As payment processing technology evolves in business applications of all types, consumer behaviour is evolving right along with it. Fewer people are carrying cash, and an increasing portion of the population is adopting entirely digital payment methods based on smartphone apps. For parking business distributors and manufacturers this means many types of older payment terminals are not sufficient to meet the needs of their clients’ customers.
In busy cities from coast to coast, paid parking lots are an essential part of the infrastructure as people go about their daily business. However, the process of handling payments in parking lots and parking garages has changed dramatically in recent years due to a wide variety of factors, both technological and behavioural. While paying for parking in the past was a simple matter of feeding coins into a meter or paying for your ticket at a booth staffed by a parking attendant, these days the vast majority of payments are handled with unattended Payment Processing Solutions.
What Factors are Driving the Adoption of Unattended Parking POS Terminals?
First and foremost, the largest factor contributing to the evolution of parking payment solutions is the advancement of the technologies used to process payments of all types. As the world continues to progress closer and closer to an entirely cashless business environment, card payments and digital payments increase as the preferred and standard methods for purchasing goods and services in all applications. For parking developers, distributors and manufacturers, this means that fewer of their clients’ customers are the necessary cash (if any at all), in order to pay for parking using an out-of-date parking meter.
Second, consumers are becoming increasingly accustomed to alternate payment procedures used in many different business verticals, and are coming to expect the same level of convenience, speed, and security everywhere else. For example, the widespread acceptance of online payments through ecommerce websites or smartphone apps have made it quite common for many people to prefer paying for goods and services using these tools above all other payment methods. This presents a significant obstacle for parking client, as they may not have an online presence with ecommerce capabilities to pre-pay for parking, and may not have payment terminals in their lots that are compatible with smartphone-based payments.
In addition, technology has also facilitated a shift in consumer behaviour in regards to time-limited services such as parking. Through websites and smartphone apps, customers are able to manage their own accounts at any time, enabling them to check the remaining time on their parking, purchase additional time for their spot, and even obtain maps and directions to guide them back to their vehicle. In very large parking lots and multi-level parking garages, you can easily see how features like this would be particularly valuable for your clients’ customers, and certainly go a long way to encouraging customers to select one parking lot over another.
Modern unattended parking Payment Processing Solutions address these factors in many ways, helping parking facility manufacturers grow their clients’ business, lower costs, and deliver greater convenience than ever before. Let’s take a look at what advantages a new unattended parking payment solution can bring to the table.