WHAT ARE CASHLESS PAYMENT AND WHAT IS THE BENEFITS
Sep 01, 2023
WHAT ARE CASHLESS PAYMENT?
Cashless Payments are a solution that allow event organizers like yourself to manage transactions on-site through the use of RFID technology.
Cashless Payments are most often used in the form of a wristband or plastic card (however we can put an RFID chip in anything!), and allow your attendees to make purchases on-site with digital credit they have loaded to their account.
Implementing a Cashless Payments solution brings increased security, greater transparency into sales data, and an enhanced event experience.
HOW DO CASHLESS PAYMENTS WORK?
A cashless payments solution on-site allows your vendors to process transactions with increased speed and security.
Prior to the event, attendees load funds to their ‘digital wallet’ which is then connected to an RFID chip for use on-site (usually in the form of a wristband or plastic card). Once at the event, attendees can also then ‘top-up’ their account at one of the designated stations on-site, or via the mobile platform.
When wanting to purchase food, drink or merchandise on-site, attendees tap their RFID chip on the reader at each vendor stand to make payment. Funds from their digital wallet are transferred in real-time to complete the transaction and this is tracked against the specific vendor for settlement post-event.
WHAT ARE THE BENEFITS OF CASHLESS PAYMENT TECHNOLOGY FOR EVENT ORGANISERS?
Running a cashless event typically increases customer satisfaction while creating new revenue opportunities for organizers. Some of the main benefits typically include:
· Spend-per-head increases up to 30%
· Cash management costs and liabilities are lessened
· Increased control leads to reduction in on-site theft
· Ability to apply real-time advanced purchasing analytics
· Increasing sponsorship value with better ROI reporting
· Simple post-event vendor reconciliation
WHAT ARE THE BENEFITS OF CASHLESS EVENTS FOR EVENT ATTENDEES
Patrons enjoy an enhanced experience on account of shorter lines, increased security and removing the need to carry wallets and paper tickets. Our data shows that event-goers spend more and report more favourable views of cashless events compared to traditional ones. The main benefits for guests include:
· Simple, fast and secure transactions
· No need to carry a wallet
· Less waiting in lines
· More time to enjoy the event
· Streamlined event experience
HOW DO GUESTS USE CASHLESS PAYMENTS?
Guests use their RFID-enabled device (typically wristbands) when purchasing from vendors by simply tapping the device on the vendor’s RFID reader once. The cost of the transaction will then be taken out of the guest’s pre-purchased credit and transferred to the vendor’s account.
WHAT ARE THE BENEFITS OF SOCIAL ACTIVATIONS?
· Organisers and sponsors get stronger ROI from the event
· Data & valuable insights are collected from patrons in a non-intrusive way
· Rich content can be created and shared instantly across social media networks
· Attendees can register and link wristbands to their social media accounts
· Creates new promotional opportunities for brands at the event
MH factory specialized in making different kinds of RFID wristbands, RFID tags, RFID cards etc for 23 years since 2000.We can customized different rfid cards and rfid wristbands.
1.Common nfc cashless payment wristband,many model and materials available.
2.New time display nfc wristband,with real time display and NFC cashless payment function and access control, It is comfortable to wear,easy to charge and various strap styles are available,can be wildly used in playground, amusement park, hotel management, access control etc.
3.Nfc Cards,can be customized with barcode number,magstripe,serial number ,UID Number,etc.
Any inquiry or samples need,welcome to contact our sales team,Email :Sales@rfidcardfactory.com
Read More
IPv6 network supported
