Venopi Installment Payment Policy

Last Updated: Sept 21th, 2020

Venopi designed the Platform and Services to help Event suppliers and Consumers efficiently and conveniently organise events. Every Transaction is a Supplier’s commitment to give the best service to a Consumer who has paid in full upfront upon confirmation.

However not everyone can pay in full upfront upon confirmation, therefore we are offering Venopi Installment Payment (VIP) plan to our loyal Consumers.

Why do you offer this service?

Without community, there's no Venopi. Therefore we always strive to do better and more for our customers for the best experience ever.

Life is a collection of moments, and we want to be there to support you in any way possible. We understand that it's not always easy to pay an in a full amount of payment for your precious events; that's why we offer our Installment Payment Service.

How much does it cost?

Our Interest Rate (APR) is between 3 - 5%; depending on the amount and the terms. The detail as follows:

Category Amount Terms (*) APR
Ada < € 5.000 6 - 10 3%
Boudicca < € 10.000 6 - 10 4%
Cleopatra > € 10.001 6 - 12 5%

(*) Payment must be completed at least six months before the event date. The term depends on the event date.

Why do you charge an interest Rate?

We want to give our Consumers the best experience in organising their special moment in life and we will go the extra mile to save your time and give you a peace of mind. To make this happen, we need your help financially. Venopi is a bootstrapped company with no outside funding, therefore we need your support to keep our project growing.

How can I apply for it?

You can contact our team here. One of us will contact you within 24 hours. The requirements to be eligible are:

  • Proof of ID
  • Proof of salary (optional)
  • For amount above € 5000, the instalments must be completed six months before the event date. Thus the deadline for the request must be at least twelve months in advance

How does it work?

Suppose you got a quotation with a total of € 11.765 with an expiration date on 01 January 2020 from one of our event suppliers for your upcoming event on 01 January 2021.

Quotation: € 11.765
Quotation expiration date: 01 January 2020
Advance payment: 15% (€ 1.765)
Installment starting from: € 10.000
Date of event: 01 January 2021
Terms: 6 (Deadline is 01 June 2020)

You will fall under Category "Boudicca". The breakdown as follows:

# Beginning Balance Interest Principal Ending Balance
AP (15%) € 11.765 - € 1.765 € 10.000
1 € 10.000 € 372.60 € 1.504,80 € 8.495,19
2 € 8.495,19 € 311,30 € 1.566,10 € 6.929,07
3 € 6.929,07 € 247,49 € 1.629,91 € 5.299,14
4 € 5.299,14 € 181,08 € 1.696,32 € 3.602,81
5 € 3.602,81 € 111,98 € 1.765,42 € 1.837,37
6 € 1.837,37 € 40,04 € 1.837,37 0

We are using Payment Calculator as our model. To see the detail, go here.

Things to keep in mind:

  • After signing an offer, the booking and advance payment are non-refundable
  • Should you decide to cancel the event, we will check the agreement with the event supplier and refund the money after the cancelation cost is applied. In any case, the advance payment is non-refundable.
  • Missing the deadline of the instalment date will result in an increase of the invoice through the following interest figures:
    • 1% on the invoice amount between 2 and 7 days after invoice date
    • 2.5% on the invoice amount between 8 days and 14 days after invoice date
    If you miss the deadline that causes an overlap Installments. Venopi has the right to cancel the event and notify the event supplier.

What if I need to cancel midway?

Suppose you need to cancel your event midway during the instalment process, what's gonna happen?

We will refund the money you have transferred to Venopi minus cancellation cost from the event supplier and Venopi processing fee.

  • Ada (< € 5.000)

    Cancellation fee from the event supplier
    3% total transaction + €3,40 transaction fee
  • Boudicca (< € 10.000)

    Cancellation fee from the event supplier
    4% total transaction + €3,40 transaction fee
  • Cleopatra (> € 10.001)

    Cancellation fee from the event supplier
    5% total transaction + €3,40 transaction fee

Should you have any questions or comments concerning this Privacy Policy, please do not hesitate to contact us at hello@venopi.com.

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