Cash is king, or at least it used to be. In today’s day and age cash seems to be becoming a scarce commodity as people turn towards credit cards and other seamless payment experiences. Instead of paying each other back with cash, friends have turned to apps like Venmo to pay each other without ever physically exchanging currency. When the world has adopted to a virtual payment system, why do so many events insist on only accepting cash at the door?
Cash is a great option to have on hand for when people come to your event, but it shouldn’t be the only option for purchasing tickets. Here are 3 pitfalls you face by having a cash only event.
1. Not everybody carries cash
Cash only events turn away attendees. In the age where practically everybody and their dog has a credit card, Apple Pay, or Paypal, cash has become an antiquated form of payment. In fact, cash has become so out of date that many people don’t carry it at all. Yes, you can provide ATM’s for your attendees, but the fees associated with those money machines can leave a sour taste in the mouth of your attendees. Nobody wants to pay $4 to take out $10 from an ATM, and I mean nobody. Some people may decide not to attend your event as well if you only accept cash payments because they don’t carry cash and don’t want to use an ATM.
2. Collect email addresses
There are definite benefits of accepting cash at events, but being a cash only event has it’s downsides. One of the biggest areas of opportunities that events miss out on when they only accept cash is collecting emails. When you take cash at the door, people don’t have to enter their email information to get the tickets, they simply hand you a bill and walk through the gate. The transaction is simple, but leaves money on the table. Imagine collecting half of your attendees emails and being able to email them the next time you host an event. Your attendees are the exact audience you want to invite to your future events! With cash only payment, you miss out on a grand opportunity for increasing sales at your future events.
3. Loss of control
One other major reason accepting cash only payments can be harmful to an event is that the success of your event becomes dependent upon the weather. If a storm comes in on the day of your event, you will lose tickets because of lousy weather. Part of this can be solved by selling tickets online because people will be able to purchase tickets months, weeks, or days before your event takes place. If the weather doesn’t cooperate, the people who bought tickets will still venture out to experience it, but you will still collect all that pre sales revenue. Events aren’t easy to run, and a no-show caused by bad weather can really put your event in jeopardy for the future. It is nice to know that online sales can serve as collateral against bad weather.
These three points aren’t the only reasons why you should accept a variety of payments at your event, but they are very important. Collecting emails and selling tickets online can be critical to the success of your current and future events. Cash is still a valid option, but when you are making events in the digital age, the way you collect money serves multiple purposes.
Featured image via Pictures of Money on Flickr