Many businesses in the amusement and entertainment business are going cashless. The trend is increasing as owners say it’s safer and prevents a streamlined process that makes sense for many customers.
However, going cashless doesn’t only mean using credit cards, debit cards, or applications. It also could mean creating a whole new customized system using RFID wrist bands, tokens, and more. Bowling alleys, carnivals, arcades, and amusement parks are already transitioning to different methods that make sense for them and their guests.
Below we discuss three benefits and real-life examples of going cashless:
1. Faster access
Guests who spent less time waiting in line to handle cash or can use a self-kiosk, end up spending more. Bonus: It makes accounting more manageable.
The worst thing about amusement parks, concerts, or other entertainment businesses is standing in line. RFID wristbands help parks increase line speeds by eliminating the need for tickets, ID cards, or printouts. QR codes on phones can speed up a concert line. Purchasing tokens, all at once, for arcades games keeps the fun going for guests.
2. Better security
Having less cash on the premises reduces any opportunities for internal or external theft. It also makes it easier for employees to manage and can help allocate their time to other projects.
Methods like RFID bands allow for tighter access control and reduced risk of gatecrashers. RFID wristbands are harder to lose compared to traditional tickets and nearly impossible to counterfeit.
3. Cost-effective
Going cashless creates better operational control costs for the business. Handling cash costs money. Think about every time an employee needs to cash out during a shift, or someone needing to make deposits at the bank. Plus, human error in dealing with cash can create issues.
Younger generations are more attracted to contactless and other payment options. Businesses can work towards attracting and retaining guests if they keep up with technology.
Switching to cashless payments with RFID wristbands has a significant impact on operators’ bottom line. RFID wristbands are speeding transaction times up by nearly 50%. This results in more purchases and more happy customers. Waterparks are seeing an average of 15% to 30% increase in customer spending with RFID wristbands.
How going cashless benefits real businesses
Disneyland, for example, is using RFID wrist bands called “MagicBands.” The waterproof wristbands are an all-in-one solution to accessing your hotel room door, entering the theme park and water parks, checking in at FastPass+ entrances, and charging for food and merchandise purchases. The bands are private and secure and provide a touchless solution packed with convenience.
Midwest Coin Concepts has enjoyed 40% year over year growth since going cashless for its arcades. The entertainment company manages a diverse list of locations, including restaurants, bars & taverns, family entertainment centers, bowling centers, movie theatres, casinos, and more. 60% of Midwest Coin’s locations have self-service kiosks. The kiosks, combined with smartTOUCH contactless card readers, led to a 600% increase in credit card usage and a 40% increase in overall gross.
Know your business and your guests
Going cashless might not be right for every amusement and entertainment business. Knowing your customer base and understanding if your customers are loyal and tech-savvy can help. One prominent argument against cashless systems is denying access for a segment of consumers. It may make sense to accept cash on a pinch or provide a system in place if a guest shows up that will be using cash.
It’s important for amusement and entertainment businesses to take the time to research, evaluate, and prepare for any major operational change. Whatever decision is made, the going cashless trend isn’t going away anytime soon.
