Choosing the Right Parking Payment System For Your Business: A Comprehensive Guide

Man using smartphone to pay for a parking space

Choosing the Right Parking Payment System For Your Business: A Comprehensive Guide

Man using smartphone to pay for a parking space

Your Go-To Guide For Making This Important Decision 

Like any business, the parking business is driven by customers making purchases. Transactions between parking operators and their patrons are what make the wheels turn in a parking business. 

Unlike businesses using the traditional exchange of paper currency, the parking industry has multiple different digital and physical payment systems that can work for your operation.

It is important to make an informed decision when implementing any new business parking solutions, as the right system can speed up the payment process, minimize friction in transactions, and enhance the customer experience. For your business to best make this decision, there are a number of key considerations to make.

Consideration #1— Business Needs

Before making any large payment system changes to your business parking solution, consider what your business wants and needs. 

Ensure you and your business know the customer traffic patterns and peak hours for your parking asset. For example, if you have a high-volume lot, you may want to consider pre-booked parking passes. Over the past few years, there has been an increase in preference for pre-booked passes across the board in the parking industry.

This understanding will be key to assessing how a new payment system would interface with your asset. Don’t waste your time and money on a payment system that fails to meet your needs.

Consideration #2— Costs 

When moving to implement a new payment system, know the costs of purchase and operation, both the upfront costs associated with the purchase and the ongoing costs associated with its maintenance and upkeep. 

It can be daunting, but you can find a balance between budget constraints and the desired features of your system to make a financially sound decision. There are parking payment systems with various features at a wide range of price points.

Consideration #3— Customer Experience

When it comes to payment systems, the user experience is everything. A positive customer experience can make or break your payment system. If your customers become frustrated or cannot navigate your payment system, their likelihood of visiting your business and using your parking asset in the future decreases significantly.

Intuitive, user-centric design and seamless interaction can positively impact customer satisfaction and retention, contributing to the overall success of your business. ParkHub’s payment system offers a user-friendly interface that makes it simple and easy for customers to make parking payments.

Consideration #4— Integrations

As technology advances and manifests itself in different ways throughout a business, it is important to consider how the multiple aspects of that business fit together. The optimal payment system for your parking assets should have integration capabilities so it can interact with other facets of your business.

Choosing the right payment system can often be as simple as considering which one can integrate with your new and old technologies, ensuring adaptability and longevity. Consider ParkHub’s systems, which offer many integrations with other common platforms across the parking and ticketing industries.

Display of multiple integrations offered by ParkHub

Consideration #5— Security and Compliance

Ensure that the payment system you choose has the necessary security protections to keep your cash flow safe and uninterrupted. Choosing a system equipped with encryption protocols that fully comply with all industry standards is essential. 

Consideration #6— Level of Customer Support 

Many providers of parking payment systems don’t provide hands-on customer support to ensure your patrons can successfully navigate the system. Instead, these providers sell the technology and let you loose. In this scenario, your team would bear the burden of providing said customer support.

If your team needs hands-on customer service and technical support, it’s important to prioritize finding a provider that includes it in their payment system’s package. While some businesses don’t need much support or guidance on their parking, it is an important consideration for many organizations.

ParkHub’s payment system comes with full-service customer support and technical support. ParkHub’s parking experts can provide you assistance with any questions and concerns you may have.

Learn What ParkHub Has to Offer 

ParkHub has multiple payment system offerings that can make a big difference in your parking asset and business. ParkHub has unrivaled mobile point-of-sale technology, using the Prime and Suite applications to increase efficiency and the collection of real-time data.

In addition to this, ParkHub has robust experience in the field of digital payment methods, including digital parking passes. CurbTrac and ParkHub Pay are two integrated payment platforms that can bring the speed and convenience of the digital age to your parking assets.

Book a demo with ParkHub today to learn about the incredible features of their parking payment system and experience the ParkHub difference firsthand.

Posted by ParkHub on February 1, 2024