You’ve got a big music festival coming up.
Naturally, you want it to be a massive success.
You want more revenue. You want to cut costs without hurting the experience. You want happy attendees who can’t wait to come back next year.
It’s a lot to juggle – and we’d be lying if we said there was a single solution to easily solve all these challenges.
But there is a single upgrade you can make that will transform your music festival for the better. And it more than pays for itself.
We’re talking about cashless RFID wristbands.
If you’re not already using them, it’s time to consider the upgrade.
And if you’re skeptical, stay tuned. Because we’ve got 13 powerful motivators that just might change your mind.
Let’s dig in.
What are Cashless Payments?
In general, when people talk about cashless payments, they’re talking about any form of payment without cash, which could mean credit cards, mobile wallets like Apple Pay and Google Pay, apps like Venmo or Paypal, or RFID wristbands.
While credit cards, mobile wallets and apps are great for certain scenarios, nothing matches the speed and convenience of RFID wristbands for the festival environment.
What Is a Cashless RFID Wristband?
In case you’re new to this technology and wondering people are referring to when they talk about an “RFID cashless payment system”, they’re typically referring to a system where attendees receive a wristband that allows them to “tap to pay” for things like food, beverages, and merchandise at your event without the hassle of having to constantly pull out their credit card or phone.
The technology that powers this is called Radio Frequency Identification (RFID). A RFID wristband has unique smart chip inside it that stores and transmits data without making direct physical contact. It’s securely tied to a guest’s credit/debit card and allows them to quickly and easily tap to pay with the flick of a wrist.
If you’re not ready to give up cash and card, you may want to consider a hybrid approach that allows you to accept RFID wristbands, credit/debit cards, mobile wallets and cash all at once.
But there are many scenarios where making the leap to RFID wristbands makes a ton of sense. Here’s 13 reasons why you should consider it for your next event.
Why You Should Use Cashless RFID Wristbands at Your Next Music Festival
Cashless RFID wristbands are a nifty technology.
But “nifty” upgrades don’t always make for good business decisions.
So why should you consider using cashless RFID wristbands at your next music festival?
Greater per head revenue. RFID wristbands have multiple convergent effects that each contribute to greater per head revenue. Cashless transactions are faster, accelerating line movement and motivating people to purchase more. They're psychologically less impactful than cash transactions, leading people who use them to spend more (an effect also seen with credit cards). And because the data generated from this digital system can help you optimize pricing and inventory, you can tweak miscellaneous variables to push your per head revenue even higher.
Greater attendance (and total revenue). Similarly, cashless RFID wristbands have the effect of boosting attendance and total revenue. People generally prefer faster, more convenient transactions, so having cashless wristbands for your event will instantly make it more attractive. Plus, this type of system makes it easy to offer discounts and incentives to attendees. You can even afford to reduce ticket prices thanks to the many financial benefits we'll explore momentarily. The bottom-line result is that more people will attend your festival – and since each person using a wristband will spend more, your total revenue should greatly increase.
Image and reputation. Some festivals and venues like having cashless RFID wristband technology because it serves the brand, making the brand and the event seem more futuristic and advanced. It's a signal that your organization is modern and optimized for convenience.
Theft and loss mitigation. At cash-heavy events like music festivals, it’s common to lose 5-20 percent of your revenue to theft and loss. But these losses decrease dramatically when you minimize or eliminate cash handling. Unscrupulous employees or volunteers mishandling cash also begins to become less of a concern.
Safety and security for attendees. While cashless wristbands certainly aren't invulnerable to theft or loss, they tend to be much safer and more secure than carrying cash. Wristbands will make your attendees will feel safer, and problematic incidents like theft and violence may decrease in frequency.
Shorter, faster lines. Even the most robustly funded, most supported festivals sometimes experience issues with long, congested lines. This leads to slower and therefore fewer processed transactions, as well as less satisfied attendees. Cashless RFID wristbands are simple and almost instantaneous, expediting most (if not all) of your lines.
Happier attendees. There are countless reasons to love the cashless RFID experience. It's easy. It's fast. It's convenient. It's safe. And it makes the dynamics of attending a music festival more accessible and more comfortable. As a result, your attendees will be happier – and they'll be much more likely to come back in the future.
Happier staff members. It's not just about your attendees; it's also about your staff members. Happier customers will have fewer complaints, shorter and faster lines will lead to fewer points of contention, and the simplicity of requirements for staffers mean that everyone on your team benefits from higher morale.
Better reviews and more memorable experiences. People reviewing and talking about the music festival are going to sing its praises if cashless RFID wristbands are central to the experience. That means more brand visibility and, eventually, more ticket sales.
Improved hygiene and comfort. This cashless system is also almost completely touchless, making it more hygienic than exchanging cash. Most people will find this more comfortable, and everyone will benefit from reduced spread of infectious diseases as more people adopt cashless wristbands.
Environmental sustainability. We also contend that cashless RFID wristbands are more environmentally sustainable. You won't need to print drink tickets, you won't need to print receipts, and you can be part of the movement to a less cash reliant society. There are also lots of eco-friendly and reusable options for RFID wristbands.
Competition mitigation. Cashless payments at music festivals were once unheard of; now, the majority of festivals are using them. Even if you’re not persuaded by the objective benefits of cashless RFID wristbands, you should understand that your festival could be seen as antiquated or outclassed by festivals and venues that have adopted them. In this sense, adopting wristbands is a defensive measure to prevent your competitors from eclipsing you.
Data/analytics. RFID chips make it easy to track and analyze data – and you can even track data in real-time throughout your event. During and after the event, you can scrutinize this data to learn more about your customers, pinpoint potential improvements to your product and pricing strategies, and ultimately brainstorm ways to make your next music festival even more exciting.
Cashless RFID wristbands do sound enticing – though admittedly, we are biased. It’s our job to make them sound enticing.
It’s your job to ask questions and make sure your music festival goes off without a hitch.
We’re here to answer those questions.
And help you see just how much of an impact our cashless RFID wristband system can have on your bottom line.
Whether you’re interested in cashless RFID wristbands or would prefer to accept cash and credit cards at your event, FastBar’s hybrid point of sale system can take all forms of payment.
Everything starts with a free demo – so contact us today, and we’d be happy to discuss the various options and work together to make your music festival cleaner, safer, faster, and best of all, more profitable.