Understanding Payment Services in Parking

March 24, 2021

Today, massive shake-ups like rapid urbanization, diminishing urban space, and the COVID-19 pandemic are demanding a drastic redesign of the current parking systems. Customers are increasingly asking for seamless driving and parking experiences. Among the processes that can benefit most from improvement is payments.

The customer’s need for streamlined transactions is evident in other industries. The retail sector, for instance, has widely adopted new payment methods from basics like credit and debit cards all the way to smartphone wallets and even wearable devices.

However, parking has not been as welcoming to digital payment solutions as retail has. Retail transactions are as simple as exchanging money for an item. In parking, variables such as parking duration, location, and value-add features like electric vehicle charging make implementing digitization more complicated. 

Nevertheless, parking operators must adopt flexible and comprehensive payment models to keep their customers coming back. If you own or run a parking lot, read on to discover how Payment Services can change the experience you give to motorists.

What does Payment Services mean?

When we say Payment Services, we mean the practice of taking a cloud-based approach to commercial payments. It has been a necessary next step as businesses deal with fees, disparate data sources, and outdated filing systems. paper-driven processes. A good Payment Services plan delivers convenience, transparency, scalability, and security in payments. 

As a parking operator, choosing the right Payment Services provider usually comes down to logistics and integrations. And by interfacing with software like Pavemint, you no longer need a dedicated, vendor-specific, and hardware-centered platform with little room for customization. With Pavemint, your customers can pay you conveniently via their mobile devices.

What does Payment Services offer the parking industry?

In a world run by digital solutions, Parking managers need modern payment systems to deliver maximum customer satisfaction. These technologies need to cover all parking scenarios, including on-street and off-street parking, stay duration, reservations, and ad hoc parking. Finding the right Payment Services tool is an excellent way to bring all these scenarios on one platform.

Besides the apparent benefits for parking customers, Payment Services can improve your parking business significantly. For starters, software like Pavemint is a lot simpler to use than hardware-based systems. We offer comprehensive, end-to-end solutions that can include all types of payments, giving you full visibility of your transactions at all times.

Many parking Payment Service solutions also offer insight into the most preferred parking spaces and payment options by drivers. By analyzing the real-time data they gather, you can make informed decisions regarding your business and align your improvements to customer wants. 

Finally, Payment Services dramatically increase the reach of parking lots. With a Pavemint, a client can reserve and pay for a parking space from across the world if they want to. Or they can drive up and pay on demand.

Payment Services for On-street Parking

Parking on the street is one of the most problematic practices in cities worldwide. It causes significant congestion in urban roads. Furthermore, parking durations can vary drastically, ranging from short drop-offs to extended stays and even semi-permanent residential parking. 

Complicating things even further is that many major cities are banning cars from parking in central business districts, straining surrounding traffic zones. Moreover, because city landscapes are constantly evolving with new roads, constructions, and demolitions, it is incredibly challenging for urban authorities to implement a future-proof solution. 

Payment Services can help with some of these issues. Software is much easier to scale than a rigid hardware-based payment system. Authorities can easily control the number of cars parked on the street at any given time by refusing payments made after their threshold is reached.

Payment Services for Off-street Parking

Because off-street parking is typically on private property, managers are free to impose their own rules according to their business models. Off-street parking is often used by drivers looking for medium-term and long-term parking services. 

If you operate an off-street parking lot, more than half of the cars occupying your lot likely belong to recurring clients. Therefore, you will not find it challenging to introduce a Payment Services solution for automated payments. With no parking cards and chips to carry around, your customers will enjoy the convenience of seamless, contactless mobile-based payments.

Meanwhile, you can benefit from reduced operating costs and manual labor. Additionally, because an automated solution can calculate the time spent in a parking space, it can generate custom quotes for specific clients and bill them with their preferred payment method.

Payment Services and the Future of Parking

The parking market’s demand for multiple payment methods is rising exponentially. As a result, many parking operators have embraced different solutions to offer payment versatility. However, the lack of consistency among parking lots creates a frustrating experience for customers.

Payment Services promise a seamless and unified experience for both drivers and parking operators at a lower cost and with added functionality and flexibility. Considering the robust parking software already on the market, it will not be long until Payment Services becomes the standard in parking payments.

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