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HelpGOING CASHLESS: USE RFID AT YOUR EVENT? 7 REASONS WHY CASHLESS PAYMENTS ARE TRENDING
Radio-frequency identification has been around for a while, as far back as the 1940s and coming to prominence in the 70s. However, even today, it still remains a greatly underutilized technology especially in the marketing sphere. Some companies are beginning to implement RFID as a way of accepting cashless payments.
In this sense, RFID can be quite useful for a company, event, or conference. Naturally, some event planners - even those who organize tech conferences - may be on the fences about making the transition, but there is everything to gain from making the switch.
The Harriet Tubman $20 bill is already old news when it comes to payments at events. Read these tips to find cashless payment advantages and event results produced by this form of mobile payments.
1. Increase Sales
Studies show that RFID in the form of a stored value card can increase sales by up to 61%. This is because consumers can use the card to make small purchases here and there, which they are more likely to forget if they don’t have cash on them.
People are also naturally hesitant to use a credit card on small purchases. With an RFID device, users can easily buy small items like snacks and beverages without having to carry around thick wads of cash.
The study also shows that stored value card users are 50% more likely to purchase items at retail price rather than holding off for the item to go on sale.
2. It Speeds up the Transaction Process
Think about it: why are Google Glass and Apple Watch quickly gaining traction? Because they are worn on the body and don’t require you to pull your device out of your pocket. The same applies if you implement cashless payments in the form of an RFID wristband as opposed to the much more common stored value card.
Being able to make payment by scanning an item on the wrist is a valuable time saver. Sure, the difference is only a few seconds, but it adds up when there is a huge queue of people. (Name badge printing at event check-in, anyone?) Some people may rather just forgo making a purchase to avoid having to put up with a long line.
3. Buy Items from Kiosks and Vending Machines
Automated kiosks are another great way to make a profit from the sales of snacks and other small items. However, much like the first point, people will opt not to make a purchase if they lack small bills. While most vending machines and kiosks these days do accept credit cards, people are hesitant to use their cards on a machine that could potentially be hacked with all the stored data stolen.
With an RFID payment device, just scan, push a button for the desired item, and that’s all there is to it. This is also beneficial since event attendees won’t incessantly bother your staff for change.
Seems like this will catch up to the trending self check-in kiosks.
4. It’s Secure
Losing your credit card is a nightmare. On the other hand, if an RFID card or wristband is stolen, the thief can use whatever amount is left in the card, but that’s about it. He won’t be able to access your bank account information and make extravagant purchases.
Attendees can also notify an event staff immediately if they lose their card to have a new one issued and the old one instantly deactivated. This also prevents attendees from having to bring their wallet, cash, credit card, or debit card altogether, which is susceptible to theft in a crowded event venue.
5. Add Coupons and Discounts
One proven strategy for increasing sales is to offer promotional discounts. Traditionally, the way this is done is through paper coupons. This is not always convenient.
For one, it means added overhead costs from printing. It’s also a waste of paper, which is not very environmentally friendly and can turn attendees off especially if the guests make up mostly of Millennials, which are among the most eco-conscious demographic.
An RFID card eliminates the need of paper coupons altogether since the discount is automatically applied the minute the card is scanned.
6. It’s a Good Marketing Strategy
Despite being around for some time, RFID still feels like novel technology because it’s so underutilized. When you advertise that attendees will be issued digital wristbands, it just exudes an aura of all things futuristic and state-of-the-art.
You can take pics of the RFID card or wristband and upload it on Instagram or on Snapchat to give attendees a sneak peek while maximizing your event marketing. Advertise that you are committed to keeping up with the trends of the time and are dedicated to an event that leaves behind minimal carbon footprint.
7. Win Over Sponsors
Sponsors are very choosy over who they decide to allocate their funds to. Make it known to sponsors that you plan to issue RFID technology for the event. You can also send over published studies showing the effectiveness of RFID in terms of consumer conversion.
Furthermore, if your sponsor is going to have their own booth, then you can also offer to supply RFID scanners for them, which may help improve attendee interaction and sales from their end.
RFID Technology Is to Be Embraced
Let your event be the first to move away from traditional payment systems. RFID technology is convenient in more ways than one, so streamline the payment process for your staff members as well as your guests.
Guest Author Bio: Dan McCarthy is an Event Manager at JD Parties, an event management company based in the UK. Dan has 5 years of event project management under his belt. He has worked on many successful events, and currently he shares his knowledge by writing on the company blog. Follow him on Twitter @DanCarthy2.
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