Most event venues, like concert halls, arenas, and sports stadiums, put on crowd-pleasing events that run for a set amount of time. Every minute counts. So, it’s no surprise that these venues are transforming their outdated point-of-sale systems into modern, digital alternatives that are faster and more guest-friendly. Instead of accepting traditional cash payments that cause long queues and frustrated guests, today’s venues are rolling out in-demand digital payment methods.
While cashless venues may no longer accept physical cash payments directly from eventgoers, they can still welcome their cash-only or cash-preferred guests with inclusive digital payment solutions.
But what exactly is a cashless venue, and what are the best ways to accommodate all attendees, despite their payment preferences? Keep reading because we’ll cover how an inclusive cashless venue can operate successfully for all attendees, why this approach benefits customers and the venues, and the challenges this digital transformation may bring.
What Is a Cashless Venue?
In general, a cashless venue is a guest-facing business that accepts only digital payment methods, not physical cash or coins. Such venues are not credit-card only, either. They modernize their event spaces by offering guests several fast and secure digital payment options, including:
- Traditional debit cards
- Prepaid debit cards
- Prepaid credit cards
- Mobile wallets
- Digital wearables (like RFID wristbands) to use throughout the venue
- Cryptocurrency
No venue wants to exclude a fan, or lose a sale or loyal patron, simply because they’ve gone digital and no longer directly accept cash payments. Instead, many venues are accommodating cash-only customers with Cash-to-Card® Kiosks and other inclusive digital payment solutions.
How Do Cashless Concerts Work?
A cashless concert works best when the venue adopts a digital yet equitable payment system that serves every guest. Such systems come in all forms, depending on the venue’s and attendees’ needs.
For cash-preferred concert-goers, concert venues can install Cash-to-Card® Kiosks in key traffic areas. There, guests can insert any amount of cash, receiving a prepaid debit card in return to use anywhere throughout the venue, the same way as everyone else.
On top of that, venues can implement systems that can seamlessly accommodate all tap-and-go cards. Mobile wallet terminals are also common at concession stands and merch counters, allowing attendees to pay quickly and securely. RFID wristbands and other concert-friendly wearables are also common, and take the hassle out of intermission, getting guests back to the crowd without missing a second of the show.
10 Benefits of Going Cashless for Venues and Attendees
1. Faster Transactions and Shorter Lines
No die-hard fan or first-time concertgoer wants to miss a second of a show or game—especially not because they’re stuck waiting in a long line. Contactless payment technology, powered by Near Field Communication (NFC) or Radio-Frequency Identification (RFID), keeps lines moving by enabling speedy transactions in high-traffic areas such as snack bars, drink counters, and merchandise shops.
Guests can quickly tap their card, device, or wearable wallet to make a payment instead of dealing with direct cash exchange with staff and time-consuming change counting. Since staff won’t have to handle cash (foregoing unintentional counting errors), they can focus on cultivating a superior experience for all venue guests.
2. Lower Theft and Safer Handling
Eliminating direct cash payments and keeping it secure and inaccessible while stored in Cash-to-Card® Kiosks reduces the risk of theft for staff and venue guests.
Plus, with all payment transactions digitized, venues gain stronger control over and clearer insights into every payment transaction. Access to such a comprehensive electronic audit trail creates greater transparency, too. In the event of unusual activity or transaction anomalies, venues can examine data in real-time, mitigating any potential losses.
Maintaining a clean and hygienic venue is a top concern for any venue. As we learned during the pandemic, physical currency is germ-ridden and unhygienic to handle. With staff and customers no longer directly exchanging physical cash and coins with one another, the venue and everyone in it can avoid unnecessary exposure to bacteria and viruses.
3. Higher Revenue and Conversion Rates
Venue guests spend significantly more when paying with digital methods instead of cash. Research consistently shows that the “cashless effect” stems from the ability to pay quickly and easily without the hassle of counting change. Guests are also more inclined to make impulse purchases when using a digital form of payment.
This spending behavior creates an opportunity for venues to be strategic with product placement and upselling, especially in high-traffic areas and points of sale, where customers can make on-the-spot purchases and even secure a better deal than they originally expected.
4. Real-Time Reporting and Analytics
By adopting a modern and inclusive POS system, venue operators gain vital insights into real-time data such as guest spending behavior, peak purchase times, and demand for merchandise and other products. Intuitive dashboard-style analytics tools provide operators with everything they need to run an efficient and profitable venue, including accurate inventory counts, detailed sales analysis, and reliable sales forecasting.
Access to this level of data and analysis directly impacts a venue’s ability to manage inventory effectively and make critical service and staffing decisions during live events.
5. Improved Operational Efficiency
With staff no longer burdened by high-pressure cash-handling duties, venue operations become significantly more efficient, allowing labor costs to be scaled back.
A digital payment system also lets staff skip time-consuming till reconciliation and closing protocols at the end of their shifts. By automating these duties, venues cut overhead costs tied to cash counting, bank runs, and armored pickup services.
6. Enhanced Guest Personalization
One of the best business moves a venue can make is to give its guests a personalized experience on every visit. Digital payment systems with RFID and similar capabilities can track customer preferences, providing venues with valuable guest data. With access to this data, operators can refine guest profiles, power personalized loyalty programs, and create targeted offers guests will love.
7. Streamlined Refunds and Disputes
Whenever a refund or transaction dispute arises, venues are better off handling it as quickly and efficiently as possible. With digital payment infrastructure in place, venues gain access to detailed payment records, making it easier to track guest transactions and process refunds.
Unlike physical cash and manual handling procedures, where staff or customer errors can occur, electronic data greatly reduces the risk of mistakes. When guests receive a prompt refund or a fair resolution based on accurate records, they enjoy a better customer service experience built on trust and transparency.
8. Environmentally Sustainable
Digital-first venues are more environmentally sustainable. When thousands of guests gather, waste is inevitable. A cashless and inclusive payment system reduces paper waste such as printed receipts, cash-transport envelopes, and change bags.
In terms of emissions, cashless venues require few—if any—bank runs and receive fewer payment supply deliveries. By adopting these practices, digital-first venues align more closely with ESG policies and other green initiatives, allowing them to give back in meaningful ways.
9. Brand Innovation and Tech Perception
Venues and other businesses worldwide are modernizing their operations, and payment systems are no exception. Implementing cashless-first technology is now essential for any business to remain competitive. Adopting it positions the venue as modern and responsive to consumer demand for innovative, user-friendly payment technologies and guest experiences.
Millennial and Gen Z audiences have never known a world without the internet and electronic devices. They expect frictionless payment options and venue experiences that feel current and aligned with their digital lifestyles.
10. Better Security and Compliance
A digital payment system provides the foundation for a more secure venue. With all transactions and staff access controls logged and tracked, a PCI-compliant payment infrastructure lowers the risk of internal fraud. In the unlikely event fraud does occur, centralized transaction tracking supports financial reporting and audits, ensuring maximum transparency and accountability.
Guest payment details and personal information are also safer under a digital system. Tokenization and other encryption methods allow operators to reassure guests that on-site purchases are both safe and secure.
Go cashless with fast, flexible cash-to-card kiosks that help guests pay quicker, stay longer, and spend more—while you cut costs and increase revenue.
Common Cashless Venue Challenges and How to Overcome Them
Risk of Excluding Cash-Dependent Attendees
Excluding cash-only guests is a top challenge for cashless venues. Not every venue guest has (or wants) access to a bank account or digital wallet. According to the 2023 FDIC National Survey of Unbanked and Underbanked Households, more than 4.2% or 5.6 million households were unbanked. Rather than denying these guests access and turning down both revenue and the chance to gain loyal patrons, venues are turning to inclusive digital payment solutions to bridge the gap.
Ready Credit’s modern, inclusive payment solutions enable venues to welcome all customers by indirectly accepting cash while still reaping the operational and financial benefits of going cashless behind the scenes. For example, Ready Credit’s Cash-to-Card® Kiosks not only eliminate the friction of cash handling, leading to operational efficiency and lower labor costs, but they’re also ADA-compliant. They feature multi-lingual navigational options—easily accommodating every cash-paying guest.
Technical Failures or Network Downtime
Like any technology, digital payment systems can fail or be disrupted by network outages or severe weather. The risks are even greater when a venue’s POS system goes down or the internet connection fails. Such downtime not only disrupts customer service but also creates a frustrating experience for guests.
To mitigate the fallout of unexpected technical failures or downtime, venues will want to take the following precautions:
- Have backup protocols and offline-ready payment systems in place.
- Schedule regular system testing to identify any technical vulnerabilities that might cause a future disruption.
- Create staff-readiness training scenarios to better prepare staff if a technical failure occurs.
Initial Setup and Cost Considerations
Often, when a venue upgrades critical POS technology, it often incurs new expenses such as upfront costs, setup fees, and training. Depending on the POS systems chosen (as in those including RFID readers, intuitive terminals with advanced customer experience features, and Cash-to-Card® Kiosks costs can vary in price, ease of integration, set-up fees, and staff training.
Not everyone will be eager to embrace a new, modernized POS system. Some stakeholders or even older customer demographics may push back because of the expense and learning curve the system requires.
It’s vital to remember, however, that the return on investment (ROI) of an inclusive digital POS system typically outweighs the initial costs over time. These systems enable faster transactions and greater throughput, making any venue more efficient and profitable in the long run.
How Do Cashless Venues Support Accessibility and Inclusion?
For a venue to go cashless today, it must implement inclusive and accessible payment solutions that work for all customers without exception. Otherwise, venues risk unintentionally excluding unbanked, underbanked, disabled, and non-English-speaking populations.
Modern venues are opting for accessible and inclusive POS systems that include multi-lingual interfaces, ADA-compliant Cash-to-Card® Kiosks, and easy to use and intuitive prepaid solutions. Accessibility and a positive guest experience go hand in hand. Offering venue guests accessible payment options reflects on the ethos of the venue and what it values the most—all customers.
Why Cashless Venues and Concerts Are Just the Beginning
Cashless venues aren’t just another trend or fad. They embody what it takes to run an efficient and successful business that serves every customer in today’s diverse, digital-first world. They also represent a broader shift in how events are managed and experienced, from efficiency and speed to security and accessibility.
To ensure guests have the best experience possible, venues must think beyond simply going cashless. Offering inclusive, digital-first solutions that are accessible is not only sustainable and scalable, but also one of the most effective ways to maintain high customer satisfaction for every guest.
Ready Credit has extensive experience working with major stadiums and other venues across the United States on their journey toward cashless, inclusive operations.
Explore how Ready Credit’s inclusive and accessible payment solutions can help your venue streamline transactions and elevate the guest experience.
