Multiple balance types and Virtual currencies are just a couple of the advanced features of the Tixify Platform that can differentiate your event from the rest and provide your attendees an unforgettable experience.
In this article we will explain how this two features will help you streamline your event setup and make the final reporting and settlements a breeze.
Multiple Balance Types
Multiple balance types is an advanced feature that sets Tixify apart from other RFID ticketing providers. It allows you to segregate funds in different credit types that are supported simultaneously – giving you incredible flexibility to create a ground-breaking event experience for every segment of your audience.
Read on to discover how you can use Balance Types to give allowances, gain sponsorships, define rules and gather significant insights into your event.
What are the Benefits of Multiple Balance Types?
Tixify payment schema was built to allow festival organizers for flexibility and one of the ways we support this is by letting you propose different credit types to your fans. Multiple credit types work together and are transparent to your users, but each balance type allow you to setup different rules for how the fans spend this balance and has the added bonus of gathering sophisticated data insights on different segments of your audience. Data is presented to you in accurate live reports, and gives you a complete overview of the credit usage during and after your event.
Whether you choose to use a real currency, or non-monetary credits through virtual currencies, when multiple balance types are in use simultaneously you dictate the rules for each of them and which credit type is dominant to ensure this is spent first.
If this still sounds like gibberish to you and you dont understand what is the benefit of allowing alternative credits types for different audiences, lets see a real life example to understand how you can use this feature to your advantage.
General Admission Credit
This is the credit type that the majority of event attendees will use, this is the standard ‘buy-anything’ credit that your fans will topup on their RFID festival wristbands. They have the option to top up online before the event, on their smartphone, at a Tixify’s on-site top up stations, or at a Tixify self-serve kiosk.
Your fans can then use their RFID wristband to purchase food, drinks and merchandise, and can of course – if your event allows it – gain full refunds on any unused credit once the event is over.
Particularly at large events, it might be the event organizers responsibility to make sure the staff has meals allowances. Instead of distributing paper meal tickets or try to keep track of allowances any other way, you can assign a Tixify Wristband or Badge to your team.
Using multiple balances you can place appropriate limitations on staff wristbands, such as no alcohol or eligibility at certain vendors only (like your staff canteen). You can also decide whether staff credit is refundable or not.
Promotional / Marketing Credit
Gain brands sponsorship by allowing them to offer promotional RFID credit at your event. Multiple Balance Types can be used as a marketing tool by brands who wish to offer free products or lead attendees to an area within the venue.
At The Sun Festival in 2020, Beefeater set up a tent outside the venue where they distributed credits which could only be spent at the Beefeater tent. This incentive to visit the tent enforced positive brand association for the duration of the event and increased sales purely through word of mouth.
When you combine this with Experiential Brand activations your sponsorship packages get a higher value and your sponsors get a a bigger “bang-for-their-buck”.
Friends and Family Credit
All festival organizers have found this problem. How to assign drink or food credits to family and friends? Multiple balance types solves the problem by allowing you to show a little generosity to those who are special to you.
As always, you have the option to make family and friend credits non-refundable, and you can set limitations on which vendors can accept these credits.
Gifting free drinks credits to artists and performers is a sure way of upholding your reputation as a caring event organizer. Choose credit limits, give authorization to specific vendors and ensure these are non-refundable.
Free credits can be an incentive to purchase VIP tickets for your event. VIP credits can be given out at your discretion, and you have full flexibility to choose how these credits can be used by your most valued attendees.
Flexibility is standard.
For every balance type you have the power to choose not only where can the credit be spent, but also who can distribute this type of credit.
Your staff manager would be in charge of distributing staff credit, while your production manager can be in charge of the Artist credit. You get the idea. All the operations of the Tixify Platform can be performed in every one of the Tixify Devices, so you dont have to run around to find specialized devices to topup someone who just showed up at the door.
Regardless of any special balance type you might want to assign to any attendee, they also can topup funds of their own in a General Admission Balance Type.
If you have visited a festival in Europe you have likely discovered that the largest music festivals often run on their own currency: instead of euros or any other local currency, guests exclusively use ‘Pearls’ or ‘Gems’ that they purchase and use to pay for products in the event.
While this can take some getting used to, it means that despite having guests attending the festival from the four corners of the world, there’s a single currency and a single price tag for everything.
We’ve got some great news! You can now combine all the advantages of having your own event currency with cashless, contactless payments.
Our virtual currency feature allows fans to load up their Tixify RFID wristbands or badges with a virtual currency that you design, whether that be pearls, gems, coins or anything you have in mind, and use these to pay at vendors during the event. It’s the best of both worlds!
Similarly to every other feature in Tixify, support for virtual currencies is designed to give you flexibility to run an event exactly as you imagine it, without any of the irritating inconveniences.
Here’s how it works:
- Set-up your online portal and on-site top ups.
- Choose which real currencies you want to accept (USD, AUD, EUR, etc.) and the ‘exchange rate’ for purchasing your event’s virtual currency. E.g. $10EUR may equate to 2 gems.
- At the event, fans buy food and drinks using the credits they’ve purchased using their wristbands at vendors. If they need to check their balance, or add more funds to their wristband they can do this through our online portal, or via one of the top-up stations on-site.
- After the event they request a refund for their unused credits that are then exchanged into real money at the same currency rate.
- All transactions are logged and accurately reported back to you, so sorting out the finances is easy-peasy!
Why virtual currencies?
We dont need to explain the importance of encouraging bar sales, since we know they are the financial lifeblood of most music festivals. Using a virtual currency at your event is an excellent way of increasing your bar revenue, since its likely to get people spending more on not only drinks, but also in food and merchandise.
Why? Because separation from traditional payment methods has a distinct psychological effect on consumers. When guests don’t see the currency price of their purchases, but instead calculate it in pearls or gems, the expense doesn’t feel quite as ‘real’ – which makes it easier for them to buy more.
Alleviate currency exchange headaches
Anyone who’s ever run a large international festival will know that currency exchanges are one thing you do not want to deal with on the day of your event.
With patrons carrying Euros, US dollars, Czech Crowns, Hungarian Forints, and Danish Krones, you’re bound to have issues: How much is a beer in forints?
Accepting many forms of currency at the vendors means having to deal with large amounts of cash for change money and the inherent waiting time while the bartender triple counts the change. But accepting only one currency might mean frustrated attendees with wallets full of krones and no way to buy a drink.
Using a virtual currency removes this headache – you can accept a whole range of different currencies at the topup station (or better yet, via an online portal), while at the event everyone will be using the same coin at vendors. This means one pricelist for all, no mistakes or long waiting times providing the correct change. The result is less lines and zero frustration for everyone involved.
Having a single currency as a source of sales makes financial reconciliation and settlement with vendors at the end of the event a painless 3-click process – each transaction is electronically logged, leaving no room for mistakes or misunderstandings.
Ready to get started?
Let us show you how you can take advantage of these and other advanced features and improve your festival revenue. Schedule a demo now!