Digital payments have become the standard in every industry, from grocery and food delivery apps to retail – and even parking. It’s no surprise, they simplify everyday transactions for users, eliminate the dreaded receipt drawer, increase price transparency, and save time. For parking asset owners and operators, digital payments are a valuable tool in modernizing operations, becoming part of the smart mobility ecosystem, and getting ahead of trends in the gateless AI vision revolution.
Growth in Digital Payments
Today, 82% of Americans are taking advantage of digital payments at in-store checkouts, person-to-person, and online (browser and in-app). Real-time digital payments via contactless tap-to-pay, digital wallets, and eCommerce grew 41% in 2020 and are expected to continue to experience long-term increases.
Accenture estimates that by next year, 420 billion payments worth $7 trillion will shift from cash to cards and digital payments. In the race to meet that demand, 70% of executives say transforming payments is key to their larger digital program. Are you prioritizing digital payments in efforts to grow revenues and better serve your customers?
Why Digital Payment Optimization is Key to Growing Revenue
Today’s consumers are accustomed to digital interactions, and they keep coming back to businesses where that expectation is met. In years past, cash or check transactions may have been standard at the valet stand, in apartment buildings, and at the grocery store, but in 2022 and beyond – those simply aren’t practical.
Even credit cards are starting to show their age, a trend that’s eerily evident as you walk through the checkout lines at your neighborhood Whole Foods. Digital wallets, tap to pay, scan to pay, and other emerging practices are gaining momentum faster than ever, not surprisingly. Eliminating those seconds of pulling out your wallet, pulling out cash or swiping a card, and then getting a physical receipt makes a big difference in the end-to-end experience. At the end of the day, shaving down the time wasted in those little inconveniences can build customer loyalty and grow overall revenue.
Accountability and Consistency
Digital payments are also a big component of ensuring accountability for customers at ungated assets. The practice of capturing customer data and payment information securely creates a profile for that user and ensures payment – whether the asset is gated or not.
As the parking industry continues to innovate, minimizing machinery and increasing automation are central pillars of the transformation. Digital payments are a critical piece of the puzzle that the smart parking and mobility ecosystem has to have in order to function.
How to Make Digital Payments Work for You
The first step in joining the digital payment revolution is to pick a trusted payment processor for on-site digital payments, in-app reservations, valet parking transactions, and monthly parking billing. Ensure that your partner in digital payments is a Level 1 PCI Compliant processor to ensure the utmost safety for your customers and avoid a fraud scandal.
Then, advertise your digital payment capabilities to customers. Encourage them to use safe + secure apps, online payment platforms, and digital wallets for ease of use and increased safety.
Finally, expand your service offerings and generate more revenue by targeting new user groups with convenience, expanding service offerings to include things like EV charging and eScooter rentals, and experimenting with dynamic pricing to increase rates during peak hours and grow occupancy during non-peak hours.
FLASH, the family of brands that includes ParkWhiz and BestParking, is a trusted payment processor, reservation platform, and monthly parker account management system.