Cashless technology is, without a doubt, the hot new signing of the season, as clubs across the country bid to top the fan experience league. Tottenham Hotspur is just the latest club to adopt the technology – its brand new stadium will be fully cashless when it opens in the new season.
However, clubs may be scoring an own goal by not considering the different options available. There is a huge difference between contactless and cashless, and by making the wrong decision, clubs can miss out on vital data about their supporters, meaning they will be unable to gain insights to help maximise sales, reduce administrative costs and improve the fan experience.
The tale of contactless and cashless
The difference between contactless and cashless all comes down to information flow. Contactless solutions, where customers pay with their existing contactless bank-issued debit or credit cards, send all the data and information about transactions to the usual banks. Fans still need to carry wallets, and (more importantly) clubs are not in control of their own financial ecosystem and stadia cannot gain insight into their fans’ behaviour.
Cashless systems operate in a different way – and this where there is a huge opportunity for football clubs. Fans use their existing season ticket to securely purchase whatever they want in and around the ground including car parking, programmes, merchandise at the club shop, and food and drink. All the data is kept by the club – enabling them to understand spending habits, frequency, customer needs and create relevant and timely opportunities to grow revenue.
Beyond the customer experience
Cashless payments do more than improve the fan experience and cement club loyalty – solutions like Tappit’s can increase revenue by 22%. This is down to two major factors. Firstly, individual transaction times are significantly reduced – this cuts queue times, benefitting not just fans, but the club too by allowing more transactions to take place. Secondly, the customer data provided by Tappit enables clubs to create targeted marketing – encouraging fans to spend more on their favourite products, further boosting revenue.
With Tappit’s multi-purpose technology, in particular, clubs benefit from improved cash management and optimised reconciliation. Moreover, they can receive a wealth of payment information about individual fans’ spending habits, such as what they are buying, when and where, which they cannot get from a standard contactless system. Such data can provide them with information to control stock, offer insights to help them improve future events and experiences, and devise tailored, personalised marketing to help reinforce the club’s relationship with individual fans. In addition, the technology virtually eliminates payment fraud.
Quick and easy to implement
Tappit’s technology works anywhere and is ideal for events where there is a large volume of transactions in a short space of time. In addition, rather than being complex to implement, it’s quick and easy for clubs to integrate without overhauling the existing payments technology. The physical implementation of a cashless system takes less than a week to set up, as it simply sits on top of the current payment equipment, making it ideal for permanent installations at clubs, stadiums and venues of all sizes.
“Fans pay a lot of money to follow their team,” said tappit CEO, Jason Thomas. “Clubs need to ensure they get great value for money, which means spending less time queuing and more time following the action. No one remembers the payment experience unless it’s a bad one so by relieving this pain point, we are looking forward to helping enhance the customer experience for everyone.
“There is no better time to turn your stadium cashless – we already have the technology to create a better experience for fans. Moreover, the longer a club has a tappit-style cashless system in place, the greater the business insight and intelligence, allowing for clubs to improve their amenities, and to deliver more targeted marketing.”
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