4 Easy Ways to Boost Event Revenue with Cashless Payment
Any experienced event producer thinks about increasing event revenue, but the traditional methods of doing so are changing with technology. Cash is being replaced with cashless payment at live events of various kinds, and organizers who don’t take advantage of cashless technology are, so to speak, leaving money on the table.
The reluctance to embrace new payment methods is more limiting than ever, as the event space becomes more competitive, and the costs of staffing and production increase. If you don’t embrace RFID bracelets, and all of the benefits they provide, you may lose out to competitors who are taking advantage of the new ways of paying.
The Biggest Benefit of Cashless
The primary advantage of cashless payment is simple: it’s smooth and instant. Faster payments cut down on long lines, and long lines sap the fun at large events, especially food and drink events. The ideal event is composed of people mixing, socializing, and spending, not waiting for the fun to begin.
Also, faster spending is more frequent spending. You might not leave a conversation to get another drink if you know you’ll be waiting at a bar for ten minutes while a bartender handles a dozen cash transactions. But with an RFID bracelet, you won’t be so hesitant. That convenience is why cashless payment systems have been shown to boost event revenue by 15-30%.
There are other notable upsides. When counting and handling cash isn’t a concern, event security also isn’t as much of a concern. Additionally, the ease of loading up RFID bracelets means that it’s easy to quickly set up promotional offers and coupons, which can drive further spending.
So, how can you best take advantage of cashless payment technology?
Promote Pre-Event and Automatic Top-Ups
If your guest’s cashless bracelet isn’t topped up before an event, there’s a delay before they can spend—a small one, but still a delay. By contrast, guests who enter the event with a balance already loaded up can begin purchasing immediately. Also, guests are more likely to spend the full amount they’ve budgeted for an event if they’ve already committed to the spend by loading up their bracelet. This pre-commitment, along with the added convenience, is why pre-event top-ups have been proven to increase event revenue.
Additionally, spending can be maximized with automatic top-ups, wherein guests’ bracelets are loaded whenever they drop below a certain balance threshold. This stops guests from having to fret over their balance, which means more convenient purchasing.
There are, of course, a variety of ways to promote pre-event and automatic top-ups, including bonuses and merchandise. Just make sure that guests know that it will be easy to obtain a cashless wristband refund if they don’t spend their full balance—any perceived potential hassle could deter pre-event spending.
Cashless Hawkers Are Better Hawkers
While cashless payments can reduce queues, there are still bound to be choke-points around kiosks of major interests. But, given that cashless payment systems are highly portable, event producers can employ hawkers to bring products directly to customers, leading to a more dynamic event with fewer waits. Also, hawkers make it easy to promote an event’s messaging and products to customers who haven’t made their way to central locations for whatever reason.
Moreover, the savvy event producer can use a mobile salesforce to locate demand and address it in real-time. When there’s no need to manage cash, it becomes easy to allocate multiple hawkers to an area of increased demand, to take maximum advantage.
Advanced Brand Tie-Ins
With RFID wristbands, a payment isn’t just a transaction. It’s a valuable piece of information that can be used by brands, whether during your event or in the future. The possibilities are many: brands can use signals from cashless payments to establish leaderboards and contests, allow social media check-ins, or do anything else that can be digitally connected to the point of purchase. And, given the real-time accessibility of RFID data, brand ambassadors can make real-time adjustments to their activities in order to increase engagement.
Leverage Sales After Your Event
Whereas a dollar bill can’t tell you where it came from, cashless payments automatically give you data that can increase your revenues. You can do it directly by making post-event offers to segments of the customer base, or indirectly, by using the data to make more thorough assessments about product performance and spending patterns. So, cashless payments won’t just bring you more revenue at your current event: they’ll reap dividends down the line.