Cashless payments through RFID wearable technology has become immersed not only into people’s everyday lives (think Apple Pay) but also in events. Why? Because cashless payments help event planners create a seamless onsite experience for attendees that increase attendee’s overall event satisfaction and their event spend.
But how do you know if integrating a cashless RFID payment solution into your event is the right thing for you? What are the key benefits of integrating this technology into your next event?
To help you answer these questions and show you how you can help your attendees leave their wallets at home and spend more at your next event, we have created this guide. Check it out.
What are Cashless Payments?
Cashless payments are a secure payment feature that stores an attendees’ payment information on their RFID event wearables. Attendees can simply tap their wearable to digitally pay for food, drinks, event products, or other on-site services. By going cashless, attendees don’t have to bring cash or their credit cards to events.
What Type of Event Should Go Cashless?
Whether you’re hosting a sporting event, an exhibition, conference, convention, music festivals, or another type of live event, cashless payments can be used to increase attendee satisfaction and increase sales in an easy, secure way. If your event involves attendees spending money, then cashless payments should be a part of your event.
5 Reasons You Should Use Cashless Payments at Your Next Event
1. Reduce Wait Times
With cashless payments, gone are the days of long lines at your events. Planners can integrate self-service kiosks at popular event locations, like food, drink, or merchandise vendors, so attendees can simply tap and pay with their RFID wearable. Some cashless payment systems, have been shown to reduce transaction times from 90 seconds to less than 15 seconds. Your guests won’t have to stand in long lines and can get back to enjoying your event, which will increase their overall satisfaction.
2. Increase Attendee Spending
Are you looking to increase your event’s revenue? Cashless payments can help. Research has shown that going cashless can increase your average event revenue between 46 to 87 percent in the first year of implementation. How? Because they increase your event’s capacity to make more sales. For instance, some cashless payment solutions have convenient top-ups, which allows guests to load their credit card information onto their account and automatically reload money into their account when it is low. Your attendees won’t have to rummage through their bags for cash or their credit cards. Instead, they can simply tap their RFID wearable and receive their purchase.
3. Reduce Onsite Staffing Costs
Say goodbye to large staff costs. Event staff no longer need to help attendees purchase their tickets or pay for merchandise. Instead, attendees can use self-kiosks or tap and scan their RFID wearable to pay for their drinks, food, event swag, and more. With a decreased need for onsite event staff, you can reduce event staff and save money.
4. Reduce Fraud and Increase Attendee Security
Attendees’ security is very important to planners. By integrating cashless payments into your event, you can instantly make your event more secure. Because attendees no longer have to bring their credit cards or cash to your event, they no longer have to worry about their card being lost or stolen. Likewise, your event staff does not have to worry about the cash registers being robbed, because all the payments are done digitally. In addition, because RFID wearables are unique, they cannot be replicated, which makes it a lot harder for people to spend others money. Lastly, if attendees do not use the preloaded amount they put on their RFID wearable, the money can be easily refunded to their card after your event. With cashless payments, attendees and planners no longer have to worry about losing money.
5. Get More Accurate Reporting and Analytics
Not only do cashless payments increase attendee satisfaction and spending in a secure way, but cashless payments also help planners take control of their event’s analytics and reporting. For instance, cashless payments provide planners with real-time event data on attendee’s spending patterns, the most popular product, and other information about event sales. In addition, because all payments are done digitally, vendors cannot under-report the products they sold and the room for human reporting error is minimal. These analytics are invaluable when determining which products or vendors you should include at your next event.
So now you understand what cashless is and the top event benefits, the next step to take your event to the next level is picking a cashless payment solution.
We have helped our planners make over 17,500,000 cashless transactions and over $250,000,000 in cashless on-site spending. How? Because of the “Intelliex Difference”, like auto top-up, bonus incentives, patron messaging and marketing communication, and more. Discover the “Intelliex Difference” to see how you can increase your on-site sales by 15-30 percent with cashless payments.
Are you ready to go cashless at your next event? Are you interested in learning more about integrating cashless payments into your next live events? Get in touch with us.