Published On: July 19, 2022
  • Cash payments continue to decline in favour of credit/debit cards, contactless, and digital wallets
  • Paid parking lots who traditionally relied on cash payment terminals need to upgrade and evolve
  • Modern parking payment solutions offer convenient & secure payment processing, and much more

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that fewer of their clients’ customers are the necessary cash (if any at all), in order to pay for parking using an out-of-date parking meter.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.

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What are the Advantages of Unattended Parking Garage Payment Solutions?

Greater Convenience – One of the major benefits to a more sophisticated parking payment solution is far greater convenience for your clients’ customers. With a fully-automated Payment Processing Solution, parking lots are easier to access than those depending on the physical presence of attendants to accept payments. It also allows for around-the-clock accessibility, extending the usability of a parking lot beyond typical operating hours and increasing the benefits to customers who need parking services at unusual times.

Your clients’ customers will also benefit from the convenience of being able to pay with whatever their preferred payment method is. Modern unattended parking solutions are capable of processing payments made with credit cards, debit cards, tap-to-pay contactless cards, digital wallets, smartphone apps, and more. This means customers don’t ever have to worry about whether they’ve got the right payment type on them.

Furthermore, these solutions can be enabled with internet connectivity to allow web-based or smartphone-based access. Customers who find themselves in the unfortunate situation where they are unable to return to their vehicle before their allotted time runs out can simply add more time to their account and carry on with their business with no interruption. Payment processing solutions with these capabilities take the pressure off customers thanks to the added convenience of remote access and online payment processing.

Top-Tier Security – For parking clients and their customers, data protection and transaction fraud are serious concerns, and rightfully so. The last thing your client needs is to worry about the potential loss of revenue due to theft and the broken trust customers experience following this type of data breach. This is why security is so critical for parking lot payment processing solutions. Unattended parking payment solutions need to be equipped with the latest encryption technology to reduce the risks of transaction fraud and help clients give peace of mind to customers that their payment information will be protected.

Total Control – In order to make well-informed business decisions, your clients need to have accurate data to keep them well-informed. Modern unattended parking payment solutions can be equipped with the capability to deliver real-time business reports to a smartphone, tablet, or PC. Sales data and customer behaviour insights can help guide your clients to a more effective strategy when it comes to attracting customers, capitalizing on seasonal trends, and maximizing profitability.

With the right internet connectivity in place, your clients can also remotely access their unattended payment processing terminals to update pricing settings and fee structures, and efficiently manage solutions across multiple locations if they are managing a network of parking lots and parking garages. With remote access, your clients can also save significant time that would otherwise be spent traveling to and from each location and each terminal to update them manually, and you can maintain consistency across all your unattended parking payment stations.

What to Look for When Investing in New Parking Payment Solutions for your Clientele

When you start looking for the best Payment Processing Solution for your parking business clients, you’re going to want to ensure that the terminal you select can deliver all the advantages outlined above. Not all payment solutions that are marketed to parking lot developers, distributors and manufacturers are truly optimized for the unique business conditions of unattended parking lots and garages. It’s important to make sure that the technology you invest in is engineered to reliably provide the best customer experience, as well as equip your clients’ business with the tools and capability it needs to maximize efficiency and profitability.

From MONEXgroup comes the innovative Tap & Park unattended Payment Processing Solutions for parking garages and parking lots of all sizes. These compact and durable payment solutions are capable of processing payments of all types, including credit cards, debit cards, contactless tap-to-pay cards, digital wallets, smartphone payment apps, and more. All MONEXgroup unattended payment processing solutions are fully PCI-compliant and feature state-of-the-art encryption technology for maximum security.

No matter where clients need to place their parking payment solution, whether it be indoors or outdoors, the ruggedized weatherproof construction assures them that their payment solutions will continue to operate reliably, even under the toughest weather conditions. Driving rain, extreme heat, and intense cold are no problem for MONEXgroup’s Tap & Park Payment Processing Solutions.

Clients will also be able to leverage valuable reporting tools and gain critical insights into the performance of their parking lots thanks to the customizable reporting dashboards. They can access their parking business data remotely from their desktop, laptop, tablet, or smartphone, and leverage it to make smarter strategic decisions that will drive their company forward to greater success.

When you choose MONEXgroup as your payment processing partner, you and your clients will also receive the finest in customer support and unparalleled technical expertise to maximize the impact of your investment and help accelerate the growth of profitability. Our teams work closely with you to customize your unattended parking payment solution to meet the demands of your clients’ operation, and back you up with 24/7/365 support so that you’re always able to get the assistance you require exactly when you need it.

If you’re ready to transform your clients’ parking business with new technology and advanced functionality, contact the team at MONEXgroup to get started. We look forward to speaking with you to answer any and all questions you may have about our Tap & Park unattended Payment Processing Solutions.

Find out more about unattended parking lot payment solutions & get a free quote from MONEXgroup!

Blog Author LayalAuthor: Layal Scheirich, Head of Sales at MONEXgroup
Bio: With 18 years of experience in payment processing and merchant services, Layal has seen in-store POS technology evolve from its humble beginnings to contactless, unattended, mobile and online alternatives. Today, Layal is an inspiration to the MONEXgroup’s team and a go-to source of information related to payment processing. She is enthusiastic to share her knowledge with audiences interested in cutting-edge technologies available today, such as unattended payment for self-serve kiosks, e-commerce online payment gateways, virtual terminals, and contactless and mobile payment solutions.
Social Media Profile: LinkedIn
Contact Info: insights@monexgroup.com

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