How a cashless payment system complements cash

The benefits of a cashless payment system

Cashless payment methods, such as mobile payments, contactless cards and digital wallets, have several benefits:

Speed and efficiency
Payments are processed faster than with cash, which shortens queues.

Security
Less physical money in circulation reduces the risk of theft and fraud.

Better administration
Digitally recorded transactions mean fewer mistakes and easier financial management.

Ease of use
Guests don’t need to carry coins or notes and pay quickly with their bank card, smartphone, cashless card or wristband.

Why cash is still relevant

Despite the rise of digital payments, cash remains relevant:

Inclusion
Not everyone has access to a bank account or digital payment methods.

Privacy
Some people prefer to pay in cash to protect their financial data.

Young people and children often get cash
For example as pocket money from parents or grandparents, or as a birthday present.

Cash cards and QR vouchers as a cash alternative

To combine the benefits of cash and cashless, a cash alternative can be the solution. The Beyond Ordering platform supports two: cash cards and QR vouchers.

Cash cards
These are reloadable cashless cards with an NFC chip. Guests top up their card with cash and then pay contactless at the bar or food stand. Cash cards cost more to buy, but you can reload them endlessly. Refunding the remaining balance can be fully automated.

QR vouchers
These are digital or printed vouchers with a unique QR code that guests buy with cash. When placing an order, you scan the QR code with the all-in-one terminal to settle the payment. QR vouchers are free (digital) or cheap (printed), but they can’t be topped up again.

The benefits of a hybrid payment solution

By adding cash cards and QR vouchers to a cashless payment system, you gain on several fronts:

Inclusive payment options
Both digital and cash-paying guests can easily order.

Faster transactions
Nobody pays with coins at the bar or food stand anymore, so service is quicker.

Fewer operational risks
Less cash in the till means less risk of theft.

Better user experience
Guests without a bank card can also easily pay cashless.

Conclusion

Cashless payments offer many benefits, but abolishing cash completely isn’t always desirable. Combine a cashless payment system with cash cards or QR vouchers and you get the convenience and speed of digital payments, without excluding part of your guests. The result is a flexible, safe and inclusive payment system for every type of event and every audience.

Want to know what a hybrid solution could mean for your event or venue? Book a demo and we’ll look at it together.

Read also: Open loop, closed loop or hybrid payments?

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