5 reasons to switch to cashless in 2020

5 reasons to switch to cashless in 2020

The first time a major French festival used Weezevent’s cashless system was in 2015. Since then, a wave of cashless systems has swept through all the other festivals — including Electric Park and Standon Calling in the UK. Nowadays, this technological revolution is spreading to other major events and entertainment venues. For instance, Alexandra Palace went cashless for 2019 World Darts Championships. 2020 may be your year… here’s why!

Contents

  1. Increase your average shopping basket
  2. Cut waiting times
  3. Track detailed stats
  4. Improve safety
  5. Cut staffing costs

1. Increase your average shopping basket

Offering cashless payment systems to your event attendees can lead to an increase of your average drinks, food and merchandise purchases by up to 30%. Using the wristband or NFC card to pay is so quick and simple that attendees tend to consume more.

2. Cut waiting times

Using a cashless payment system at your event will significantly cut waiting times, in particular at places of consumption. Transactions take only a few seconds and are much faster than those made using bank cards or cash. The bartender or salesperson only needs to enter the amount of the order on a cashless terminal and place the buyer’s NFC card or wristband on the device to confirm the purchase.

At the same time, your NFC system can scan attendees at various entrance points and restricted areas. They don’t need to get their ticket out at each control, and they won’t lose their tickets either, meaning your queues are faster. All of this leads to a reduction in the stress levels of both your attendees and staff. Everyone is more relaxed and your event will benefit as this encourages indulging and purchase.

3. Track detailed stats

Cashless payment solutions give you access to detailed stats on the purchase behaviour of your attendees: favourite purchase areas, peak times, etc. You can also identify the highest purchasers and the best sellers. Each transaction is automatically recorded so as not to leave any room for human error. Data analysis is therefore easier and quicker.

4. Improve safety

You can instantly make your event safer by using a cashless solution. Attendees will be more comfortable coming to your event without cash or a bank card. The theft rate will also go down. Staff at purchase locations will also benefit because it means fewer things to monitor. Transactions are virtual — cash cannot be lost or stolen from cash boxes. Fraud is also impossible because it would require duplicating an NFC card or chip, whereas fake cash is more common.

5. Cut staffing costs

Transactions are simpler and quicker thanks to cashless systems, so a waiter or salesperson can handle more orders in a row. They take the order, confirm payment and serve the customer in less time that it would have taken to manage the transaction alone without cashless. You can therefore allocate your staff to other tasks or reduce your teams when you switch to cashless.

Since 2015, we have designed and observed so many best practices that we have written a free practical guide for all event planners. Read it now by clicking on the button below:

Read the white paper

Please get in touch with us if you have any questions about cashless.

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