Booking Credits

Booking Credits are an allowance for meeting room usage in a coworking space. Most spaces offer a certain amount of booking credits with every membership they sell. This way, members can book free meeting spaces for a certain number of hours as part of their membership.

What are the benefits of using Booking Credits?

Although introducing a credit system might seem like an unnecessary complexity, it’s important to have one. Having a well-defined credit framework ensures fair use and better meeting space accessibility for your community.

Not having a system is a system on its own—Unlimited Free Access. Using such a framework is OK as long as you can provide enough meeting spaces and have no challenges with them. This is a unique case because most spaces won’t offer enough meeting rooms, and there will be many complaints about this.

The best credit systems provide access to meeting facilities when members need it. They will ensure that your meeting spaces are well utilized—not overbooked or sitting empty too often. Also, a good system will help you better monetize your meeting spaces. For example, when members run out of credits, they can either purchase more credits or book on-demand. This will help you grow your On-demand Revenue and improve your profitability.

Managing booking credits can be very complicated, so relying on a robust coworking booking platform can be crucial. 

Types of Booking Credits

On a very high level, credits can be hourly-based or monetary-based (value-based).

• Hourly credits are more accessible to start with. They are usually based on a simple 1 hour = 1 credit. For example, you can give ten credits with a membership, allowing the member to book up to 10 hours in any meeting room. In more advanced cases, you can define different meeting rooms to cost more or less credits. For example, an hour in the board room might be 2 or 4 credits.
• Monetary-based credits are more advanced but more challenging to manage. They are usually based on $1 = 1 credit. For example, you can give 200 credits with a membership, allowing the member to use 5 hours in a room that costs $20 / hour and 1 hour in the board room that costs $100 / hour.

These two booking credit types have different flavors and variations. Either way, it’s essential to create a framework that’s easy to understand and manage.

You can quickly introduce, manage, and automate any booking credit system with OfficeRnD Flex.