The Value of Payment Wristbands for Events

In recent years, event organizers have increasingly turned to wristband payments to facilitate a seamless guest experience. As a popular cashless payment system, RFID wristbands are no longer exclusive to large festivals and other major events. Discover whether payment wristbands for events could be right for your company with this guide.

RFID stands for radio frequency identification, which uses radio waves to store and transmit digital data. With Billfold’s solution no attendees information is stored on the RFID wristband to ensure the user experience is safe and secure. The wristband contains a chip that can be read and modified using special software. When an RFID reader “scans” the wristband, it sends a coded signal to identify the unique identifying number of that wristband to the software.

This cutting-edge process enables a quick and seamless transfer of data to back-end computer systems that then allows attendees to either make a payment or access a certain part of the event.

There are several types of RFID wristband technologies that can be leveraged by event organizers:

• Powered: An active RFID wristband can have its own power source, such as a battery, which allows it to emit a signal that can allow festivals to activate a built-in light or vibrate, similar to what you might experience at a sporting stadium.
  

• Unpowered: Passive, or unpowered, RFID event wristbands utilize power supplied by the RFID reader to operate. They have a limited more secure read range but are used for the purpose of payments or access control.
  

• Battery-assisted: Semi-passive RFID wristbands have a battery that can expand their range but are similar to passive tags in that they can be powered by RFID readers if needed, these type of RFID wristbands are more notably used in fun runs to help track running times, or alternatively used for inventory control and tracking.

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Using RFID wristbands improves far more than payment processing at your events, although streamlined transactions are a compelling benefit to consider. Here’s how this technology can radically change your next function.

Quicker Entry

Long entrance queues may seem like an inevitable aspect of large events—especially when considering necessary security checks—but RFID event wristbands significantly reduce entry time. Send wristbands to pre-registered guests prior to the event to prevent a lengthy check-in process.

Shorter Lines

Not only will the lines move quicker at the entrance, but queues throughout the event will also be shorter. Wristband payments are 53% faster than using credit cards and 63% faster than cash transactions. This means even events with high attendance can see much quicker sales processing than traditional payment methods.

Increased Profitability

The ability to simply have a wristband scanned—instead of having to take out a wallet—makes purchases hassle-free for attendees, which in turn can motivate them to make more purchases than they would otherwise. You can, therefore, expect more sales for food, drinks, and merch at events with RFID wristbands. In fact, Billfold POS has a track record of driving up revenue by 20 to 79%.

There are also other less direct ways that payment wristbands for events help to drive profits. With accelerated entry and payment processing, you may be able to reduce labor costs for your event. Plus, the data stored and transmitted on RFID bands allows you to tap into consumer insights that can drive personalized offers and promotions, which can be a tool for both your brand and event sponsors.

More Informed Decisions

Not only does wristband data give you insights into food, beverage, and merch sales, but it can also help you pinpoint which parts of a venue are busier or experiencing lulls to help you make staffing and inventory adjustments in real time. You can track consumption patterns throughout the day to identify peak activity times and revenue hot spots to get ahead of demand.

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In addition to real-time analytics, you can pull historical reports to compare trends between events for more strategic setup planning.

Enhanced Security

Thanks to sophisticated security measures like data encryption and password protection, RFID event wristbands boast a high level of protection for event goers and hosts alike. Plus, there’s the peace of mind that comes with being able to leave cash and credit cards at home, and attendees are less likely to experience theft or loss.

Reduced Fraud

Counterfeit tickets were once a major concern for event organizers, but they needn’t be a concern for companies utilizing modern technology. RFID chips are nearly impossible to recreate due to sophisticated technology with unique identifiers. And if an attendee loses their wristband, it’s easy to deactivate their previous one and provide them with a new one.

Ready to see the benefits of RFID wristband payments at your next event? Take a closer look at the features of Billfold’s cashless payment solutions.