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Cashing in on Cashless in a Stadia Environment
The topic of this article is Football Clubs but the same advantage of free space also applies to other sports facilities including but not limited to a stadium, a rugby club, a racing circuit, a basketball club, a running club and so on. In fact, the German F1 Grand Prix in Nurnberg in 2009, the 2010 Football World Cup in South Africa, the 2012 Olympics in London, the 2014 basketball World Cup in Spain have plans for a cashless place and in the case of the German F1 Grand Prix they have already established a cashless system. Expressing this point, Sandra Alzetta, Visa Europe Senior VP for consumer market development, said “the goal is a cashless Olympic Games in London in 2012”.
Recently we have seen the rise of e-payments or what are now called cashless payments, but what is causing this collision is the withdrawal of money from other places. It’s that simple…..saving money, making money and being successful.
There have been many types of organizations using non-financial or other funding including Local Authorities, Government, Schools & Universities, Stadiums and many more. Both have achieved significant benefits including lower costs and lower costs and improved profitability. In fact, one state has seen a 60% increase in issuing credit cards instead of vouchers and checks.
The ability to earn money in many sectors, as we have already said, is not limited, but it is not in the sports field where the amount of money for the well-planned and executed programs can be important. So when this is added to the benefits of having money saved and having access to the latest developments the appeal of football clubs is clear. But is this just a joke or are the financial benefits of cashless stadia real? It can be like the scheme is a closed scheme where the cashless system works in the stadium and shopping center, and where the club is in charge of the cashless system and the money invested in it. This type of scheme can be managed by the club directly or the club can appoint an organization to manage the scheme on its behalf and retain full control.
This method greatly facilitates the income-based business and gives the group a direct relationship with the sponsor and independence in the day-to-day operation of the non-financial system including all necessary regulations, especially bankruptcy regulations. How the cashless system is perceived by its sponsors will be a key factor in the customer experience of any Cashless Stadia system. So in the closed system that the team uses, the fans are supporting the team in many ways not only from the stands but also with the right rules for the team to be responsible for the relationship with the players.
However, if the club outsource the entire cashless process to a third party then almost all the financial benefits disappear along with the direct relationship with the agent, but this is in line with the business case built around streamlining the work so that the work is just at the core. Authority over the work of conspiracy and law was also delegated to another agent.
Also, according to the agreement, the terms of data sharing may also be incomplete. Marketing information is critical to the team’s ability to create personalized promotions and offers for sponsors through CRM. If more is not available on demand then selling the remaining XXXL shirts in April will be more difficult than sniping.
In the face of handing over all this authority to someone else is not a very good idea, is it? This depends on the group’s requirements. If the clubs feel that they are in the business of playing football and doing well on the pitch, and the cost of using a cashless system within their stadiums is prohibitive, then releasing the whole scheme is the right thing to do. However if the goal is to be able to manage and grow the relationship with the sponsor while making extra money from smart but hard spending, then rolling out an entire system with no money would be madness.
The decision to not finance all or one part of the stadium is not easy to make and should be done after a thorough investigation of the objectives of all parties and other aspects such as the arrangement of cooperation with other vendors such as caterers and others. and only when an informed decision can be made to find the best solution and how it should be used to ensure that the highest level of customer satisfaction is achieved.
Cashless Stadia, what are the advantages?
Regardless of whether the clubs decide to improve their cashless scheme or give it to third parties what we cannot argue with is the common benefits.
There are no operating costs – there will be no money in the stadium on match days, no money, no security collection,
Fast forward – because cashless money can be 60% faster than cash and three times faster than credit and debit, the lines of food processing machines move very quickly.
Good hygiene – since the catering staff will not be working with money and handling the food itself, this not only eliminates hygiene issues but also makes less staff work faster.
Free pricing – there is no need to keep the prices to 50p or the pound so this allows the goods of £2.50 to be increased to improve costs or reduce which will help customers to know more and can lead to higher sales.
Good data – the transactions through POS terminals can determine who bought what, when and where they can be used for personalized marketing when processed through CRM.
The advantages of a closed scheme in which the club operates directly or through a professional association and of an outsourced scheme should be carefully considered.
What to consider when choosing a cashless solution!
Some of the factors to consider when deciding on a cashless option are:-
o Customer satisfaction
o Food / caterers
o Legal requirements and FSA regulations
o Scheme rules on breakage (A bad scheme rules on refunds for lost, stolen or expired cards can create the impression that the club, having introduced a cashless method, is taking advantage of the fact that the sponsor is now an audience)
o Integration of systems i.e. which systems. Point of Sale (POS), Customer Relationship Management system (CRM) as a minimum and Card Management System (CMS) for smartcards as the most advanced.
o A business model for forecasting returns and forecasting earnings
o Direct benefit of the scheme provided or provided abroad
o Purchase costs
o Financial management
o Development management
o Data requirements
o Customer Liaison / System Promotion.
o Selection of suppliers
o Future requirements for multi-user systems
o Technology, contactless, barcode, dual mode backward compatibility maybe even NFC.
o Data Flow, Money
Watch out for the banana skin!
Technology – the danger is tying up technical information, and this can be fatal in daily work. Cashless solutions connected to various other systems built with different technologies are emerging today in various markets and industry sectors so although this may be unusual for sports arenas, universities, large business centers, amusement parks and more. Basically the technology works so that the clubs choose the vendors and leave them to do what they are paid for and are qualified to do. This does not mean that suppliers should be given the requirements and left to get on with it as effective supplier management should be used throughout the life of the installation. If clubs focus on the technical side, when it is not the first time, this can cause the offices to not be seen. This will undoubtedly lead to complex and expensive manual labor once the system is up and running.
Data – something that can fall into a hole with data. What will be taken away and why? What will happen to it if it is caught? What data will be on the card, system, account? Also what data does the club have which will ensure that customer accounts are set up and that they are clean. No matter how well any organization measures the amount of data available will be inaccurate. The important thing is to prepare for this and have a good plan to prevent the spread of evil especially near the deceased and those under the age of consent.
Rules and Regulations – the most important thing about banana skins that can be done by the rules and regulations of the company and the law. In the UK the Financial Services Authority (FSA) should be consulted for advice on any insolvency procedure. They will also need to review the monitoring systems in place of the SeMIC regulations and this could take up to 6 months to achieve certification. Their legalese is often confusing so consider seeking the help of an experienced adviser to better understand the FSA rules and your relationship with the FSA. This will help to avoid delays and waste of money during the application and avoid the risk of the failure of the scheme or worse, allowing for situations that could expose the group to significant financial penalties. Also keep in mind upcoming regulations and legislative changes such as the Payment Service Regulations of 2009 and the new e-Money Directive coming in 2011.
Today in Europe PrePaid cashless debit is the fastest growing method and the chart below shows this. It is important to understand that football club customers are already using cash as a means of payment with other providers, mobile phones, smart devices, parking, vending, public transport are just a few examples.
So… the idea of a salary cap is not new to footballers. The financial benefits to the club and the improved customer experience can be significant, not to mention the power that having marketing data can give the club. The advantages and benefits of a well-planned and cost-effective approach in a football club are clear, and in most cases the operating costs can be recouped within 1 or 2 seasons. The longer it takes to make a decision the longer it will take to realize its benefits and advantages.
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#Cashing #Cashless #Stadia #Environment