Meeting Room Credits at a Coworking Space
Oftentimes coworking spaces provide meeting rooms for free. This is a good marketing trick as nothing sweetens the deal more than freebies. Meeting room free hours can serve a kind of reward for coworking subscribers. The practice adds value to the membership plans and coworking community.
However, such lavishness definitely loved by members has its negative flip side. It results in multiple headaches for coworking space managers as they have to deal with issues caused by this generous offering.
How to stay on the brighter side of coworking business
Members don’t appreciate the value of so-called free hours. Every now and again they make a reservation and simply don’t use it because it’s something free and unlimited. Previously we covered a topic of automating meeting room booking at a coworking space, where we introduced a credit system. Meeting room credits system helps to put the situation in control and even add some fun gamification elements into the process of meeting space reservation.
You stop to reward the coworking subscribers with meeting room free hours and give them credits to book meeting space instead. When members pay for the reservation with credits they realize that the service is not unlimited, they start to appreciate free hours more and use meeting room credits only when they actually need to book coworking space. What’s more, getting and using credits let to involve the members into a kind of gameplay as credit symbols appear as emoji.
Benefits of using meeting room credits system
Here is a list of some common issues addressed by the system:
- Abandoned bookings. Members book the rooms and then never use them. They may just forget about the booking as it is perceived like something free and unlimited, read not valuable.
- Overbooking. Some members book the whole room for themselves day-by-day. They don’t think if they really need all this space, neither do they think about other coworkers.
- Missing monetization opportunities. Sure enough that in both cases described above your coworking space business is losing money. The meeting space stays empty due to the unideal free hours booking system while it could accommodate paying customers.
Credits system easily resolves all the above issues and contributes to the smooth running of your coworking space business.
- Reduces abandoned bookings as members have a limited resource. They consider it valuable in contrast to unlimited uncountable free hours. Besides, the system reminds members about upcoming bookings with push notifications so it becomes impossible to forget about the booking.
- Increases member appreciation of provided services. A person spends credits to book a meeting room. They clearly understand that the service is paid and know how much it costs.
- Eliminates overbooking. Members have a limited number of credits. They can’t spend more credits than they’re given.
- Serves as an additional argument when attracting new members. You can negotiate the number of credits instead of making a discount when you try to sell the subscription to the prospective customer.
- It helps earn more money. The credits system can be seamlessly integrated with card payments. All payment options will appear on the same page. This allows members to use a card when they run out of credits.
- The system is extremely easy to set up and use. Members find it intuitive.
What are meeting room credits
Credits are an advanced version of free hours to book meeting rooms. They appear in the form of emoji: ⭐️, 💎 or 🍑. This is fun, easy to understand, and offers greated flexibility to differentiate meeting rooms. On andcards Suite, meeting room credits are used for booking. For example, if a meeting room costs 1⭐️ per hour, members can spend 0.5 ⭐️ to book a meeting room for 30 minutes, 1⭐️ to book 1 hour, 2⭐️ to book 2 hours, and so on.
How to get meeting room credits
There are three ways of getting credits:
- Subscribe to an individual monthly membership plan. In this case, credits are being delivered automatically and expire at the end of the month/subscription term.
- Join a team with a membership plan and shared credit account. You’ll get access to the shared team credit account that can be used for booking.
- Ask an administrator or moderator (community manager) to manually add credits to your account. These credits won’t expire. You’ll be able to use them even after your subscription comes to an end.
Administrator can give or charge credits in Directory
Types of meeting room credits
Credits can be classified by validity period and ownership.
There are two types of members’ credits determined by their validity period:
- Permanent credits. Credits of this type never expire. They stay valid even if the membership period is over. Members can use them any time, even if they decide to log back a few months later. Permanent credits are manually added by an administrator or moderator.
- Temporary credits. Credits of this type are received automatically when purchasing a membership plan. They expire at the end of the month or the subscription term. andcards Suite shows how many credits will expire under the credit balance indicator.
Members’ credits are also divided by ownership:
- Personal credits. Visible to individual members only. Members can spend them freely and view balance history.
- Team credits. An awesome feature when free hours are shared by team members. Works similar to personal credits.
Members choose between personal or team credits when they book a room
How to organize meeting room credits
Firstly you need to enable the system.
- Open workspace Settings / Bookings.
- Find “Credit System” switch and turn it on.
- Press “Save” in the top right. Meeting room credits system is activated.
Administrator can enable credit system in Settings
Pro Tip: Credits show up as emoji. The default emoji is ⭐️. If you want to add a personal touch and some playfulness to your space, customize the symbol to any other emoji. For example, our customers use 🌿, ☀️, 👑. You can contact support and request a custom emoji.
Next, you need to set meeting room prices in credits. You can set different credit prices for meeting rooms of different sizes. This is fair enough as maintenance costs of one hour in a room for four people and one hour in a room for 20 people are not the same. You can charge more credits for booking of larger rooms to optimize the balance of expenses and revenue.
Meeting rooms could have a different price in credits
How to give meeting room credits
Credits can be given manually and automatically.
To give credits manually the admin needs to open the user or team profile on the Directory page, then navigate to the Credits section and find the +/- buttons to give/charge credits.
The automated way of giving credits will save you time. When an admin creates coworking membership plans, they can indicate the number of credits they include. For example, they can specify that one month of fixed desk comes with 30 ⭐️. When a member gets this plan, they receive these temporary credits automatically. Those credits expire at the end of the subscription term. This way allows 100% automated credits distribution, from receiving to using, which saves a lot of time.
Pro Tip: You can use credits as an additional argument when negotiating contracts with leads. For example, instead of giving a discount, you can offer more credits. This is a flexible tool to help you earn more.
How to use meeting room credits
Home branch booking
At the home branch members can use credits to book meeting spaces. They open the app, navigate to Bookings, select a room, and then choose a payment method. Credits appear as one of the payment methods. It’s very convenient because members can book any time no matter of their location atm.
Members can use credits to book rooms at other branches of the coworking space network. Inter-branch booking allowance can be set via Settings / Booking. For instance, if an allowance is 50% and a member has 40 ⭐️, then only 20 ⭐️ will be available for other branches. This allowance is applied to give home branch members a priority to book rooms.
Members of one branch can book rooms in another branch
Refunds are handled automatically. Your workspace policy is user-friendly. No hidden taxes or fees are applied. All credits are refunded if a booking is deleted before it starts. In other words, if a member cancels booking before it started, 100% is refunded. No refund is issued if a member cancels after booking starts.
Out of credits? Pay with a debit/credit card!
If members run out of credits, you can provide a fallback payment method that will also help you earn more: instant in-app debit/credit card payments. The option appears just beside credits, and if members run out of credits, they can select it to book a meeting room. andcards supports Stripe and other payment methods.
Pro Tip: If card payments aren’t available in your country, you can sell credits as a kind of prepaid room booking account. Your members can “replenish” their credit account and book rooms whenever they want.
We have just discussed the main benefits of meeting room credits introduction. Credits system can notably boost your coworking business revenue and bring some order to your workflow. Besides, it’s a powerful pain killer for coworking space managers. No abandoned bookings or overbookings anymore. Plus, it’s always good to have one more weighty argument when you are serious about closing the deal.