six reasons why organizations like TicketKing, SHN and Short North Stage have chosen to activate refund protection through our strategic partner, Booking Protect:

• Efficiency. Booking Protect handles all elements of the refund, requiring no additional time or resources from your already-stretched staff. This means your box office team will spend less time addressing questions and concerns about refunds.

• World-class customer service. Your ticket buyers are in great hands with Booking Protect! Their dedicated agents provide fast and comprehensive customer service, reflected in their 5-star Trustpilot score and 48-hour turnaround.

“Working with Booking Protect couldn’t be easier,” says Jim Aldridge, General Manager at TicketKing. “From the first moment we started talking with them, I could tell that they had the same values that we did around protecting our brand, customer service, and how we view doing business. This made the decision to pick Booking Protect easy.”

• Increased buyer confidence. Ticket buyers feel more secure knowing they can get a refund on their purchase in the event of an emergency. This results in lower cart abandonment and a higher percentage of purchase completions.

• New revenue stream. A growing number of consumers are choosing to buy refund protection during the ticket purchase process, resulting in sustainable and on-going revenue. This can improve your bottom line or allow you to invest in additional staff – the choice is yours!

“[Since] we went live with the product...we have seen a lot of positive results,” said Alexander Hope, Director of Campus Ticketing for University of Northern Colorado Athletics. “Quite literally, it’s free revenue!”

• It’s risk-free. There’s no cost to activate Booking Protect and the integration is seamless.

"Booking Protect is added incentive for our patrons to protect their purchase,” says David Cushing, Vice President of Ticketing at SHN. “The process was easy to implement, seamless and efficient for the customer. Every organization should take advantage of this added revenue stream."

• Data to optimize your business. The data gained through Booking Protect can help your organization understand customers better, build unique offerings, improve customer service and optimize pricing.

Interested in learning more about refund protection through Booking Protect? Click here to book a consultation.

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