The cashless payments landscape continues to evolve at a pace. Deciding on the best cashless route to take can be a daunting process and choosing the wrong route can prove to be a costly mistake. To help you navigate the myriad of cashless solutions on offer, we’ve put together a definitive Cashless Payments Guide.
Here’s an excerpt from the guide where we summarise the 6 key questions that businesses need to answer before deciding on the optimal cashless solution. Want to read the guide in full? Just click on the link to download:
There are huge number of options, so when choosing the right contactless solution, consider your organisation’s view on:
1. Implementation, hardware and integration costs
If you’re thinking about going for a bank-based contactless payment – the costs will be for the contactless card readers. These can be bought or rented – and you will have to factor in a processing fee for transactions.
With contactless white label mobile pay – the solution is integrated with third parties and POS systems – and dependent on your mobile pay partner, there may be costs involved.
If your contactless payment solution involves QR codes, eg white label mobile pay – the hardware costs are typically lower. Often existing POS and 2D scanners can be used to implement white label mobile pay solutions meaning that only simple integrations need to be implemented to go contactless.
2. Transaction sizes and importance of truly contactless solutions
With contactless bank cards, there is a limit to how much you can spend per transaction and also a finite number of times before you are asked to use a PIN terminal or provide further ID.
If you are looking for a completely contactless solution and to enable customer transactions above the contactless threshold – then contactless bank cards are a less attractive option.
3. Fan experience
How important is creating a great customer experience? If you’d like to understand fan behaviours and how to make the event perfect for them – then a closed loop cashless solution would offer the best value. Going cashless can improve the fan experience in so many ways. The right solution can make transactions faster, minimise waiting times and reduce risk of COVID-19 from contact.
However, only closed loop solutions can provide the customer data on fan behaviour – what they purchased, where they purchased and how frequently. This enables you to completely understand your fan, enabling you to tailor communications and incentives and your customers’ connection with your brand engaging, rewarding and valuable.
4. How important is data to you?
Different businesses are at different stages of evolution. Choosing a closed loop system – i.e. where you keep the data and understand the consumer is incredibly valuable. You can incentivise and reward your loyal consumers and look to grow and extend the customer lifecycle. By understanding your consumer you can look at how best to improve their experience and encourage them to spend more for longer with you.
5. Sponsorship opportunities
If your organisation is focussed on driving additional revenue through sponsorships and partnerships, then understanding the fan or creating new categories for partners to sponsor – it would be worth considering closed loop solutions – as you get both the data, and can have the mobile wallet or RFID solution ‘powered by’ a partner.
How much support will your organisation need to make a smooth transition to cashless? Whilst some cashless suppliers offer product or software, others will also provide additional help. Understand what is available to you in terms of account management, best practice guidance, support in implementing the solution and training the staff as well as customer support for the end users. Don’t underestimate the value of working with people who really understand what ‘best in class’ looks like.
If you’d like to get the full comparison of all cashless payment solutions in one easily digestible pdf, then download our Cashless Payments Guide now!