Should you have cashless payments at your next event?

0

Event organisers from around the globe are putting cash and tokens in the past and embracing the benefits of cashless payments through Radio Frequency Identification (RFID) technology.

Rock in Rio, the Bordeaux Wine Festival, and Tomorrowland are just some of the big-name festivals taking live events to the next level by going fully cashless with RFID bracelets.

“Our partners have a very detailed vision for their event and the story they’re trying to tell,” says Chris Miller, Intellitix Customer Success Manager. “We’re there from the first ticket sold to the last beer purchased.”

Why Cashless Payments Makes Sense for YOU

You’ve been running a live event for a few years now with year-over-year growth. You’re booking incredible performers, guest feedback has been positive, and sponsorship is gaining momentum. You’ve considered implementing cashless payments, but the idea of navigating a “new” system is overwhelming and you’re worried guests will dislike the change. To make a decision that’s right for your event, it’s best to look at the numbers.

Let’s imagine that last year you organised a two-day music festival for 30,000 guests. In an all-cash environment, the on-site spend per head was $37 putting your revenues around $1.11 million.

After speaking with an Intellitix customer success manager, you determined that implementing RFID wristbands for cashless payments could push the on-site spend per head to $62 thanks to faster transactions, reduced queues, and a drop in cash handling losses. After foregoing a 10% fee for implementing cashless, your expected revenue for on-site purchases is now $1,674,000. That’s a difference of $564,000.

Last year, Intellitix partnered with one of Canada’s biggest music festivals as they transitioned from cash and tokens to cashless payments. The result was a 48% revenue boost in on-site spending.

This type of outcome isn’t uncommon. Intellitix event partners consistently achieve a significantly higher lift in on-site revenue compared to traditional forms of payment.

What to Know When Going Cashless

Intellitix’s cashless payment platform is the most advanced system in the live event market and used by hundreds of live events around the globe.

For festivals like Rock in Rio, Electric Castle, and Bonnaroo, cashless payments result in faster transaction times, reduced queues, and increased event revenue. Intellitix event partners report up to 100% in on-site revenue lift after switching to cashless.

But, not all cashless platforms are built alike, and choosing the right one can make or break an event.

When deciding to go cashless, there are two options: a closed-loop or open-loop system. Intellitix runs on a closed-loop system, which is the most secure and effective platform for festivals and live events. It can operate offline when a network connection is not available, ensuring cashless payments are always processed.

However, some RFID providers rely on open loop, a system that requires network connectivity to process transactions. This can lead to cashless payment interruptions and slower transaction times which will ultimately impact guest experience and overall event revenues.

RFID and Beyond

By choosing Intellitix’s cashless payments, festival and live event organisers create an immersive experience where patrons are focused on fun. Bonus incentives and special offers produce even more opportunities to increase event revenue.

For some events that could mean giving the top 10% of spenders an exclusive deal that can only be accessed on-site. For others, it might mean sending a coupon post-event to patrons who made a purchase from a specific vendor.

Event organisers also benefit from increased sponsorship opportunities with immersive on-site experiences such as photo booths, contests, competitions, and more.

For example, Republic Live’s 2016 WayHome Music & Arts Festival featured a human car wash to keep guests cool. Festivalgoers had their photo taken in the Vitaminwater Hydration Station, and with just a scan of their RFID bracelet, the picture was sent to their registered email account.

“What we’re trying to do is bring some life into the RFID system and make the whole experience more engaging,” says Peter Machalek, Intellitix Director of Brand Partnerships.

Join the Cashless Revolution

RFID technology is changing the live event industry by improving guest experiences, increasing event revenue, and offering unprecedented patron data. Embracing cashless payments will help your live event thrive in a competitive marketplace. Learn more about cashless payments by clicking the banner below to download Intellitix’s Cashless 101 E-Book.

[adrotate group="10"]

LEAVE A REPLY

Please enter your comment!
Please enter your name here