Is Your Parking System Still Accepting Coin and Cash Payments?
Here’s why you shouldn’t phase cash acceptance out just yet.
3 min read
Frictionless payment methods are prevalent now more than ever before. Canada has one of the highest penetrations of card-based payments in the world, with more than 70 per cent of purchases in Canada are being card-based. This may pose the question-- is Canada on track to becoming the first cashless country in the world?
Although the pandemic has accelerated the digital transformation of Canada’s payment system, the need for traditional payment options is still needed. Why? Various sectors, such as the parking and mobility industry require the ability to offer multiple payment options as a part of their service offerings, in order to enhance customer service levels and secure recurring revenue.
In the age of contactless and cashless payment options, coin and cash are still being accepted parking pay stations across the country. As Canadians are currently undergoing a transition to becoming a cashless society, it’s a smart idea to continue to accept coins and cash at your pay stations.
Although the pandemic has accelerated the digital transformation of Canada's payment system, 30% of transactions in Canada are still completed with cash, requiring organizations to continue to accept both digital and traditional forms of payment. We are, however, noticing a shift toward the number of cashless pay stations property managers are choosing to install versus cash operating. Because of this, it is evident that cashless payments are becoming the preferred method of payment for Canadians.
Our Integrity—Precise ParkLink’s Coin & Cash Handling Procedures
To ensure your bottom line is always well maintained, Precise ParkLink undergoes regular Canadian Standard on Assurance Engagements (CSAE) audits. Our in-house division of accounting professionals will help you reduce costs, improve capital and automate internal processes, so you are aware of your cash flow at all times. Precise ParkLink is the only Canadian parking organization to achieve Level 1 Payment Card Industry compliance (the highest level). Our parking meter solutions offer contactless coin collection with advanced vault technology, ensuring your revenue is secure. We are proud to offer revenue management reporting, monthly financial statements, secure cash handling procedures and revenue direct deposit for our clients, giving you an unmatched level of support, accountability and security.
Combining cash and cashless payment options will help your organization—and your customers through the cashless transition period, and will in turn fact, drive more traffic to your parking facilities.
References
Canadians poised to go cashless. Visa. (n.d.). https://www.visa.ca/en_CA/visa-everywhere/innovation/canadians-poised-to-go-cashless.html.
Ritacca, J. (2020, August 25). Transitioning to a Cashless Society: Payment Methods Your Parking Facility Needs to Accept [web log]. https://www.parkingindustry.ca/parking-revenue/transitioning-to-a-cashless-society-payment-methods-your-parking-facility-needs-to-accept?rq=cashless.
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.