MICE payment

How to optiMICE the MICE maze

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Forecast MICE market size for 2035: €736 billion, that's 87% growth compared to 20221

 

 

It’s a complex and competitive business landscape out there.

Sure, it can be tough to navigate. But there are also golden opportunities which, if optimized, can bring many benefits to your business.

The Meetings, Incentives, Conferences, and Exhibitions (MICE) market is one of those opportunities – especially if you have smart payment processes in place.

 

So the impact of managing MICE payments with an optimized, end-to-end payment process can be hugely rewarding.

You need fast, on-time payments that ensure compliance, better cash flow, and smarter reporting and reconciliation. Digital payments that are in line with the modern business world.

But this is easier said than done without the right tools in place. Whether you’re in procurement, marketing, event management, or the travel trade, the MICE market should not be overlooked as a vital key to success.

It encourages teamwork, the building of valuable relationships, and resource sharing that keep businesses at the forefront of their industries.

Consider this: Small events are now taking up 9% of the average organization’s total budget.²

With that in mind, we’ve put together a guide set to optiMICE your payment processes.ll so you can focus on what you do best.

Quick chapter links

Chapter 1: MICE key trends
Chapter 2: The MICE maze
Chapter 3: Event Management
Chapter 4: Procurement Management
Chapter 5: Finance & Treasury Management
Chapter 6: OptiMICE your future event payments with AirPlus

Chapter 1: MICE key trends

Driven by technological advancements, changing attendee expectations, and the need for sustainable practices, the MICE market is evolving rapidly.

And it’s showing no signs of slowing down.

 

Here’s a closer look at the key trends of today:

Digital integration

The adoption of digital platforms and apps has revolutionized event planning and management. According to a recent survey 78% of marketers say their marketing strategies are now more data driven thanks to digital tools.

Virtual & hybrid events

Virtual and hybrid events have expanded MICE activities, blending in-person and online elements to reach a wider audience. According to a recent report, 67.8%³ of those surveyed prefer in-person and hybrid events.
These events are flexible, accessible, and eco-friendly, offering diverse engagement options like live streaming and virtual networking.

Sustainability

Sustainability is a growing focus in the MICE industry. Event planners are laser focused on using renewable energy, reducing waste, and making sustainable venue choices. This is going a long way toward protecting the environment while also flying a sustainable corporate image flag.

Data analytics

Leveraging data analytics provides deep insights into attendee behavior and event ROI. In fact, according to a Bizzabo report, 87%³ of event managers say data analytics improves event planning and outcomes.

 

[1] Events Industry Market Size, Share, Competitive Landscape and Trend Analysis Report

[2] Forbes - In-Person Events In 2023: How To Balance Team-Building With Cost Control

[3] Bizzabo - The Events Industry’s Top Marketing Statistics, Trends, and Data

Chapter 2: the MICE Maze

Every step of the MICE payment journey involves a complex set of pre-event,on-site, and post-event tasks.

  • 1. Before the event

     

    Budgeting and planning

    Booking and down payments 

    Negotiating event contracts

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  • 2. During the event

    Managing on-site expenses 

    Tracking payments

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  • 3. After the event 

    Settling final payments

    Reconciliation and reporting

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 MICE Maze Integrate with above 

Every step of the MICE payment journey involves a complex set of pre-event,on-site, and post-event tasks.

  • Before the event

    • Budgeting and planning
    • Booking and down payments
    • Negotiating event contracts
    Virtual cards

  • 2. AirPlus

    We receive the booking data, the service provider’s name, and the amount billed via the Mastercard® network.

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  • 3. Payment

    The service provider receives payment from AirPlus immediately.

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  • 4. Organized statement

    All transactions for which you have paid using AirPlus Virtual Cards are compiled for you by AirPlus in a single, clearly organized statement and billed together at the end of the agreed statement period.

     

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Chapter 3:
Event management

The Challenges 

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Challenge 1: Long internal processes

Inefficient workflows can lead to missed booking opportunities.

Example: Internal approval for a conference speaker was so delayed that the speaker was no longer available by the time you got the go-ahead.

Challenge 2: On-site expense management

Managing ad hoc expenses can be chaotic without a centralized system.

Example: During a large conference, you struggled to track numerous last-minute expenses, leading to budget overruns.

Challenge 3: Lack of MICE management process

The lack of a structured process can lead to inefficiencies and costly errors.

Example: Without a clear MICE process in place, your event faced multiple logistical issues, resulting in higher costs and a disorganized experience for attendees.

Challenge 4: Booking difficulties

Event managers need autonomy to book hotels quickly without finance and treasury involvement.

Example: You lost a block of discounted hotel rooms because you had to wait for finance’s approval before booking.

 

After the event:

Settling final payments

Reconciliation and reporting

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Chapter 3
Event Management

Challenge 4: Booking difficulties

Event managers need autonomy to book hotels quickly without finance and treasury involvement.

Example: You lost a block of discounted hotel rooms because you had to wait for finance’s approval before booking.

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Challenge 5: Delayed payments

Internal authorization delays for vendor payments can cause missed bookings and strained vendor relationships.

Example: A vendor threatened to pull out of your event due to delayed payment approvals, risking the event's success.

  The solutions

#1: Streamlined internal processes

Streamlining internal workflows can reduce delays and ensure timely approvals for event-related decisions. This helps prevent missed opportunities and ensures that all aspects of event planning proceed smoothly.

#2: Centralized system for expense management

A centralized system helps you stay organized and maintain full transparency over your expenses. By consolidating all expenses in one place, you can track and manage costs in real-time, preventing confusion and overspending. This approach ensures you have a clear view of your budget, leading to better cost control and financial compliance.

#3: Convenient MICE platform integration for smoother bookings

A seamless MICE platform integration allows for easy management of bookings from initial reservations to final confirmations. 

This seamless integration not only saves time but also makes sure that all booking details are accurately recorded and easily accessible, making the process more efficient and user-friendly.

#4: Centralized and prompt venue payment

Ensuring timely payments to secure venues and services is crucial. With a centralized payment system you can streamline the payment process, guaranteeing that all necessary payments are made on time, or even earlier.

This prevents cancellations and ensures that your preferred venues and services are reserved without any delays, providing peace of mind and stability in your event booking process.

#5: Cost control with pre-approvals

Setting budgets and getting approvals ahead of time helps you control costs and stay compliant. By deciding on budgets before spending and having an approval process in place, you can manage expenses effectively. 

This will help cost control, cash flow, and keep all expenses within the set budget.

Chapter 4
Procurement Management

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  The challenges

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Challenge 1: Limited cost transparency

Lack of visibility into expenses can lead to budget overruns.

Example: You overspent on event services because hidden fees and extra charges weren’t tracked well in the MICE payment process.

Challenge 2: Pressurized payment processes

Urgent or large payment requests can strain cash flow and disrupt operations.

Example: Last-minute payment requests for bulk catering supplies threw off your cash flow, making it tough to handle other event expenses.

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Challenge 3: Inability to extend payment terms

Difficulty in extending payment terms affects cash flow management.

Example: You couldn't extend payment terms with your regular supplier, which strained your cash flow and impacted your budget for other vendor services like catering and transportation.

Challenge 4: Trouble managing expenses with standard processes

Standard financial processes may not provide the flexibility needed for MICE payments.

Example: Traditional expense processes made it hard for you to handle fluctuating costs from different event vendors, leading to payment delays and inefficiencies in managing services.

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Challenge 5: Difficulty integrating new payment solutions into existing ecosystem

The absence of a modern payment solution on board is leading to inefficiencies and errors.

Example: You faced challenges integrating a new payment solution with your current corporate systems, resulting in workflow disruptions and compliance issues.

  The solutions

#1: Full transaction transparency

Enhanced billing data quality provides complete visibility into all transactions. 

With detailed and accurate billing information, you can monitor every payment, ensuring transparency and accountability. 

This visibility helps you track expenses, identify discrepancies, and make smarter business decisions.

#2: No pressured payment processes

Centralized payment solutions eliminate the need for rushed payments, reducing stress and improving efficiency. 

By consolidating payments into a single system, you can manage transactions more effectively, ensuring timely payments without the pressure of last-minute authorizations. 

This approach streamlines the payment process and enhances financial control.

# 3: Improved payment terms with additional Days Payable Outstanding (DPO)

Extended payment terms improve cash flow management, providing more time to settle invoices. 

By negotiating longer payment periods, you can better align outflows with inflows, more strategic planning, and healthier cash flow.

#4: Extra spend availability without cash flow consequences

Smoother payment processes involve being able to access funds without impacting cash flow.

With more payment flexibility, you’ll be able to handle unexpected expenses or opportunities without stress, keeping MICE events on track and within budget.

#5: Seamless integration into existing corporate processes and systems

Seamlessly incorporating a payment solution into your existing processes will streamline your workflow.

You’ll be able to ramp up efficiency, reduce errors, and keep your plans consistently in line with your company policies.

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Chapter 5
Finance and Treasury Management

  The challenges

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Challenge 1: Inflation, budget control, and on-site payment visibility

Rising costs require effective budget management to avoid financial strain, and monitoring on-site expenses in real-time is challenging without the right tools.

Example: Ballooning prices for catering made it tricky to stick to your budget, forcing last-minute cuts to other event expenses. Additionally, you struggled to track real-time spending on event day, leading to unexpected budget overruns.

Challenge 2: Data reconciliation issues

Manual reconciliation of payments and expenses can be time consuming and error-ridden.

Example: Your expense reports from a number of different vendors didn't match up, making balancing your event’s final budget a challenge.

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Challenge 3: Lengthy contracting processes 

Protracted negotiations and approval processes delay event planning.

Example: Slow contract negotiations with your supplier had a ripple effect on your entire event schedule, pushing back crucial planning stages.

Challenge 4: Tracking and reconciling deposits or down payments

Managing multiple deposits and payments requires robust tracking systems.

Example: Keeping track of various down payments to different vendors was confusing, resulting in missed deadlines and late fees.

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Challenge 5: Managing cash flow

Balancing outgoing payments with incoming revenue is crucial for healthy MICE management

Example: Frequent, large payments to vendors strained your cash flow, making it difficult to manage day-to-day expenses and long-term financial commitments.

  The solutions

#1 End-to-end expense visibility

You need the total expense visibility that only a centralized payment solution can provide. 

By consolidating all transactions into a single system, you’ll be able to track every payment from start to finish. You’ll be able to not only monitor and control your budget but also identify any errors or discrepancies early, so that all expenses are accounted for.

#2: Top-quality billing data

Accurate billing data will simplify your expense reporting process across the board.

With high-quality billing information, you can trust that every transaction is recorded correctly. Plus, you’ll be able to analyze your data easily to make more informed decisions for your business.

#3: Efficient contracting processes

Implementing streamlined contracting processes can significantly reduce delays. 

By using digital contract management tools, you can speed up negotiations and approvals, ensuring that all contracts are finalized quickly and efficiently, keeping your event schedule on track.

#4: Easy reconciliation and cost allocation

Consolidated statements simplify reconciliation and cost allocation.

By merging all billing data into a single statement, you can streamline the reconciliation process, saving time and minimizing errors.

#5: Extended payment terms with additional DPO

Flexible payment terms help you manage cash flow better. By extending Days Payable Outstanding (DPO), you get more time to handle your finances.

Longer payment terms let you match outgoing payments with incoming revenue, easing financial stress and boosting liquidity.

Chapter 6
OptiMICE your future payments with AirPlus

AirPlus offers holistic corporate payment solutions designed for your every payment need. 

From central accounts with top-notch data to globally accepted credit cards and flexible virtual payments, AirPlus has your business covered with full transparency and seamless integration. 

We aim to make your corporate payments straightforward and stress-free. 

Our solution suite takes care of everything, including integration with existing systems, smarter expense management, and rich data analytics. 

With over 30 years of experience, we’ve built a strong partner network to

Airplus company account
Feature highlights:
  • Simpler booking with one account for all your expenses
  • Central settlement with easy admin and reconciliation
  • Clear expense overview with customizable billing data
  • Better negotiation for supplier deals using improved data
  • Automated settlement with set billing periods.

Company Account_blue

AirPlus Company Account

With AirPlus Company Account, you can book, pay, and reconcile all your expenses from one central account, giving you total control.

You’ll streamline your MICE payments by consolidating everything into one account, resulting in less paperwork and more efficiency. You'll enjoy easy booking, quick admin tasks, and clear overviews of all your expenses. 

Plus, better data means better decisions and compliance with your company's policies. Not to mention AirPlus is eco-friendly, so you can manage your payments while being kind to the planet.

Company Account_blue

AirPlus Company Account

With AirPlus Company Account, you can book, pay, and reconcile all your expenses from one central account, giving you total control.

You’ll streamline your MICE payments by consolidating everything into one account, resulting in less paperwork and more efficiency. You'll enjoy easy booking, quick admin tasks, and clear overviews of all your expenses. 

Plus, better data means better decisions and compliance with your company's policies. Not to mention AirPlus is eco-friendly, so you can manage your payments while being kind to the planet.

Airplus company account
Feature highlights:
  • Simpler booking with one account for all your expenses
  • Central settlement with easy admin and reconciliation
  • Clear expense overview with customizable billing data
  • Better negotiation for supplier deals using improved data
  • Automated settlement with set billing periods.

Corporate Cards_ blue

AirPlus Corporate Card

The AirPlus Corporate Card simplifies MICE payments by offering global acceptance and top-notch security.

Your team can effortlessly handle all event-related expenses, from booking venues to covering incidental costs. 

You’ll be able to enjoy real-time control over spending, flexible payment terms, and comprehensive transaction visibility, which helps improve decision-making and compliance with company policies.

Airplus corporate card
Feature highlights:
  • Centralized solution with one card for all MICE expenses
  • Global acceptance powered by the Mastercard network
  • Real-time control with customizable limits and rules for each card
  • Safe and secure payments with advanced 3D technology
  • Mobile payment ready, being compatible with Apple and Google Pay
  • Maximum transparency with detailed transaction visibility and reporting
AirPlus-Webinar-Serie-VC-Breakfast-Sessions 1_rounded
Feature highlights:
  • Instant card generation
  • Customizable card limits, currencies, and periods of use
  • Global acceptance by millions of merchants and suppliers
  • Seamless integration into over 80 booking platforms
  • Full transparency with detailed transaction data for easy reconciliation
  • Allow card generation by designated team members

Virtual Cards_blue

AirPlus Virtual Cards

AirPlus Virtual Cards Classic and Virtual Cards Procurement make managing MICE payments seamless and secure. 

You can instantly generate virtual cards for booking hotels, transportation, and event services, giving you full control and transparency over every transaction. Your virtual cards can be customized for specific amounts, periods, and currencies, ensuring each payment is secure.

Virtual Cards_blue

AirPlus Virtual Cards

AirPlus Virtual Cards Classic and Virtual Cards Procurement make managing MICE payments seamless and secure. 

You can instantly generate virtual cards for booking hotels, transportation, and event services, giving you full control and transparency over every transaction. Your virtual cards can be customized for specific amounts, periods, and currencies, ensuring each payment is secure.

AirPlus-Webinar-Serie-VC-Breakfast-Sessions 1_rounded
Feature highlights:
  • Instant card generation
  • Customizable card limits, currencies, and periods of use
  • Global acceptance by millions of merchants and suppliers
  • Seamless integration into over 80 booking platforms
  • Full transparency with detailed transaction data for easy reconciliation
  • Allow card generation by designated team members

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Navigating today’s competitive business landscape can be challenging, but it also presents valuable opportunities. 

The MICE market is one such opportunity, especially when optimized with smart payment processes.

Optimizing MICE payments with the right tools can transform challenges into opportunities. 

Ready to take the next step? 

Get in touch todayarrow down two
to learn more

 

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