Reduction of operations costs

Handling cash is costly. By eradicating cash payments, you eliminate the costs associated with handling, protecting/ securing, and transporting cash. Cashless means there’s no longer a need to order or count cash, which will save time and money in the form of staff and banking costs. In addition, reconciliation becomes a much simpler task that can be done with fewer staff. Besides the manpower, bank deposit fees can be as high as 8% of the value of the cash deposited, whilst credit card processing fees at vendors can run as high as 3.5%-5%.

Understand your clients with
valuable insights

Probably one of the most valuable benefits of the Cashless King solution is that organisers have access to a wealth of useful statistics via simple dashboards.

The Cashless King system offers access to an in-depth breakdown of attendees spending and behavioural trends through easy-to-read reports. With these analytics, you can examine event goers’ activity, the types of purchases made, average spend, the most popular vendors, consumption peaks – even track your VIPs and develop ways to incentivise and reward them.

This becomes an invaluable tool for every event organiser and their respective vendors. By analysing this data post event, you can also optimise how you run your next function; what adjustments to make, which vendors are preferred, and ultimately opens you up to a wealth of promotional opportunities to further engage with the customer. For example, creating bigger bars, replacing certain outlets, optimising the inventory, improving routing, or creating a deal with a sponsor that proved popular last time around. If cash and/or traditional card payments are utilised however, event organisers and their vendors have no access to this valuable information that would give them unprecedented insights into the behaviour of the event goer and their customers

Increased security, Less chance of fraud

Safety is of paramount importance to every fan attending an event and, unfortunately, any event that relies on cash, becomes a magnet for criminal behaviour. The Cashless King payments solution reassures festival goers of the security of their payments. By removing cash and Debit/Credit cards from your festival, would-be thieves and pick pocketer’s won’t have anything to steal, giving visitors peace-of-mind and improving the overall
experience for everyone. There’s less to carry, so less to worry about.
Most importantly for festival organisers, employee fraud and theft can significantly reduce revenues. The Cashless King payment system greatly reduces this risk.

Connectivity issues: Online vs offline

Large-scale events translate to masses of people coming together, often at remote locations. Using contactless bank cards at such events can be problematic, as these payments require a stable internet connection to process the transactions – a challenge in South Africa. Furthermore, you have potentially thousands of people in attendance on Facebook, Instagram, WhatsApp, making calls and posting to social media, which further congests the network. The result is slower transactions, “time outs” and lost connectivity.

Spotty internet connections at such events are commonplace so, to rectify this issue, organisers need to invest in temporary internet connectivity – which is expensive. Even if there is good connectivity at an event, the time for the system to go online and verify a transaction, can take up to 30 seconds or more. This causes queues and unnecessary frustration for event goers – especially if the process fails and must be restarted.

Large orders can also result in complicated computations, which can cost valuable time and result in inaccurate order totals, thus losing the vendor and event organiser valuable revenue. For example, an event goer orders 3 beers, 2 glasses of wine, 2 whiskeys and soda and 5 shots. The barman must then manually compute the total and present an invoice. With Cashless King all the information is preloaded, from brand to unit price, making calculations hassle free and accurate, as well as reducing the time the event goer gets his or her order.

Cashless King’s payment system works offline and therefore does not require an expensive or even a stable internet connection. *Cashless King transactions take exactly 3 seconds to execute.

Reduced queuing, Improved user flow

With the Cashless King solution, average transactions times are reduced by up to 80%, improving the guest experience by ensuring that they can get back to the festivities without missing a beat. Experience has shown that transaction times on a cashless system can be as much as six times faster than traditional methods of payment, thereby reducing the average transaction time from a staggering 90 seconds to just 15 seconds. When looking at it on a grand scale, this means that instead of vendors processing 20 sales per minute, the Cashless King system can increase this figure to 160 sales every minute.

Thanks to this fast-processing time, event goers are not deterred by snaking lines at the refreshments stands. With the shorter lines that move faster, guests can grab that extra snack or drink knowing that that they will be back to enjoying the action in no time

Boost your customer spend and profits

By reducing queues at the bar and food concessions you sell more and subsequently make more money. Our results show that when you swap cash for the Cashless King payment system, you can increase your takings by up to 22%. Fans feel more secure about their money when using a cashless payment system and tend to spend more on impulse purchases.

Create new opportunities for your sponsors

Creating additional revenue streams has never been more important, as festivals look to recoup their losses from the pandemic. A cashless payment system allows one to create new categories for partners to sponsor by providing additional methods through which the event goer can engage with the brands for longer. Customer attention can now be harnessed from point of ticketing through to loyalty programmes and brand extensions. For example, the event card can be branded to be “powered by” your chosen partner, or sponsors can even have the opportunity to name their own event currency and build on their brand identity e.g., VodaBucks, Avianto Aquisto, Kulula Moola etc