RFID cashless technology has been taking the live event industry by storm, and it’s not hard to see why. Whether hosting a multi-stage music festival, beer and wine expo, or fandom convention, cashless payments help event organizers improve on-site management and increase overall attendee satisfaction. With some insight from our partners over at Token, we’re breaking down five reasons why your live event should go cashless this year!
Improved Attendee Experience
Live events can be synonymous with long lines. With Token’s cashless RFID technology solution, you can say goodbye to these queues throughout your event by providing a fast and convenient alternative to cash, credit cards, and other event currencies. With a cashless RFID wristband, attendees can store credit and quickly make purchases with a single tap, speeding up transaction times and reducing bottlenecks across your event site. These wristbands can also double as attendee credentials, streamlining access control and improving wait times at ticket gates. The less time attendees spend standing in line, the more time they have to enjoy all of your event’s offerings!
Increased On-site Spending
If you’re looking to increase your overall event revenue, going cashless will give you a boost. Studies show that using a cashless RFID solution at your event can increase sales by up to 61%. With faster transaction times and shorter lines, you’ll reduce friction to purchase, and attendees will have a higher propensity to spend. Additionally, Token offers the reliability of a truly offline system which means you’ll never experience an outage, even in the event of WiFi saturation or a power-cut. Attendees can party on, and you can continue to operate business as usual. Token also gives you the option to increase your bottom line with added revenue streams such as charging attendees activation and refund fees.
Reduced Staffing Costs
Not only do cashless payments help you increase on-site spending, but they can also save you on staffing costs. RFID wristbands streamline attendee admittance and spending which means you’ll need less staff on hand to help validate tickets and assist with purchasing. With Token’s self-serve top up stations, you’ll not have to ask staff to help with adding money to wristbands, attendees can simply walk up to one of many kiosks scattered throughout your event site and manage their own top-ups. These kiosks also eliminate complex financial reconciliation and the need for cash transport, storage, and counting on-site. With a decreased need for on-site personnel, you’ll cut event staff payroll and save significantly.
Decreased Theft and Fraud
By implementing a cashless RFID technology solution, you’ll instantly make your event more secure. RFID wearables are hard to replicate, which means you can essentially eliminate the possibilities of fraud and “pass-backs.” Cashless RFID technology also reduces the chance of theft for your attendees, as they don’t need to carry credit cards or cash on them. Likewise, event staff and vendors won’t have to worry about cash registers being targeted. If an attendee loses their RFID wristband, simply cancel it and transfer any remaining balances and credentials to a new wristband, no sweat!
Better Data Insights
With Token’s cashless payment solution, every time an attendee uses their wristband the data is instantly stored, enabling you to track spending patterns, vendor popularity, and other important event data in real-time. The applications for this data are endless. For example, utilize these metrics on-site to manage inventory, and replace items when they are running low! Post-event, use these analytics to determine which products and vendors were most popular so you can make data-driven decisions about planning for next year’s event.
Are you ready to talk to Token’s experts about going cashless at your next event? Request a demo today!