Accepting Credit Payment At Your Facility Is More Important Than You Think
Here’s Why.
5.5 min read
Published on Parking Industry
Did you know that 73% of payment transactions in Canada are completed with a credit card? The holy grail of payment methods has made its way into the parking and mobility space, with no signs of it going anywhere fast. Chip-and-pin, tap-and-go and mobile wallets—you name it, most parking facilities have it. And if you don't, well, let's say both your customer and organizational needs will have a hard time being met.
Whether you choose to insert or tap, credit cards have become increasingly more preferred amongst parkers for the sole reason of convenience. Convenient payment methods are no longer a luxury but a necessity. Why? The more options you give your customers, the more likely they’ll return to your facility, leading to increased occupancy rates and securing your bottom line.
Accepting credit payment at your facility is more important than you think, here’s why.
Euro Mastercard Visa: The Universal Standard
It’s no doubt that more and more parkers opt to use their credit cards as a quick payment method instead of scrounging for change at the bottom of their pockets or handbags. Because of this, it comes as no surprise that parking facilities have begun to integrate Euro Mastercard Visa (EMV) into their parking infrastructure. This provides the highest level of security for the visitor and offers peace of mind for parking management.
So what does EMV secured processing entail? To put it simply, it protects cardholder data by reducing the risk of fraud when using a smart card, either when inserted via chip, by tap or through a mobile phone. Each transaction includes dynamic digital data that acts as a safeguard between the credit card and potential risks. When a visitor is paying for parking using an EMV-enabled card or device, the transaction is automatically authenticated, verified and authorized by both parties. Every time a visitor pays for parking, information unique to the transaction is incorporated, making it next to impossible to be stolen or replicated.
Why You Need To Offer Your Customers Secure Payment Options
Offering multiple payment methods at your facility not only gains customer loyalty but also helps your organization secure reoccurring revenue. Catering your product offerings to all customer types will guarantee that their specific needs are being met. Standard credit payment methods your facility should accept include: Visa, Mastercard, American Express, Discover, Union Pay and JCB.
Tap-and-Go vs. Chip-and-Pin: Which Is More Secure?
Chip and Pin Credit Card Payments
Today, more than 80% of Canadian merchants offer Euro Visa Mastercard (EMV)-certified payment technology for chip-equipped Interac and credit cards. The shift from magnetic stripes to embedded EMV chips within credit cards has gained popularity due to security concerns. Chip-and-Pin payment technology at both in-lane and on-foot parking pay station devices is today’s standard for gated parking facilities.
Tap-and-Go Credit Card Payments
Tap-and-Go payment technology is also a standard integration at gated parking facility pay stations, like a credit card, Interac, and mobile payments are becoming standard in the parking industry today. Security concerns surrounding tap-and-go payment fraud are still prevalent; however, this is far from the case. Contactless cards use radio-frequency identification (RFID) technology that allows the card to communicate with the card reader when tapped. Certified transactions undergo increased verification steps to ensure safe payment processing.
The Future of Parking Payment: Mobile Pay
Since they came to fruition, mobile parking payments have revolutionized the way Canadians park. Over 80% of visitors prefer to use mobile platforms like Parkedin™ to quickly find, pay, and save their favourite parking spot. Whether app-based or app-free, mobile payment software’s often leverage QR or barcodes permitting access and payment for parking. Mobile payment platforms are becoming the new norm amongst those in the parking and mobility industry, with advancements in hardware and software that welcome all payment types, including credit and debit.
Encouraging your customers to use payment methods that are familiar to them leads to facility loyalty for you. At Precise ParkLink, we take pride in offering financial services that are managed with the highest level of PCI compliance (Level 1), and abide by EMV- certified payment standards. Are you wondering how you can start offering credit as a secure form of payment at your facility? We can work with you to propose the best solution that meets and exceeds your organizational needs.
References
CASH, CREDIT, OR MOBILE? THE FUTURE OF PAYMENT FOR PARKING. (n.d.). [web log]. https://www.pennparking.com/cash-credit-or-mobile-the-future-of-payment-for-parking/.
Sgorlon, A. (2020, September 11). How to Meet Standard Payment Options at Your Facility [web log]. https://www.parkingindustry.ca/parking-revenue/how-to-meet-standard-payment-options-at-your-facility?rq=permit.
Tap or dip? Are contactless cards safer than chip cards? (n.d.). [web log]. https://blog.clover.com/are-contactless-cards-safer-than-chip-cards/