Oftentimes coworking spaces provide meeting rooms for free. This is a good marketing trick as nothing sweetens the deal more than freebies. Free meeting room hours can serve a kind of reward for those who buy a membership at the coworking space. The offer adds value to the membership plans and gives one more reason to join the community.
However, such lavishness definitely loved by members has its negative side. It results in multiple headaches for coworking space managers as they have to deal with issues caused by this generous offering.
Members don’t realize the value of so-called free meeting room 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 the topic of automating meeting room booking at a coworking space, where we introduced a meeting room credit system. The meeting room credit system helps to put the situation in control and even adds some fun gamification elements into the process of meeting space reservation.
You stop to reward the coworking space members with free meeting room hours and give them credits to book meeting space at your flexible workspace instead. When members pay for the meeting room reservation with credits they realize that the service is not unlimited, they start to value free hours more and use meeting room credits only when they actually need to book a shared meeting space. What’s more, getting and using meeting room booking credits let to involve the members into a kind of gameplay as credit symbols appear as emoji.
Meeting room booking 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 greater flexibility to differentiate meeting rooms. With andcards coworking space management software, meeting room credits are used for booking a meeting room or a desk. 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.
Important: andcards is the only coworking space software that provides utmost credit system flexibility. That means, members can spend their credits not only to book desks and rooms at a coworking space but also to buy event tickets, shop products, or other offerings. The feature turns credits into universal ‘currency’ that can be used exclusively at your coworking space.
Such universal credits usage is highly advantageous for coworking spaces as it helps to change members’ behaviour, develop healthy habits and routines, and enjoy their memberships more.
Check out the interview with Lindsay Hedenskog, the founder of LAMB, to see how she turned andcards’ credit system into the tool that changes members’ mindsets.
Here is a list of some common issues addressed by the meeting room credit system:
The great news is that a meeting room credits system easily resolves all the above issues and contributes to the smooth running of your coworking space business.
Here’s what it does:
There are three ways of getting meeting room booking credits:
It goes without saying that the administrator can give or charge credits manually if needed.
Meeting room booking credits can be classified by the 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.
Firstly you need to enable the meeting room booking system on andcards.
Pro Tip: Credits show up as emojis. The default emoji is ⭐️. If you want to add a personal touch and some playfulness to your digital workspace, customize the symbol to any other emoji. For example, our customers use 🌿, ☀️, 👑. You can contact andcards 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 room booking credits can be given manually and automatically.
To give meeting room booking credits manually the admin needs to open the user or team profile on andcards Membership page, then navigate to the Credits section and find the +/- buttons to give/charge credits.
The automated way of distributing meeting room booking 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 renting a fixed desk comes with 30 ⭐️. When a member gets this plan, they receive these temporary meeting room booking credits automatically. Those credits expire at the end of the subscription term. This way allows 100% automated meeting room booking credits distribution, from receiving to using, which saves a lot of time.
Pro Tip: You can use meeting room booking 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.
At the home coworking branch members can use credits to book meeting spaces. They open andcards 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 their current location.
Members can use credits to book meeting 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.
Refunds are handled automatically. Your workspace policy is user-friendly. No hidden taxes or fees are applied. All meeting room booking 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 the booking starts.
If members run out of meeting room booking credits and don’t want to purchase a credit bundle, 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 a bunch of other payment methods.
Pro Tip: If card payments aren’t available in your country, you can sell meeting room booking credits as a kind of prepaid room booking account. Your members can “replenish” their meeting room booking credits account and book rooms whenever they want.
We have just discussed the main benefits of meeting room booking 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 a membership deal.
Want to know more about premium andcards solutions for flexible workspaces? Schedule a demo call with us!