Mainstage Festivals optimise their payment offering with Vyne's pay with bank
Mainstage Festivals is a market leader in destination festivals. Unlike traditional festival operators, Mainstage Festivals offer 100% full-service packages to festival-goers, looking after them from the minute they first see the package, to when they leave the resort.
As often is the case with the travel sector, Mainstage Festivals were facing extortionate fees for processing cards. Travel companies can be paying up to 2% or even more to process card payments, whilst at risk of friendly fraud.
On high-value products like festival tickets, card fees can eat into margins. For Mainstage Festivals, finding a more flexible and cost-effective way to accept payments would be a monumental shift for the business.
The solution
Mainstage Festivals saw that Open Banking payments could take their offering one step further.
Traditional card payments have many intermediaries such as card issuers, acquirers and schemes. Vyne removes these intermediaries and delivers a fairer, more cost-effective payment method for merchants, which removes the risk of friendly fraud.
The results
"1/3 of customers are using it today, but we think it's going to go up to 60%", Rob Tominey - Chairman + Co-Founder Mainstage Festivals