Online event ticketing startup Picatic is taking a novel new approach to signing up event organizers and getting them to use its services. The company’s new FairPay initiative will allow users to pay what they want after their events are successful.
Picatic launched as an event ticketing startup — sort of an alternative to the Ticketmasters and Eventbrites of the world. Later, it unveiled a platform to enable organizers to crowdfund their events. That was designed in part to boost the number of events that would run on its platform by increasing the chance of running a successful event.
Now Picatic is removing another barrier to using its platform for events or ticketing by getting rid of fees that it charges event organizers and allowing them to pay what they want. The company’s new FairPay payment model gets rid of application fees, setup fees, transaction fees and service fees. The platform will continue to charge a small fee for payment processing, but otherwise it’s up to the event organizer to decide how much he or she should pay.
Event organizers will be able to go through the entire process of setting up an event, whether it’s crowdfunded or not. Once it’s been successfully executed, they’ll be prompted to pay what they think is fair, based on the service that has been provided. The hope is that they’ll find Picatic so valuable that they’d pay as much, if not more, than Picatic might have charged them.
The problem with the ticketing industry is that, while consumers generally don’t care where they purchase their tickets from, event organizers and venues generally get locked into long-term contracts with the agencies that provide those services. Picatic is hoping to get event organizers in at the ground floor, before they’re locked in, by enabling crowdfunding and partnering to ensure their success.
Will it work? Who knows! But good luck to ’em.