From music festivals to sporting matches to food and wine expos, cashless payments is the way forward in order to improve on-site management, eliminate fraud and enhance the guest experience.
Chances are you’ve heard of RFID ticketing, most common in the form of a wristband that’s used to admit attendees to events and manage gate access. RFID technology is no longer restricted to just access control, you can now take your event that step further and go completely cashless.
Read on to find out why you need to implement a cashless RFID solution at your next event.
1. Reduce line ups and improve the guest experience
Festivals and events are often synonymous with lines and known for their dizzying maze of queues for everything from food and drinks, to attractions and even bathrooms. Although you can’t do much about the bathroom sitch, cashless RFID can help you better your guest’s experience across the rest of the event when purchasing from vendors.
Cashless payments provide a fast, convenient and secure alternative to cash, credit cards or tokens. Using an RFID wristband to store credit and make purchases speeds up queues and reduces bottlenecks on your event site.
2. Increase Sales
Unhappy or impatient patrons spend less money. Going cashless means guests no longer need to wait in line for the ATM or sort through tokens. Those faster transaction times allow guests to buy more and think less about whether or not to spend their money.
Studies show that using a cashless RFID solution at your event can increase sales by up to 61%. This is because consumers can use their card/band to make small purchases here and there, without having to hand over their credit card or worry about the loose change they will get back from a note.
3. Eliminate Theft and Fraud
Using cashless RFID technology at your events can deliver a variety of benefits, particularly eliminating fraud, touting and ‘pass-backs’. Managing cash on site can be a massive headache and cost in your event management plan, so going cashless helps to reduce the need for cash transport, storage or counting on site.
Cashless RFID technology also reduces the chance of theft for your patrons as they don’t need to carry credit cards or cash with them at the event and run the risk of these being lost or stolen. RFID wristbands or cards that are misplaced can only be used up to the value of what has been loaded on, and if not spend, can be easily cancelled and balances transferred to a new band.
4. Improve Event Logistics
Use the data collected from your cashless RFID solution to help you plan and manage your on-site event logistics for this year and the future.
Through the use of cashless RFID technology, you benefit from real-time and post-event analytics which allow you to see things such as which vendors sold what and who was at which bar at different times throughout the day. This then allows you to learn from this data and react immediately, For example, if there was a sudden surge of people at one bar throughout the day, you can roster and position additional staff for this time during the following event days or future events.
5. Win Over Sponsors
Festivals and events provide a huge opportunity to brands for sponsorship activations on-site, however they can be choosy over who they allocate their funds to. Cashless RFID technology provides you with consumer data that you can use to sell your event into the brands that you want on board.
A cashless RFID solution provides you with a complete overview of which consumers are spending what money at your event. You can use this data to ‘sell’ your event into potential sponsors, for example, letting an alcohol sponsor know that your event attendees normally spend ‘X’ amount on ‘X’ drink at the bar, and which demographic they fit into.
Post event, sponsors can also use this data to accurately measure performance and understand their opportunity for future events. The data you gain from you cashless RFID system gives you the edge over competing festivals and events.
Want to know more about implementing a cashless RFID solution at your event? We’ve partnered with the team at Token to offer Ticketbooth clients access to the best RFID technology on the market.
Originally published on the Token blog.