Why might the cashless solution mean more revenue for your event?
Do you still run your event on cash? Once attendees realize that vendors do not accept credit cards and ATMs are out, they will put their wallets away.
Do not create obstacles: facilitate payment by participants.
In fact, making it easier for attendees to purchase may generate more revenue for your event. Data clearly show that attendees using cashless RFID payments spend 2 times more than those using cash or card payments.
Cashless solutions allow attendees to link their credit cards with an RFID wristband or QRCode badge, so they can purchase drinks or food (and other products or services) during the course of the event with a simple tap.
That is why a cashless solution could mean more revenue for your event.
Participants would like to spend, take away items that will remind them of all the emotions experienced during the course of the event!
According to a recent survey of about 2,600 participants, nearly 70 percent said that purchasing merchandise, beverages, and food was one of their top three motivations.
In fact, most participants spend between €10 and €200 at an event-excluding tickets, lodging, food, and parking. They go home with collectibles, posters, and T-shirts.
If you want these people to come back and spend more, use technology that supports cashless payments, such as Apple Pay or RFID wristbands.
Use cashless solutions to increase average participant spending.
If you are already using RFID tags in wristbands to manage access at the gates, with one simple step forward you can also use RFID for payments. This allows all attendees to use the same wristband with which they check in during various concerts but also to purchase merchandise and beverages.
By enabling RFID wristbands or QRCode badges with cashless technology, participants will not have to use their wallets, staff will not waste time counting cash, and no one will have to wait for a slow credit card machine to complete processing.
When participants purchase using RFID technology, this means faster processing times, shorter waits, and higher spending potential per individual participant.
Most fans spend between €10 and €200, but they could spend even more!
How do other event organizers handle payments with RFID?
Whether it is a new event or an established event with many participants, the cashless solution is not a trend that can be ignored. Some of the largest and most well-known events can confirm its benefits.
OSS, an event with more than 10 000 participants, sponsored by VUELING, using a cashless system increased total participant spending by up to 15 percent. Thus, when participants are willing to pay more than €100 for an evening, using the cashless solution to increase receipts becomes a piece of cake.
Forward-thinking organizers know that the performance of innovative event technologies can incredibly enhance the experience of attendees during the event. Conversely, ignoring them could seriously detract from the success of their event.
During big events, everyone has an interest in having fun and, of course, increasing revenue.
