You’ll make more money. Research shows that fans spend up to 20% more onsite when using RFID wristbands instead of cash. While research has focused on alcohol purchases, RFID payments can drive revenue in other ways as well.
One innovative way to take advantage of RFID payments is to capitalize on FOMO (fear of missing out). Give them a chance to see what’s just past the VIP door. Highlight the VIP experience around the festival, and offer attendees the chance to upgrade if they decide they want to indulge.
Create a seamless attendee experience. No more reaching for wallets, counting out cash, or waiting for a slow credit card machine to finish processing. When fans pay for purchases with a simple tap of their wrist, lines flow smoothly.
It’s also worth noting that when there’s no cash or credit cards on-hand to steal, attendees don’t have to worry about theft. RFID tags are unique and nearly impossible to duplicate, so they are completely secure. If a wristband is deactivated by customer service, its cashless feature is also instantly deactivated. And if attendees forget their PIN number, they can change it in real time so it doesn’t impact their experience.
Vendor transparency and accountability. When vendors use cashless RFID payments, you get visibility into everyone who’s touching money on-site. Even if your event isn’t totally cashless, a point of sale system at each vendor ensures that cash and non-cash payments are being tracked in one place.
This also enables real-time inventory management. With insights into what products are selling out fastest and where, you can restock more efficiently and plan better for future years.