tappit's calculator shows you the potential savings, increased revenue and additional profit that can generally be achieved by taking your event cashless. But that's just the start. In this post, we'll show you the true value of the cashless experience.
If you work in events and have ever thought about taking your event cashless, we’ve got a brand new tool just for you. tappit’s cashless calculator will help you analyse the benefits and savings your event or venue could experience if you decided to go cashless.
Whether you’re planning a one-off event, an annual event or recurring events (such as sporting matches), making the switch to cashless could make a huge impact.
Not convinced? See for yourself! To use the cashless calculator, simply enter the number of days your event spans, the estimated number of attendees and the estimated average spend per customer per day. Using this information, the cashless calculator will tabulate the estimated revenue you could see from going cashless with tappit 1. Our current partners can vouch for this - they see a 22 per cent average increase in takings after implementing the tappit cashless system.
There are 3 key areas where going cashless adds to your bottom line:
- Faster transactions & shorter queues
If you make it easy to spend money, then people are more likely to do so. Queues deter people from spending and when a fan is faced with the choice of getting an extra pint or watching their favourite band - we know who wins. Moreover, money loaded up on a wristband or card gives organisers a clear indicator of how much the audience is going to spend - helping you understand your likely income by the end of the event. Even better, research demonstrates that the easier it is to spend (i.e., a simple tap), the less likely people are to keep a strict spending limit.
- Saving on admin costs
Whilst it becomes easier for your audience to spend money and enjoy themselves, at the back end - going cashless removes many headaches and additional costs that are involved in managing an event. Reconciliations at the end of the night can be done in record time - reducing the need for staff to spend time tracking stock and takings. Removal of cash from an event also means removing the security associated with managing the movement of cash on site. As Mark Gullickson, Event Manager for Last Stand Football Fan Park, Dubai, says, “Going cashless with tappit increased my sales, minimised the hassle of reconciliation and helped us make the most of our inventory, allowing our team to focus our energies on delivering the best quality event possible.”
In addition, you can say goodbye to expensive routers, adapters and internet packages, which can be an especially big pain point for stadia and remote music festivals. With tappit’s cashless system, you don’t need WiFi throughout your venue for the system to function. Even if you have WiFi and it goes down, your customers will still be able to complete transactions without a hitch.
- Data & insights
Increasing revenue and savings is just the start - unlocking the value from the data is where the huge potential is for your event. The most valuable benefit from going cashless is gaining new, unique data and insights about your event attendees. This will enable you to get closer to your fans, allow you to send them offers based on previous behaviours in real time (taking direct marketing to the next level), maximise fan experience and increase spend from the moment they buy a ticket. The kinds of information you can harness to your advantage will be covered in detail in our coming blogs.
Of course, every event is unique - each event has different challenges and opportunities. While we can’t guarantee the results of the cashless calculator, we would be happy to discuss your event in more detail to give you a better picture of what benefit you can expect from going cashless. What we can tell you with 100% certainty, is that you’ll be in good hands with tappit. We understand your business and customers because we’re fans ourselves. Our main goal is to make your event better for everyone.
If you’d like to learn more about taking your event cashless, please contact email@example.com.
1 This calculated value is based on the average increase in spend across our existing clients, and is purely indicative.