Cashless payments: 7 reasons why events & festivals are making the switch

3. Better control over spending

Cashless payment helps track expenses. Both festival organizers and participants have more control over their spending. This is a huge benefit for organizers because it allows them to better manage their budgets. For participants, it is helpful to be able to see how much they are spending; this prevents them from overspending unnoticed.

4. Real-time insights

Cashless payments offer event organizers many benefits. One of the main benefits is that you get access to valuable data. Gathering real-time insights during the event gives you the opportunity to optimize your staff and inventory. For example, you can quickly decide to open additional bars in an area that is proving popular. If you analyze the collected data afterwards, you can immediately get to work optimizing the next edition. Think bigger bars, replacing certain outlets, adjusting inventory, improving routing, or closing a deal with a sponsor that was particularly popular. Cashless payments also provide you with a clear insight into product sales at different levels, allowing you to anticipate peak moments right away and make the right business decisions.

5. Efficiency with tickets

Event organizers can combine cashless payments with access control systems. This can be used, for example, to verify lanes when entering the festival. This can also help manage VIP breakdowns, or any guest list, for example.

6. A step toward security

As an event organizer, you naturally want your visitors to have a fun and safe time. By reducing cash at events, we can achieve this. Not only do we reduce the risk of violence and theft, but we also give visitors more peace of mind. Thus, we not only avoid negative publicity, but also maintain a good reputation. In addition, this approach offers additional benefits, such as reducing fraud. It is now more difficult for staff to give away free drinks or tokens. Let's work together to make events safer and more fun for everyone.

7. Fewer personnel needed on site

With cashless payments, fewer staff are needed to process payments. For example, when you accept cash, there is a need for bills and coins to be managed and stored again. This means staff is needed to receive, exchange and dispose of the coins. When cash is replaced with a cashless payment option, fewer people are needed to process payments.

Are there any drawbacks to cashless payments?

Increasingly, cashless payments are being used at festivals and events. It seems like a logical step in a world where everything is increasingly digital. It can be annoying for visitors if there are glitches in the system, or if they lose their phones. In addition, there are costs associated with using cashless payments, which are often passed on to festival and event organizers.

Hybrid payments
An event or festival should be accessible to everyone, and we understand that all too well. What other payment options are available besides cashless payments? Visitors can opt for open loop payments, which allow them to use their credit or debit card during checkout. Contactless and NFC payments are also possible, as is paying with the regular PIN. There is also the option for closed loop payments, where visitors can use a digital wallet, cash card or wristband.

These payment methods can be easily recharged, and the remaining amount can also be reclaimed. For organizers who want complete freedom, there is the hybrid payment option. Here, visitors can choose between bank cards or digital wallets by combining open loop and closed loop payments. This way, everyone can choose the payment method that suits them best and everyone can enjoy the event or festival carefree.