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THE INCONVENIENCE OF CASH

& its Effect on the Event Industry

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Introduction:

Do you have change for a 20? Or a 10? Your answer to this question may be different today than it was five years ago. The world is evolving at an increasingly fast pace and new technologies are providing convenient alternatives for payment methods. With all these changes, cash is becoming an obsolete medium of exchange. This affects how people behave in their day-to-day lives and will surely affect how event organizers run their events.

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Data:

Want some proof? Almost 80% of Americans carry less than $50 in their wallets and 40% carry less than $20! Even more surprising is that 9% do not carry any cash at all (see diagram below). In a world of ever-changing technological advances, people are becoming more inclined to use credit/debit cards (or even their phones!) to pay for anything big or small, including event tickets.

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1. Why are people less reliant on cash?

Here are the most plausible explanations that are contributing to this shift from paper to plastic:

•  Cash purchases aren’t as easy to track as credit or debit purchases (read: it’s harder to stay on budget with cash).

•  Some people don’t feel comfortable carrying large amounts of cash on them at one time (whether it be for safety reasons or because they are scared they may lose their wallet, etc.).

•  The electronic and technology industries are shifting people away from cash. You can now pay for your latte with your smart phone!

•  There is less liability for lost/stolen money- if you lose a 20 from your wallet, that’s it. But if someone charges the same amount to your credit card fraudulently, you will probably not have to pay for it.

•  It is inconvenient to carry a wad of bills when you can simply carry around a few cards and your phone.

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2. So what does this means for event organizers?

If you’re hosting an event, avoid cash payments with the following tips:   Before the event:  

•  Sell tickets online! E-ticketing is becoming the most efficient and preferable method for both event organizers and attendees. Event go-ers benefit from the convenience of being able to purchase tickets from their computer or any smart device with a credit card, and the organizers benefit from knowing exactly how many guests to expect. Attendees receive their ticket via email and don’t have to worry about bringing cash to the event to pay for admission- plus this ensures a faster line entry at the door!

 

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2. So what does this means for event organizers?

At the event:  

•  Allow credit card and electronic payments on-site. Although you may have sold tickets in advance, some attendees will still want to purchase tickets at-the-door of the event. Dealing with cash ticket sales can easily slow down a line-up and cause frustration for guests. Allowing guests to pay by credit card can effectively solve this problem and get your guests into the event faster. Not to mention, you won’t have to worry about an overflowing cash box that must be monitored carefully throughout the event! All transactions will be safe in cyber space until payout.

•  With today’s technology, there are alternatives that enable event organizers to

process payments via credit card on-site, from any smart phone or tablet. Various online ticketing services will offer card readers that plug into phones and tablets and sync with an easy-to-use app! Check out Uniiverse’s Ticket Manager App that not only lets you check in guest who pre-bought tickets, but also helps you sell more tickets at the door via **credit card**.

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Good luck with your event!

Event organizers: don’t be caught without a credit card reader at your next event! However, if you do decide to give your guests the option to pay with cash, make sure you bring enough change in your cash box.   Now that you are armed with these tips, your event will be more enjoyable (and more convenient) for everyone! Good luck!

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