Over the past decade, cashless payment systems have become industry standard in the live events space. Whether you’re a promoter, vendor, or attendee, managing transactions digitally with RFID technology offers a wealth of efficiencies that not only saves money, but drives revenue, unlocks the power of data, and perhaps most importantly: improves the experience of attendees.
Intellitix has lead the charge in this cashless revolution, and our team have become very familiar with the multifarious benefits of RFID technology to vendors servicing events ranging from niche food tasting events to major, international festival enterprises. From sales volume to data to general customer satisfaction. here are some of the most common reasons that vendors all over the world continue to turn to cashless solutions.
The last thing any event attendee wants to see is a long line for merchandise, food, drinks, even entry. In the cash or card transaction process, the time spent fumbling around pockets, counting cash, and returning change adds up with every customer. Going cashless makes payments as easy as a flick of the wrist, and has shown to be an optimal solution to long lines at festivals. Intellitix data shows that going cashless can reduce transaction time from 90 seconds to just 15 seconds, and a higher capacity for volume is great news for vendors.
The manual transaction of fiat currency isn’t just slow, it’s insecure, prone to human error, and the unfortunate reality of theft has long seemed unavoidable. Going cashless removes any and all potential of money losing its way from a customer to a vendor employee and beyond. By keeping track of transactions and stock digitally, the room for error is significantly diminished. Going cashless presents an ideal solution to this very big, very human problem.
The insights and information a company develops on its customers is one of the most valuable assets. With RFID technology, you can track the habits of your customers in remarkable detail, and use that information to improve your business in every aspect from logistics to pricing, even talent bookings and supply chain management. You may begin thinking of going cashless for convenience, but the value of the accompanying data is of major benefit to any enterprise.
In the hustle and bustle of vending at events, keeping an eye on stock manually often leads to error and bottlenecks. Going cashless provides up-to-the-minute insights on transactions and stock, allowing vendors to respond to customer needs with immediacy, and react before a supply chain issue even happens.
Happy Customers Spend More
When access and payments to vendors are handled through the same simple, easy tech, it helps make the entire experience seamless and unencumbered, improving customer sentiment. And as we all know: happy customers come back. With the hassles of ATMS, waiting in line, or counting grubby wads of cash removed, customers are far more likely to return to vendors than if otherwise.
For further explanation, checkout this video explainer on Intellitix and the cashless revolution…