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Sales Up By 40 Percent for New York Venues With RFID Wristband
Billfold POS's HF RFID-based solution allows concert-goers to make credit card payments for food, beverages and merchandise at Brooklyn Mirage and similar venues, thereby reducing payment times to less than five seconds and reducing or eliminating queues.
Sep 11, 2019—
Event payment technology company Billfold POS has been providing an RFID-based payment solution to events around New York for several years. The firm is now expanding its reach across North America with a system consisting of an RFID-enabled wristband and payment terminals that capture a user's ID number and credit card access with each tap of the bracelet.
The system can reduce a typical credit card transaction from one minute to less than five seconds for individuals wearing the wristband, according to Stas Chijik, Billfold POS's co-founder and CEO. One of the company's customers, Avant Gardner, has been using the technology at its three venues in Brooklyn and has seen its per-person drink and food sales increase by about 40 percent as a result, says Martin Naughton, Avant Gardner's director of food and beverage.
Billfold POS was launched by the owners of event catering business One Stop Beer Shop, which it used for food and beverage sales at large-scale events in New York. The company noticed that credit card payment transactions slowed down service, and that this was affecting revenue. If queues and resulting wait times became too large, sales were lost. The firm began looking for solutions and found that RFID could expedite the payment process. "A lot of time is lost not so much in payment processing," Chijik notes, "but in customers fumbling with their wallet, taking out cash or a credit card."
Once the company built an RFID solution that it deployed as part of its POS transaction system, the events experienced a 45.2 percent increase in per-person spending, Chijik reports. "That's when we knew it was not just beneficial for us," he says, "but for all event producers across the country." The firm's focus was on venues and events involving 5,000 to 10,000 people, and it developed a software-as-a-service (SaaS) subscription-based solution by which its kiosks and POS readers could be leased and the software managing the data could be provided in the cloud.
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