As our industry begins to stabilize and we slowly come out of the COVID-affected business environment, we’re now able to roll back some of the temporary changes we had to put in place related to our Cvent Payment Service (CPS) remittance processes.
Cvent Payment Services 101
Cvent Payment services (CPS) is our simple, secure, and reliable solution to process payments. With CPS, we collect event fees on your behalf, supporting all major credit cards types and over 100 currencies worldwide. It’s a straightforward solution that makes collecting event fees and automating refunds convenient and provides you access to your payments.
Remittance Policy Updates
- Monthly remittance re-established: In March, Cvent had amended our remittance policy temporarily as a result of increased event cancellations, refunds, and chargebacks due to COVID-19. We’re happy to announce that Cvent will once again resume the monthly remittance schedule for ongoing events as of July 1, 2020.
- Reserve threshold relaxed: All events are still subject to maintain a reserve amount based on level of risk, as per Terms of Use but the good news is that we’re now able to reduce the reserve threshold to a maximum of 30%* for 2020 and 2021 events.
Refund Processing Review Process Remains
Even though events are starting to gear up again or shift to virtual, there are times where refunds are inevitable due to cancellation or postponement.
- Event Cancellations: Reach out to our accounting team at ecommerce@cvent.com if you have canceled or intend to cancel your event. Include the Cvent Account Number, Event Code, Event Name and Event Start Date in your email. We’ll review the request to make sure there are enough funds to cover cancelations before the system will process refunds for online transactions. This will prevent your registrants from seeing a refund failure notice.
- Event Postponements: If postponing an event, some of your original registrants will be unable to attend the new date and will need a refund. These individual refunds will also continue to go through a review process. These requests are batched and reviewed every two weeks.
- If the amount in your account doesn’t cover the refund(s) you will be asked to provide additional funds before refunds can be processed.
- Please proactively email our accounting team at ecommerce@cvent.com if you have postponed or intend to postpone your event -- include your Cvent Account Number, Event Code, Event Name, original Start Date, and new Start Date (if available) in your email.
Thank you for your understanding as we continue to work our way back to normal. We appreciate your business and look forward to supporting your future events.
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* Reserves are held in the case of the need to refund due to cancellations or chargebacks. A chargeback is when a registrant disputes a charge on their credit card through their credit card company. So, while your refund policy may be to provide a credit/alternative instead of a refund, at any time a registrant can challenge the charge with their credit card company. In the event of a dispute, Cvent will work with you to provide documentation around why the charge is valid but ultimately, the decision lies with the credit card company to rule on the dispute and we’ve seen an increase in chargebacks.
