If you’re stuck running your venue business and organizing events in the same old ways of the past, you’re missing out.
With NFC technology on the rise, why not streamline your business and boost profits by going cashless?
NFC, or Near Field Communication, is the technology that allows two-way communication between devices. This has been successfully adopted in large-scale event management, handling payments and registration for the hospitality industry, along with several other scenarios.
Many businesses need a modern system to register attendees, manage customer volume, control access, increase points of sale, and generate leads as well. That’s where NFC wristbands come in. NFC wristbands can not only help you manage your business better, but also make you more profit.
Let’s look at some of the ways how cashless transactions can increase your profitability.
1. Easy And Convenient
Cashless transactions help save time by eliminating the swipe, sign, and PIN process – facilitating spends and creating higher sales volume. With the use of NFC devices and form factors, top-ups are fast and easy to do.
All this convenience reduces the subconscious spending limit customers have in their minds and helps shorten the time required for a customer to finalize a purchase decision, making them more likely to spend.
2. Reduced Service Time
Cashless transactions are faster for your staff too. All the customer needs to do is tap and pay. This can reduce or even eliminate the time spent queueing. When customers don’t have to wait in long lines, they tend to spend more money.
But that’s not all – without the need for queues and separate staff to manage transactions, there’s no need to hire additional workers. NFC reduces your expenditure and increases your revenue at the same time – all by streamlining your business model.
3. Increases Customer Spending
Customers face fewer purchase barriers when paying cashless. This is because of a difference in perception when paying physical cash vs. going cashless.
Loading tokens or spending pre-loaded tokens also increases the amount customers spend at the event. What’s more, top-ups are easy to refund on the site itself. All these factors make the customers subconsciously inclined to spend more on foods, drinks and other activities.
4. Improved Accountability
Not only does cashless payment reduce revenue leakage and discrepancies, but it also brings in more accountability from your staff as every transaction is digital and automatically recorded. This makes cashless systems invaluable for event managers – the seasonal employment relied upon by many event companies can result in higher employee theft rates.
Ultimately, you’re losing less money due to a lack of accountability – there are fewer incidents of customers being overcharged or underreporting of the top-ups issued, and if they do occur, they can be identified immediately.
5. Gain Insights
The NFC tech used in cashless payment systems enables the devices to operate offline and store information on the chip. This is a secure way of gaining insights and tracking how and when customers spend money – giving you a 360-degree understanding of how to best attract them.
Insights from NFC devices are highly accurate, which helps you plan and manage your customer experience much better.
6. Manage Third-Party Vendors
If managing third-party vendors is a pain point for you, NFC can help you take care of this seamlessly.
With mobile cashless devices, you can charge third-party vendors a percentage fee and gain access to their sales volume – allowing you to easily understand which vendors add the most value to your events or business venues.
7. Unclaimed Top-Up
Unclaimed top-up balance is another source of revenue that often goes unnoticed. While leftover top-ups can be refunded, customers might forget to do so. This becomes an additional source of revenue for you.
Conclusion
The ease of payments is the foundation of customer relationships, which are valued by both businesses and customers. With NFC, customers and businesses don’t have to compromise on their security, convenience, or profits. One thing is certain; digital payments are here to stay. And NFC technology can help you drive profits organically.
If you’re running a business and haven’t made the switch to cashless yet, what are you waiting for?
