How to Meet Standard Payment Options at Your Facility

Jun 29

2 min read

Originally Published on Parking Industry Insights

When it comes to paying for parking at gated parking facilities, cash has been in a losing battle with electronic payment methods. Credit cards have been the primary form of payment for quite some time now, and additional forms of cashless payment solutions for in-lane and on-foot pay station devices have soared. The standards of cashless parking payments are being pushed to limits we’ve never seen before.

Gated parking systems typically consist of three types of pay stations: in-lane entry and exit, as well as stand-alone pay stations located inside or outside of the parking facility. Depending on the configuration of the gated parking solution, payment parameters may vary. However, the leading-edge payment recommendations listed below can be used as guidelines when bringing your payment platforms up to speed with today’s standards. They will also ensure you lay a proper foundation for future payment integrations.

Chip and Pin: Today, more than 80% of Canadian merchants offer Euro Visa Mastercard (EMV)-certified payment technology for chip-equipped Interac and credit cards. Credit cards still contain mag stripes, but it’s only a question of how soon they’ll disappear since they’re typically only used as a backup. Chip-and-Pin payment technology at both in-lane and on-foot pay station devices is today’s standard for gated parking facilities.
Tap and Go: Tap-and-Go payment technology is also a common integration at gated parking facility pay stations, as credit card, Interac, and mobile payments are becoming standard in today’s parking industry.
RFID and barcode scanners: RFID and barcode scanners permit the use of QR codes and barcodes as forms of payment, whether for promotions and validations, or print-at-home payments. Readers will become the new standard in parking—not only for the convenience and wealth of options associated with them, but also because they’re an accessible form of payment for those living with disabilities.
Bluetooth low energy (BLE) detection: Soon, regular visitors with BLE permits or customers who prepay for their parking online or using a mobile app will be permitted access to gated parking facilities without having to do anything except turn their mobile Bluetooth on. Their payment will be detected and verified via a BLE reader.
Coin and cash: Coin and cash are still being accepted at Pay-on-Foot pay stations. As Canadians are currently undergoing a transition to becoming a cashless society, it’s a smart idea to continue to accept cash at some of your pay stations. However, many leading organizations are choosing to go cashless simply for the convenience, accessibility, and increased security and accuracy of financial reconciliation.

The movement away from cash is happening in societies all around the world. In Canada, 73% of payment transactions are completed with a credit card. The use of debit and mobile pay are also growing faster than ever. Why? Because it’s convenient for both end-users and merchants.

References

Powell, J. (2020, September 10). How to Keep Your Parking Operation Costs Low [web log]. https://www.parkingindustry.ca/parking-management/how-to-keep-the-cost-of-your-parking-operation-low?rq=permits.

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.