Bigger IS Better — When it Comes to Your Selection of Payment Options, That Is
While we’ve probably screamed it from the rooftops enough by now, we need to say it again: Contactless payments are no longer a nice-to-have, but rather a need-to-have. We all know this, right? For those of you still on the fence, please refer back to some of our older blog posts on the matter (said in our most teacherly voice): When Luxury Becomes Necessity: Is Covid-19 The Tipping Point for Contactless Parking Payments? and Is Covid-10 The Tipping Point for Contactless Payments?
So what does this mean? Simply offering contactless payments is no longer enough — we must go one step further to offer contactless payments with multiple payment options. These days, it’s all about consumer choice. Because, in the minds of your parkers, not all payment methods are created equal.
With that in mind, it becomes pretty clear: The more payment options you make available, the more likely you are to generate more sales. It’s really that simple. Think about it: Consumers want easy ways to pay — and they expect the payment method to be familiar. If you offer a variety of payment options that encompass all modern-day options, then bingo! Every customer will have their preferred payment method available to them. And you don’t risk them walking… err, driving… away to that lot down the street.
Let’s dig into the specifics — and importance — of offering diverse payment options.
1. Convenience
First and foremost, your payment offerings have to be convenient — a.k.a., involving very little trouble or effort. If you offer a myriad of payment options, chances are each and every customer who parks at your facility will be able to find the payment method that is most convenient to them. And convenience drives profit. It’s that simple.
2. Familiarity / Preference
It’s not news that there are multiple demographics driving and, of course, needing to park. A college student on campus, a businesswoman driving to the office, a family-member visiting a loved one at the hospital, or a sports fan driving to a live event. Each of these parkers will have a different expectation when it comes to paying for their parking spot. Multiple payment options are absolutely necessary to meet these multiple expectations. If there isn’t a payment option the customer feels comfortable using, they very well might forego paying or park elsewhere.
By offering multiple payment options that are credit card specific (e.g., Visa, Mastercard, American Express, etc.) and others that are paid for with funds directly withdrawn from a customer’s bank account (in the form of PayPal, Visa/Mastercard Debit, and Interac Debit), there’s no way you’ll miss out on a preferred HONK payment option and potentially lose a customer who may have been loyal for years to come.
3. Sense of trust
Lots of drivers have developed a strong sense of trust towards one — and only one — form of payment. Some customers prefer using PayPal because they believe it to be the safest and most secure option out there (since they don’t have to share their credit card details with a new company they may not yet trust). While another customer’s sense of trust lies with a digital wallet, like Apple Pay or Google Pay (because they have an innate feeling that it is the fastest, safest, most secure way to pay for goods and services). Offering multiple payment options — including the latest available — helps customers place their trust in your company without a second thought.
Bottom line: By empowering customers to pay for parking how they want, and by offering as many payment options as possible, you will improve your bottom line. So when you’re looking for a contactless payments provider, be sure to vet them by their payment method offerings. And wouldn’t you know it? That brings us to the part where we get to toot our own horn… or HONK our own horn? 😉
At HONK, we pride ourselves on delivering a payments experience that is easy and convenient for every customer — that’s why we offer all payment options: Apple Pay, Google Pay, PayPal, Visa, Visa/Debit, Mastercard, Mastercard/Debit American Express, Interac Debit (for our Canadian customers), and even the Discover Card for those that prefer it. How’s that for bigger is better?
Want to learn more about our contactless payment options? Book a demo with a member of our team: