5 Ways to Maximize Restaurant Events Revenue
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With restaurants and cocktail bars located across the country, LDV Hospitality (LDV) delivers authentic and unique guest experiences. However, as LDV continued to grow it quickly saw challenges in its reservation management and using different revenue strategies across its locations.
The boutique hospitality group operates a number of high-profile food and beverage (F&B) outlets independently and within iconic hotel locations. And the biggest impact was felt at LDV locations within waterfront or seasonal properties.
In hotel properties like Gurney’s Resorts, the pressure is on to generate as much revenue as possible during the summer months to balance out the impact of potentially bad weather or lower off-season visits. To help curb the problem, LDV sought out a way to lock down revenue in advance.
Here’s how Paylink, SevenRooms’ PCI-compliant credit card authorization tool, helped LDV achieve that goal and so much more.
Saying goodbye to no-shows with better reservation management
With Paylink, LDV put a new reservation prepayment policy in place. To confirm a reservation, guests must pay 50% of the reservation cost upfront by entering their credit card details through a secure, mobile-friendly experience. Paylink not only processes the payment, but ties guests’ specific credit card information to the reservation itself.
The new reservation management capability makes it easy for LDV to collect cancellation fees and rebook tables, while essentially eliminating no-shows. During the summer of 2017, the group saw its no-show rate drop to 0.01%. With less no-shows, revenue saw a significant boost. At both Gurney resort beach clubs, located in Montauk, NY and Newport, RI, the group saw its year-over-year revenue double that summer.
Why LDV’s reservation prepayment pays
The benefits of using SevenRooms’ Paylink tool didn’t end with making LDV’s reservation prepayment policy a reality. The solution also made it easy for the hospitality group to maintain PCI compliance for all electronic payments such as for private dinners and events, which provided some additional benefits.
Are you ready to cut down on no-shows and increase revenue? Learn how SevenRooms can take your hospitality business to the next level by reading the full LDV Hospitality Case Study.