Running movie theaters became extremely difficult following the massive hit of the Covid-19 pandemic, which ushered everyone into a global lockdown. Due to this, big studios chose streaming services over theatrical releases, drastically affecting theater attendance and patronage.
However, even when everything has returned to normal, individuals still prefer streaming services to go to the movies, except for a few times when they really want to have and enjoy a cinematic experience.
Unfortunately, as a theater manager, these were particularly challenging times for me because of the pressure to grow sales and maintain consistent patronage. However, the question is, how can I increase attendance? How can I increase patronage, which inevitably leads to increased sales?
So I contacted the planning and strategy department to perform market research and feasibility assessment on bringing the theater back to life. The team decided to conduct a survey in which they asked customers about the most difficult experience and how they thought the problem could be solved. Surprisingly, the survey's responses reveal that customers were fiercely unhappy with their ticket purchase process. Some of the complaints were;
- Too much queueing time.
- Limited payment options.
- Failed debit card processing, and so on
Considering the various issues raised, we decided to work on a more convenient payment method for customers.
Online Payment Option Considered
Taking fast action on the survey feedback, we decided to add a ticket and refreshment buying option to the theater website and app. As a result, patrons will be able to pay ahead of time, eliminating the need for them to wait in line at the theater and giving them more payment options to make ticket purchases.
Unfortunately, this comes with a cost to both the theater and the patron. For one thing, we will need a payment processor to accept online payments using a debit card, credit card, and other virtual payment platforms on the website and app. These payment processors are intermediaries between the patrons and the theater. So when someone makes a ticket purchase on the app or website, they are routed to a payment page where they may enter their credit card information to complete payment.
However, one of the difficulties with this is that patrons are constantly wary about giving their card information online, and there are also numerous fees associated with purchasing tickets online.
For instance, many patrons wonder why they must pay a "convenience fee," which typically includes processing fees, host fees, and other costs. Unfortunately, because these costs are exclusive to online purchases, most customers return to in-person purchases to avoid these fees, resulting in the same waiting in line dilemma.
Subscription Model A Way Out?
The team debated additional strategies to increase attendance and fill the theater seats. Therefore, we decided to turn the purchase of tickets into a subscription-based service, where customers can register for a membership card and view movies according to their subscription.
Although the theater seats were packed, the business's profitability suffered. Especially when there's a new movie out, which is usually supposed to be a high-selling ticket, but with the subscription model, there is no price flexibility as the monthly rate is already fixed. And if a business isn't generating profit, what is the point? Therefore, the team looked for other feasible strategies to improve theater attendance while increasing business revenue and resolving the key issue of payment patrons encountered.
A Major Switch To Cryptocurrency Payments
After trying out different conventional approaches to solve the payment challenges, the team decided to look into adopting cryptocurrency as a payment option. Besides, given that more businesses are using cryptocurrencies as payment methods because of their unique characteristics in tackling payment issues with traditional finance, it only made sense for us to follow the same path and help the business grow. And since it eliminates the need for an intermediary, it was the appropriate procedure to implement because, without intermediaries, such as payment processors, there would be no need for multiple charges, and customers would not have to deal with any type of surcharges.
So, the team researched ways cryptocurrency can be adopted to ease the payment challenge among patrons. Surprisingly, we don't need much knowledge to implement crypto payment on both the website or app and at the point of sale; all we needed was a crypto wallet and a notification on the theater's official platform.
How We Added Crypto Payment For Ticket Purchase
We evaluate each cryptocurrency wallet we can find to determine which offers the most seamless payments on the website and PayPoint. We specifically looked for features like these in the cryptocurrency wallet;
- Accept various cryptocurrencies
- Wallet Security (2FA compatible)
- Easy user experience
- Device compatibility
- Backup facilities
Fortunately, after a thorough search, we discovered Cwallet, a crypto wallet that checked all of our boxes. Creating an account with Cwallet has to be the easiest I've ever encountered. No compulsory email address, KYC process, or time-consuming verification process was necessary; therefore, it was as easy as opening a webpage. Also, there was no need for some special legal document of the theater for the account to be functional; all we had to do was link our social platform accounts.
Processing Payments With Cwallet
Getting a Cwallet account was the first step in integrating a cryptocurrency payment, as it serves as the theater's bank account to store all revenue done through crypto. So, after getting a Cwallet account, all required was to make it a payment option for the theater.
Luckily, with Cwallet, we could have the payment option at the venue and on the website/app. Furthermore, since it is practically impossible to give every patron a wallet address to pay to, Cwallet provides a QR code that anyone can scan without requiring a wallet address.
This makes ticket purchases easy, seamless, and fast. In addition, all of these are done at no cost to either the theater or the patrons.
On the other hand, making Cwallet, a payment option on the website/app was easy.
All we had to do was to create a payment button on Cwallet and paste the line of code at the backend of our website/app. Then, we could describe the ticket and other necessary details with the payment button.
The best part of using Cwallet to process our ticket payments online and at PayPoint is that it accepts different cryptocurrencies, and there are no charges incurred on both parties –the theater and patrons. So, with the ease of payment Cwallet gave the theater, online ticket purchases increased significantly, and in no time, cinema attendance skyrocketed.
Cwallet restored the patronage of the theater to its glory days and also helped attract new patrons who fell in love with the seamless payment through the QR code at the point of ticket purchase and the payment button embedded on the website/app.
To increase sales for your business, utilize the Cwallet QR code and Payment button. Whether you own a physical store or an online store. Your walk-in customers may easily pay for their purchases with the QR code, and you can accept payments through your website or online store.
First, create a Cwallet account immediately, then follow this step-by-step procedure to set up a tip box.
Similarly, follow these steps to create a payment button and post it to your profile or website so that clients may easily purchase your stuff. The best part is that it is completely free!
Cwallet: The Multi-functional Crypto Wallet
Cwallet is a unique cryptocurrency wallet that combines custodial and non-custodial features. With the help of this combined on-chain and off-chain wallet, you can manage and trade over 800 cryptocurrencies in a single spot, providing security, simplicity, and flexibility.
The Cwallet meets individuals', and enterprises' complex crypto needs through a range of features such as the tip code, airdrop game, giveaway tool, mobile refills, bulk payment, request invoice, payment button, and so on. It is more than just a cryptocurrency wallet where users may send and receive funds, buy and sell, or hold and swap cryptocurrency.
Cwallet lowers the entry barrier for crypto usage as you can instantly create a cwallet account with your mobile number or third-party networks such as Twitter, Telegram, Discord, and Reddit.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using Cwallet is absolutely FREE!
So, what are you waiting for?
Download Cwallet NOW!