Meeting Room Credits at a Coworking Space

Share
Share
Share

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:

Credits system easily resolves all the above issues and contributes to the smooth running of your coworking space business.

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:

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:

Members’ credits are also divided by ownership:

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.

  1. Open workspace Settings / Bookings.
  2. Find “Credit System” switch and turn it on.
  3. 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.

Inter-branch booking

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

Booking refunds

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.

In conclusion

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.

Share
Share
Share

What's New at andcards Blog

What Is White Label for Coworking Software

How to Do Blogger Outreach for Coworking Business

The Most Inspiring Coworking Spaces from All Over the World