Meeting Room Booking 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 those who buy a membership at the coworking space. 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.
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 a topic of automating meeting room booking at a coworking space, where we introduced a meeting room credit system. Meeting room credit 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 space members with meeting room free hours and give them credits to book meeting space at your coworking 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 coworking space. What’s more, getting and using meeting room credits let to involve the members into a kind of gameplay as credit symbols appear as emoji.
Here is a list of some common issues addressed by the meeting room credit 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 workspace business is losing money. The meeting space stays empty due to the unideal free hours booking system while it could accommodate paying customers.
Meeting room credits system easily resolves all the above issues and contributes to the smooth running of your coworking space business.
- Reduces abandoned meeting room bookings as members have a limited resource. They consider it valuable in contrast to unlimited uncountable free hours. Besides, the coworking space meeting room booking 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 meeting room 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 meeting room 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 meeting room credits instead of making a discount when you try to sell membership to the prospective customer.
- It helps to earn more money. The meeting room 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 (or Charge Card for teams) when they run out of credits.
- The meeting room credits system is extremely easy to set up and use. Members find it intuitive.
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 an andcards coworking space management app, meeting room credits are used for booking a meeting room. 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.
There are three ways of getting meeting room booking 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 a shared credit account. You’ll get access to the shared team credit account that can be used for meeting room booking.
- Ask an administrator or moderator (community manager) to manually add meeting room booking credits to your account. These credits won’t expire. You’ll be able to use them even after your subscription comes to an end.
The administrator can give or charge credits in Community.
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:
- Permanent meeting room booking 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 meeting room booking credits. Credits of this type are received automatically when purchasing a coworking space membership plan. They expire at the end of the month or the subscription term. andcards coworking space management software shows how many credits will expire under the credit balance indicator.
Members’ credits are also divided by ownership:
- Personal meeting room booking credits. Visible to individual members only. Members can spend them freely and view balance history.
- Team meeting room booking 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.
Firstly you need to enable the meeting room booking system on andcards.
- Open workspace Settings / Bookings.
- Find the “Credit System” switch and turn it on.
- Press “Save” in the top right. The meeting room credits system is activated.
The administrator can enable the 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 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 rooms could have a different price in credits
Meeting room 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 Community page, then navigate to the Credits section and find the +/- buttons to give/charge credits.
The automated way of distributing meeting room 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 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 mobile 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 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.
Members of one coworking 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 meeting room 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, 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 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 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.
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