Venues are minimizing physical cash payment acceptance and, instead, embracing consumer demand for digital payments rapidly. Offering inclusive digital payment solutions to their customers simplifies and streamlines venue operations, improves transaction speeds, and delivers a safer and memorable customer experience.
Labor Cost Reductions
Venues are eliminating manual cash handling duties for their employees to reduce labor costs. Staff responsibilities are time-consuming and ultimately costly, especially when staff count and reconcile their tills, prepare register floats, and schedule (and manage the logistics around) armored deposit pickups.
Increased Sales Volume
Digital payment systems allow customers to pay quickly and easily. In particular, customers can pay with a quick tap of a contactless card or digital wallet. The average transaction time will prove significantly faster, especially during peak sales hours, leading to low-to-no wait times and an increased throughput.
Higher Average Spend
According to a recent survey by Forbes, more than 58% of consumers claim that card payments (as opposed to physical cash) are “most likely to make them spend the most money.” While 52% also report that they’re twice as likely to make an impromptu or impulse purchase when paying with a payment card.
The ease of use/minimal friction, and the less tangible aspects of using payment cards and digital wallets instead of cash are significant factors contributing to this increase in spending.
Enhanced Security and Fraud Prevention
By significantly reducing physical cash on-site, venues (and their staff) will reap the benefits of a safer and more secure premises. Further, instances of internal theft drastically decline. With staff no longer taking care of cash-handling responsibilities, venues will see a drastic decline in reconciliation-based errors and other accounting mishaps.
Better Data & Personalized Experience
Inclusive digital payment systems give businesses access to real-time data relevant to spending habits, purchasing patterns, peak sales times, and more. Such data enables businesses to:
- Engage in accurate inventory management.
- Understand what drives specific demographics or segments of customers to personalize the guest experience better.
- Create customized offers tailored toward customer preferences
- Launch a customized loyalty program and make data-driven adjustments over time.
Balancing Cashless Innovation with Accessibility
Digital payment methods have taken the global economy by storm. While more venues are listening to their customers and giving them a seamless, digital payment experience, millions of Americans still rely on or simply prefer to use physical cash.
An inclusive approach allows venues to deliver the payment experience their customers want easily and securely, while accommodating cash-only and cash-preferred guests.
Ready Credit helps venues remove the burden of cash handling and meet consumer demand for a fast and easy payment experience, ensuring that no guest is left behind, regardless of how they pay.