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The Smartest Move For Colleges? Going Cashless

Whilst summer break is in full swing, the return to campus life is just around the corner. 2020-21 saw the college sector face unprecedented challenges – ensuring safety for their students and staff, whilst still trying to drive revenue and maintain momentum around sports.

However, these unprecedented challenges have resulted in incredible advances in technology and digitisation. The proliferation of smartphones and rise of QR code adoption has created a perfect opportunity for campus life to improve whilst driving additional profits at the same time.

Many organisations talk about going cashless. In its simplest form, ‘cashless’ means no cash. However there are many possible ways to deliver a cashless experience and some come with compelling benefits.

While our Cashless Guide For Colleges covers the pros and cons of each option, here we highlight why we believe that going cashless using a closed loop, contactless system will deliver huge benefits for your students, your staff and most importantly, your bottom line.

The benefits of a touch-free experience for students, staff and visitors

  1. Gain rich data insights

Information is power (and profits). A closed loop contactless system provides you with data that was previously unavailable to any organisation except the banks. You will be able to understand fan behaviours, what they purchased, when and where – as well as combining it with other sources to gain a true 360 view of your visitors. Once you have this information there are huge new opportunities to maximise profits, streamline operations and get closer to your fans.

Powerful stuff! And the results speak for themselves. See we have helped boost spend per head and increase transactions for the Jacksonville Jaguars and Kansas City Chiefs.

2. Powerful sponsorship opportunities

US sports sponsorship is predicted to be worth $20 billion dollars by 2022. Attracting and maintaining a great relationship with your sponsors is important. With a closed-loop system, you have access to powerful data on product sales at customer level to create focussed, data-led propositions. 

You can understand fan preferences, whether they change over time or even give your sponsors access to their loyal consumers or even target new consumers by profile or behaviour.

With access to the right data you can extend and enhance existing sponsorships, attract new sponsors and be able to provide data to show the impact of these relationships. Let the numbers do the talking and grow your sponsorship revenue.

3. Boost sales

When it is easy to spend money, people tend to spend more. Fact. Our case studies show that increase in spend per head or increase in number of transactions can be up to 60%. Our frictionless, digital wallets (either in-app or directly from the internet) or our simple RFID wristbands (bracelets) or cards, makes spending easy – for consumers and for staff to process.

If you understand what your customer purchases and when, there are many ways to motivate them to spend more. From encouraging and early arrival through to upselling additional products or getting them to make one last purchase before they leave – the data will help you connect with your fan.

Even better, our solutions it minimise fraud and theft as there is no cash to disappear over an event.

4. Keep people safe

The global pandemic has accelerated a number of existing trends and the move to cashless is no exception. Going cashless allows people to maintain a safe distance from others and reduce human and surface contact. Queues are shorter and move more quickly and colleges can use real time data to avoid bottlenecks and improve crowd flow. In these unprecedented times, fans and staff need the assurance everything is being done to minimise the spread of infection and implementing a cashless solution does just that.

5. Tech-light implementation

One of the main concerns around going cashless can be around the complexity of integration. There may be concerns that going cashless would require an overhaul of all the existing systems and technological infrastructure or a significant hardware investment. This isn’t actually the case. Implementing Tappit’s cashless payments system requires zero upheaval of your current infrastructure. As it’s white-label and tech agnostic it works with all the major POS systems, ticketing providers, CRMs, payment providers and more. Once the connections are made, all the data is pulled into Tappit Insights, our analytics suite, providing you with a single source of truth.

6. Proven expertise and results

Whereas some organisations in the market provide white label mobile wallets and rfid solutions, it is important to ask how they are doing this. At Tappit, mobile wallets and rfid solutions is our core focus – our technology delivers for our clients every time. When you are incorporating technology into your products, it is important for both your business and your consumers to have a proven, secure and valuable solution.

With a strategic relationship in place with Learfield Colleges, we are committed to ensuring that our expertise from across the sports and entertainment sectors across the world is coupled with relevant, tailored expertise from the college sector. 

That’s why Tappit is proud to employ some of the most experienced people in the college athletics and technology sectors. Larry Peters, Pat Flynn and  Mike McBride are all part of the Tappit team who are focussed on ensuring that colleges and universities who are considering making the move to cashless are working with people who understand their business. Want to find out more? Get in touch.

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