Percent or flat?
A percentage deposit scales with the size of the booking, which keeps the commitment proportional - a $6,000 holiday party and a $900 birthday dinner aren't asked for the same amount. A flat deposit is simpler to explain and works well when most of your events are a similar size, or for a room that's always booked on the same terms. Some venues combine them: a percentage with a floor (“25% or $250, whichever is greater”).
A worked example
- Estimated event total: $2,400
- Deposit at 25%: $2,400 × 25% = $600
- Remaining balance: $2,400 − $600 = $1,800
- Card processing at 2.9% + $0.30: $600 × 2.9% + $0.30 = $17.70
- Deposit after processing: $600 − $17.70 = $582.30
The processing numbers are a placeholder - use the rate on your own account. The point of running them is to know what actually lands in your account if you later have to refund or keep a deposit.
Write the terms down next to the number
- • What the deposit does. Holds the date and is applied to the final bill.
- • When it stops being refundable. A specific number of days before the event, in plain language.
- • When the balance is due. Before the event, at the event, or within a set time after - and how it's paid.
- • What happens on a reschedule. Whether the deposit transfers to a new date, and for how long.
Deposit and cancellation rules vary by state - have an attorney review your terms.
Collect the deposit online
In VenueSprocket, the customer pays the deposit through Stripe right after signing the contract, straight to your venue's own Stripe account, with no percentage taken by VenueSprocket.