Six Reasons Why Cashless Food and Drink Events Are Better

Six Reasons Why Cashless Food and Drink Events Are Better

Hero Photo by Alicia Steels on Unsplash

Being a “foodie” isn’t a niche thing anymore. In fact, it’s downright normal. Almost half of the millennials call themselves “foodies,” and, as you would expect, food and drink events are becoming more popular all the time. Consumers are increasingly excited about discovering new foods and beverages, as well as new culinary techniques and technologies. Food and drink events are the new rock concerts: 52% of millennials would prefer to go to a food festival instead of a musical event.

Cashless Payments are the Food and Drink Future

However, despite their up-and-coming status, a lot of food and drink events are stuck in the past. They’re still using cash or tokens for payment. This is a mistake. Cashless payment devices, specifically in the form of RFID bracelets, can make a food and drink event more convenient, more fun, and more secure. Here are six reasons why.

1: A Cashless Experience is a Better Experience

There’s one reason why a lot of food and drink events aren’t as fun as they could be: lineups. Anyone who’s attended a major food festival will recall being surrounded by queues. Unfortunately, this is especially true of the big draws.

This will undoubtedly hamper both the consumer experience and the vendor experience. While the vendors would like to spend as much time as possible nurturing consumer relationships, if you’re faced with a huge lineup, your responsibility becomes keeping the food coming and the people paying. As for the consumer experience, nobody wants to starve in a line for half an hour.

Cash contributes to this sluggish experience. A lot of vendor time goes into watching customers fumble with their wallets. By contrast, RFID cashless payments are extremely quick. When all payment occurs in the blink of an eye, lineups shrink or vanish, unless they’re for the bathroom.

2: Cashless Payment Increases Spending

When your attendees are annoyed by lineups, it hurts your sales in three ways. Firstly, every second that they spend in a lineup is a second they’re not using to explore the goods on offer.

Secondly, a more irate consumer will spend less money and want to leave sooner, rather than drink and eat merrily for as long as possible. Finally, these experiences will make it less likely that first-time visitors will return to future events.

For this reason, vendors who have switched to RFID wristbands for events have experienced huge boosts in revenues, due to both faster transaction times and better user experiences. If you get people into your event faster and make their experience speedier than general, you’ll be financially rewarded.

3: Cut Theft and Loss Down to Zero

As a food and drink event organizer, you want your guests to be imbibing responsibly in large crowds. Unfortunately, this goal creates ideal conditions for theft and loss. Many people lose their wallets in the circumstances like these or found that they’ve gone wandering off somewhere. Event security can be a big issue.

Unless you’re using RFID bracelets, like a credit card, a misplaced or stolen RFID device can be deactivated and replaced, without any loss. Unlike a credit card, this process doesn’t require spending hours on the phone. Instead, it happens instantly. So, theft and loss become minor inconveniences, rather than day-ruiners.

Photo by Alex Knight on Unsplash

4: Stop Worrying about Funds and Reconciliation

Food and drink events can generate huge revenues. The problem is that the revenues trickle in through hundreds or even thousands of sources, making for time-consuming and challenging accounting. Human error inevitably means that some money will go missing, and the time spent adding it all up leads to higher labor costs.

With cashless payments, there’s nothing to handle or count, and there are no decimal points for humans to misplace. This makes it much easier to distribute funds, process refunds, and perform the final accounting.

5: Think About Food and Drink, Not Money

Ideally, a food and drink event should be about taste and community. The best food festivals are occasions for immersing yourself in the bouquet of fine wine or the intricacies of a cooking demonstration.

And, as an organizer, you should be able to spend your time focusing on making these experiences as fun as possible, whether that involves managing the details or mingling with guests.

However, if you’re using cash payments, your guests have to spend time handling cash or their cards, and you have to spend your time ensuring that payment technology is working smoothly. This removes the focus from where it should be.

Photo by Scott Madore on Unsplash

6: Collect Valuable Information for Your Event

Cash and tokens don’t tell you where they came from. As a result, if you run an event with lots of cash purchases, you don’t generate insights about spending. Like: what were peak spending hours?

Which items and vendors were most successful, and at which times? Without these insights, it’s difficult to know exactly how to maximize profit at future events. But with them, it’s easy to engineer more profitable events, whether through developing relationships with the most successful vendors or creating promotions that boost the most lucrative activities.

It’s easy to take advantage of this technology. RFID wristbands are simple to deploy and customize. If you’d like to find out how, contact us, and let us make your food and drink event more fun, more secure, and more profitable.

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