Whether you love it or hate it, mobile payment processing is coming. If you are still in love with cash or checks, have you given consideration to the benefits of imploring this system?
Think about the following scenarios….
1) You made your way to your favorite Taste event. As you park your vehicle, you realize you forgot your wallet at home. Do you return home or borrow money from someone else? Tough choice for sure, especially if your family is in tow.
2) You are at work and see your favorite food truck downstairs. Rushing to get your meal, you open your wallet, seeing no cash. Returning your meal, you make your way to an ATM only to find upon your return, the truck is gone.
3) You just arrived at the concert you’ve been waiting for all summer, but you left the tickets are on your dresser, a full forty miles away! What do you do? Turn around and go home or buy more tickets? Another difficult choice.
Believe it or not, an app on your phone, RFID bracelet and/or credit card can help you avoid these situations. Here’s what you need to know…especially if you’ve been avoiding this move.
Mobile Pay by the Numbers
• Venmo sent 80% more payments through their system in the first quarter of 2018 as compared to the same quarter the year before.
• 75% of all financial transactions will be cashless by 2025; with a full 33% expected three years from now.
• 27% of Starbuck’s orders are now fulfilled through their mobile app.
• Sweden is well on their way to a cashless society and expected to be 100% there by 2021.
• 5 million locations across the United States accept Apple Pay and 4 million accept Google Pay.
Mobile Payment Options
The following solutions accept mobile or credit card payments. If you choose RFID bands, each user’s credit card will be entered into the system when they register or buy tickets to the event.
• Apple Pay, Google Pay and Samsung Pay
What You Need
• Near Field Communication Readers (for RFID Bands)
• Beacon Technology (for RFID and Mobile apps)
• Credit Card Readers
• Tablet Rentals for Signatures (for credit card payments)
• Reliable and Fast Wi-Fi Rentals
Cashless Payment Benefits
1. Lines will move quicker allowing for faster:
a. Check-in process
b. Food and beverage purchases
c. Clothing and other items
This will improve the customer experience, allow you to sell more goods and services. A study by Bain & Co. revealed that cashless payers spend twice as much and tend to shop more often compared to cash or check based methods.
2. Each vendor can personalize the user experience.
They can offer exclusive offers and discounts during the event that are pinged to each phone. They can send reminders to visit their booth when guests are close to it.
3. It’s secure.
Using tokenization and end-to-end encryption, the customer’s credit card and bank information are safe. The vendors listed above to do not store the customer’s information on their servers, which also factors into your attendee’s peace of mind.
4. Accounting is a breeze.
As an event organizer, you will know how many people are at your event, what your total sales are and if you are running low on supplies, on a real-time basis. So will each vendor. This will help everyone plan better for next year’s event.
5. No more paper.
For those concerned about the environment or someone walking off with their receipts, this system can email receipts to the client if they so desire.
Cashless systems create a better customer experience that allows you to sell more tickets, F&B and items. No one will worry about misplaced tickets or fraud at your event’s entry point and everyone will enjoy it better.
It is what your customers want and what every vendor needs.
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