A Parking Revolution
Welcome to the future of parking lot management, where the newest technology will transform how you do business. Here’s why:
Having worked with hundreds of parking lot operators and asset owners to streamline operations and increase revenue potential, HONK knows parking software inside and out. Join us in our mission to revolutionize parking as we share the latest trends, technologies and strategies in parking lot management. From top-rated mobile parking solutions to contactless parking payment options, this guide has it all. So fasten your seatbelt and get ready to maximize your real estate, streamline operations, and boost revenue through digital payment solutions and cutting edge technology.
Hardware vs. Software
Top-rated parking software solutions
The invention of the parking meter back in 1935 marked an exciting new level of autonomy for drivers. In the world of business, this do-it-yourself hardware marked the first-of-its kind self-service point-of-sale, and it proved that unattended payments are not only realistic but also scalable and profitable.
Fast forward to today, where thanks to the speed of technology, changes in consumer behavior have prompted new ways to facilitate parking payments. Modern consumers really care about how they pay for everyday goods and services. They want clean, quick, and convenient payment methods—the easier, the better. In fact, according to a report by Global Payments, 46% of consumers believe contactless payment methods – like digital wallets – are among the most important safety measures merchants can implement.
Parking software solutions rise to the challenge and meet these evolving consumer needs. Now that digital wallets, QR codes, and smartphones are on the scene, it’s easier than ever for parking operators and asset owners to offer drivers quick, easy, and safe payment options. (For a look at the meteoric rise of QR codes in parking, you can take a look at this post). There is also a growing wealth of parking management software tools that enable operators to streamline operations, improve the user experience (hello repeat, loyal customers!), and maximize revenue potential.
The most popular mobile parking solutions include virtual point-of-sales, and digital and customizable products that adapt to the unique needs of each parking facility. Today’s parking software automates systems and processes, provides smart analytics, and gives operators and asset owners real-time, actionable data insights so they can optimize parking lot management strategies on the daily.
Money Talks
5 ways contactless parking payments boost your revenue
Now that parking payments are no-contact, it is easier for operators and asset owners to maximize profit. Here’s why:
The enhanced payment experience generated by mobile parking solutions has a big payoff: customer satisfaction, loyalty, and referrals.
Contactless parking payments have revolutionized the customer experience by allowing drivers to pay for parking on mobile. Gone are the days of fumbling for change or swiping credit cards at parking kiosks. With no friction involved in parking payment, this ‘grudge purchase’ is quicker, smoother and more enjoyable. The payoff is higher customer satisfaction and loyalty, which prompts repeat business and positive referrals.
Because there are so many contactless parking payment options, the customer base is significantly wider.
There is a range of contactless parking payment options, all catering to various customer preferences. From mobile wallets and NFC-enabled cards to QR code scanning, drivers can choose the payment method that suits them best. At the same time, accommodating multiple payment options removes barriers to entry. It not only attracts a wider customer base but also reduces the number of drivers who may have chosen to risk not paying or gone looking for alternate parking spots. To delve into this many benefits of offering multiple payments, we invite you to take a look a this post for a deeper dive.
Diverse payment options go hand-in-hand with the newest parking meter technology.
The future of parking meter technology is about offering customers options when it comes to how to pay. These days, consumer payment behaviors are increasingly trending toward the quickest, simplest payment methods, such as digital wallets. That’s why giving consumers more choice around how they pay for parking is so important.
Operators and owners now have DIY control over dynamic rate configurations.
Self-serve dynamic rate configurations included with parking software have made parking meter technology more flexible than ever. With this feature, operators and asset owners can accommodate various rates and complex rules for any length of time, from 30-minute increments, to hourly, daily, weekly, annually and more. Rules can even be configured to change based on a number of factors, including date, time of day, location, length of stay, and day of the week. Once set, rules can be overridden for special events, construction, holidays and other real-time factors.
The latest in parking management software guarantees next-day settlements so money is deposited fast.
The payment process is not complete until parking operators and asset owners receive settlements. Let’s face it. At the end of the day, everyone just wants the easiest and fastest way to get paid. While bi-monthy and monthly payments used to be the norm, there has been a welcome shift in parking meter technology: next-business day collection—guaranteed!
GO MOBILE
Top 3 ways mobile parking payment apps streamline operations
A mobile parking payment app—essentially a personalized parking account
on a smartphone—is a high convenience, low cost mobile parking solution. Here’s why:
Repeat parkers can count on their phone as their own personal parking account.
Mobile parking payment apps streamline operations by offering personalized, digital accounts, which are especially convenient for repeat parkers. With accounts on their phones, customers can securely store their payment information and vehicle details, eliminating the hassle of having to enter information for each parking session.
Efficient revenue tracking and management creates a detailed parker profile that’s valuable.
Mobile parking apps provide operators with a centralized platform they can use to track and manage revenue. By offering personalized parking accounts, these apps enable operators to gather valuable data on customer parking behavior, including frequency, duration and payment history. This information can be used to optimize pricing strategies, analyze parking trends, and make informed decisions to maximize revenue potential.
Reducing reliance on physical hardware means less work and less costs.
Parking meter technology has come a long way. The elimination of hardware terminals in the parking payment process translates into huge cost savings for operators. Mobile parking solutions centralize and automate payment collection, so physically collecting funds is no longer necessary. That means less work for parking attendants and less risk of human error. Plus, without capital, maintenance and repair costs, parking operators have the freedom to allocate resources more effectively. Discover in greater detail the many benefits associated with adopting a hardware-light approach by exploring this post.
DRIVING FORWARD
What is the future of parking meter technology?
Parking meter technology continues to evolve, adapt to, and integrate with all aspects of the transportation journey. Here’s why:
Parking meter technology is keeping pace with increasingly modern forms of mobility.
One of the most significant developments in parking meter technology is its integration with new forms of parking. In the past, parking meters were primarily designed for traditional vehicles. Since then, it has become clear the parking future must be inclusive and accommodating. Already, it is catering to the needs of e-scooters, e-bikes, electric vehicle (EV) charging stations, and other new forms of mobility.
Software-based parking meter technology makes management easier and more efficient.
The shift towards software-based parking meter technology over traditional hardware-based systems (eg, terminals, machines, and kiosks) is a significant advancement in the parking payments realm. Parking management software gives operators much more functionality and flexibility when it comes to how they manage their operation. There is no doubt that leveraging software over hardware leads to more efficient management, accurate data collection, and an overall improved user experience.
Diverse payment options go hand-in-hand with the newest parking meter technology.
The future of parking meter technology is about offering customers options when it comes to how to pay. These days, consumer payment behaviors are increasingly trending toward the quickest, simplest payment methods, such as digital wallets. That’s why giving consumers more choice around how they pay for parking is so important.
Operators and owners now have DIY control over dynamic rate configurations.
Self-serve dynamic rate configurations included with parking software have made parking meter technology more flexible than ever. With this feature, operators and asset owners can accommodate various rates and complex rules for any length of time, from 30-minute increments, to hourly, daily, weekly, annually and more. Rules can even be configured to change based on a number of factors, including date, time of day, location, length of stay, and day of the week. Once set, rules can be overridden for special events, construction, holidays and other real-time factors.
The latest in parking management software guarantees next-day settlements so money is deposited fast.
The payment process is not complete until parking operators and asset owners receive settlements. Let’s face it. At the end of the day, everyone just wants the easiest and fastest way to get paid. While bi-monthly and monthly payments used to be the norm, there has been a welcome shift in parking meter technology: next-business day collection—guaranteed! Gain valuable insights from HONK’s Founder, a seasoned veteran with over 20 years of experience in the payments industry, as he shares his thoughts on the importance of streamlining the payment process and expediting fund disbursement. Dive into his compelling open letter [/et_social_share_media]to uncover key perspectives and recommendations.
GET AHEAD
3 ways to maximize your real estate with advanced parking reservation systems
Parking software that enables prepaid parking reservations is a win-win for drivers and operators alike. Here’s why:
Advanced parking reservations systems ensure space utilization is optimized.
By allowing customers to book parking spaces in advance, operators can maximize real estate turnover. That’s because spaces are efficiently allocated ahead of time rather than randomly assigned upon arrival at a destination. This smart parking space management system ensures the most effective handling of demand; each parking spot is utilized to its full potential, minimizing costly vacancies.
Dynamic pricing options boost revenue by ensuring spaces are utilized to their potential.
Advanced parking reservation systems offer dynamic pricing options, allowing for variable rates based on real-time factors such as peak hours, high-demand events, or specific parking zones. Through the ability to adjust pricing dynamically, operators can capitalize on periods of high demand and maximize revenue per parking space. Also, the convenience and assurance of a reserved parking spot attracts customers willing to pay a premium for peace of mind.
The ability to reserve parking in advance is a perk that upgrades the parking experience.
With advanced parking reservation systems, operators give customers a seamless contactless parking payment experience. Because drivers can access real-time information on parking availability, they save time, money and stress. Rather than circling blocks or paying a last-minute premium, they can book the most convenient, cost-effective space ahead of time. When the parking experience is enhanced, customer satisfaction grows, leading to repeat business and word-of-mouth recommendations.
BIG VOLUME, BIG VALUE
Enterprise mobile parking solutions
Implementing parking management software on an enterprise scale streamlines operations across locations and facilities. Here’s why:
Centralized management gives operators the big picture perspective they need.
Enterprise mobile parking solutions provide a centralized platform for managing and monitoring parking operations across multiple locations or facilities. Through this parking software, enterprises gain a holistic view of their parking assets, including real-time occupancy data, revenue tracking, and enforcement activities. Centralized management streamlines operations, which enables more informed and efficient decision-making.
Parking software that accommodates enterprises creates a new level of flexibility and scalability.
Enterprises have complex parking requirements, with multiple parking lots, garages or facilities spread across different regions or properties. Enterprise mobile parking solutions must be scalable and flexible in order to accommodate these diverse and unique needs. These solutions can handle a large volume of parking transactions, support multiple payment methods, and integrate with existing access control systems and revenue management solutions.
Enterprise solutions give operators the ability to analyze valuable data and insights.
Analytics and reporting capabilities are essential for enterprises to gain insights into their parking operations. Mobile enterprise solutions come with robust data analytic tools that generate comprehensive reports, which support the analysis of key performance indicators, occupancy rates, revenue trends, and customer behavior. These insights help enterprises to optimize parking strategies, make data-driven decisions, and improve overall operational efficiency.
When existing systems integrate with mobile parking solutions, the payment process is smoother.
Integration is an important feature of enterprise mobile parking solutions. In fact, they are designed to seamlessly integrate with various systems and technologies, such as parking guidance systems, access control systems, payment gateways, and customer relationship management (CRM) platforms. Integration ensures smooth interoperability between systems, enhancing efficiency and ensuring a seamless user experience for employees and customers.
There is a higher degree of security and compliance with enterprise mobile parking solutions.
When it comes to parking management software, security is of paramount importance—especially for enterprises. Enterprise mobile parking solutions prioritize data security and compliance with industry standards, such as Payment Card Industry Data Security Standard (PCI DSS) and General Data Protection Regulation (GDRR). They implement encryption, secure payment gateways, and access controls to protect sensitive customer and transaction data.
The parking payment experience can be white-labeled to align with enterprise branding.
White-labeled solutions give enterprises the freedom to brand the entire parking payment process with their own logo, colors, and design elements. Branding even shows up on the parker’s credit card statement after the fact, allowing the enterprise to take advantage of a final brand recognition opportunity. In the end, there is a customized and consistent user experience that aligns with the enterprise’s brand identity.
FINDING THE KEY
Parking space management for real estate owners
Efficient management of parking spaces impacts tenant satisfaction, property value, and overall revenue—unlocking hidden value. Here’s why:
When tenants enjoy a positive parking experience, retention rates and new tenant attraction increases.
Parking availability and convenience are high on the list for tenants. Smooth parking operations ensure that tenants and their guests can easily access and utilize parking spaces without unnecessary delays or frustration. By implementing effective parking space management solutions, real estate owners can provide a seamless and positive parking experience, leading to tenant satisfaction, higher retention rates, and attraction of new tenants in a competitive market.
Optimizing space utilization ensures efficient use of spaces and opens up opportunities for profit.
Real estate owners can use effective parking space management techniques to maximize the utilization of their parking assets. By leveraging parking software and data-driven insights, owners can accurately track occupancy rates, identify underutilized areas, and optimize parking allocations. This optimization ensures efficient use of available spaces and reveals new revenue-generating opportunities, such as renting out excess spaces to non-tenants during peak hours or special events.
With smart parking management systems, owners can tap into new revenue streams.
Parking spaces represent a significant revenue stream for real estate owners. Cutting edge parking space management systems give owners the ability to implement dynamic pricing strategies, effectively allocate parking resources, and generate additional income. For instance, they can charge for guest parking, offer reserved spaces for higher fees, or partner with local businesses for shared parking arrangements. By tapping into these new revenue opportunities, real estate owners can earn more, faster.
Streamlining operations with parking space management results in seamless integration and higher cost efficiency.
Smart parking management software helps streamline operations and reduce unnecessary costs for real estate owners. By leveraging automation and technology, tasks such as parking enforcement, access control, and payment processing can be streamlined, so there is less need for manual intervention with its associated labor costs. Also, parking space management systems can integrate with property management software so that parking data is aligned in workflows, administrative tasks are simplified, and costs are kept low.
Staying ahead of the curve will ensure that real estate owners can future-proof their investments.
With the rise of shared mobility, electric vehicles (EV), and other emerging technologies, parking space management is becoming increasingly complex. However, real estate owners who embrace innovative mobile parking solutions and plan according to trends can easily future-proof their investments. For example, they may integrate EV-charging infrastructure, implement smart parking guidance systems, or explore mobility partnerships to accommodate changing transportation preferences. By staying ahead of the curve, real estate owners will enhance the value proposition of their properties and attract like-minded, forward-thinking tenants and businesses.