How Cashless Payment Methods Improve Event Revenue
People like to spend on events. According to a recent survey, an individual spends between $100 to $700 at events like conventions, excluding food, parking, lodging, or tickets.
If you are looking for the customers who not only like to spend but also want to come back and spend more, upgrading your on-site technology that supports cashless payments is imperative. Not only will this strategy help you increase the spending limit of your customers but also keep cash losses and frauds at bay.
EVENTMONEY, in this regard, can provide you impeccable financial services to help you improve your revenues. Some of the most prominent event organizers trust EVENTMONEY for their cashless payment system when it comes to delivering game-changing profit increases. The immaculate cash access solutions provide event organizers deep insights into the revenue cycle. That helps them control payment systems and give the best guest experience.
Let’s delve into the details to find out how cashless payment methods can increase revenues at your events.
How Cashless Payment Methods Increase Revenues & Make Buying Easy for Guest
How about letting your guests and attendees connect their cash accounts to RFID wristbands? Doing so will enable them to top up with funds automatically, and they will not get run out of money.
This is where the role of EVENTMONEY’s cashless payment system comes into play. The advanced system can reduce cash transaction time from 90 seconds to 15 seconds. There would be no or fewer lines at merchants and vendors sending guests away.
That is to say; there will be a quick increase in the capacity of making sales (straight to 240 from 40), fewer line ups, and hassle-free event management.
Offer Control over Event
No matter how bizarre it may sound but going cashless for events means having a complete charge of your event.
You are the organizer of the event. To manage everything, you must have complete insight into what is happening. With EVENTMONEY, you can get real-time revenue and sales reports. You can evaluate the sales of each vendor and find out which of their products performed better. Also, you can discover potential areas you may be missing out on to make more revenues.
Moreover, there is no chance any vendor can under-report sales as all transactions happen through a cashless system.
Eliminate Ticket Fraud
Ticket frauds are real and not only cost you but your brand and guests also. EVENTMONEY has an excellent access control payment system that helps event organizers stamp fraudulent passes. It can be an ultimate panacea for the ticket fraud system as it makes sure that all guests have an event entry through paid and valid tickets.
This is one way you can cut down false entries. And that will reflect on your revenue margins.
Provide Valuable Sponsorships
Delivering conventional sponsorship opportunities and options to the brands participating in your event will bring you the same old revenues. To boost revenues, you need better brand activation, and EVENTMONEY, with its experiential product, can do that. You can provide brand activation with increased reach, clear ROI, and high engagement rates to help your event get more sponsorship revenue.
Why You Should Turn to Cashless Events
Cashless payment methods are all raging due to their increasing benefits for both attendees and guests. Here are a few reasons why turning to this option can be beneficial for your event.
- Cashless events boost on-site revenues with its multilayer security and robust money managing solution.
- Self-contained, an RFID access control device reduce infrastructure cost significantly
- with this method, you do not need staff to manage top-ups.
As stated above, cashless payments work great when it is about increasing the on-site spending limit. EVENTMONEY, in this respect, offers an easy-to-go cashless payment system to help you improve your event revenue.