Four Revenue Control Technologies You Need to Know

Revenue control is one of the most important facets of any parking operation, and new technology is changing the way people pay for parking. The revenue control technology you choose should be based on the needs of your operation or particular location, and there are several options to explore.

Mobile Apps

The proliferation of mobile parking payment applications continues, and providing consumers with a mobile payment option will often increase revenue because it allows them to remotely purchase extended time. The additional payment option will also lead to increased compliance.

Near Field Communication (NFC)

NFC is a secure payment option that allows customers to wave an NFC-enabled credit card or smartphone within a few inches of a NFC point of sale receiver, and payment data is transmitted via short-range radio waves from their card or phone to the receiver. Places like New York City and San Francisco have piloted programs using NFC technology. However, some major players like Apple continued to hold off on NFC technology—thus putting the future viability of NFC technology in jeopardy.

Mobile Wallets

Millennial’s adoption of mobile wallets is growing at an impressive pace. The concept utilizes NFC technology and would allow customers to pay for parking with a tap on a smartphone. The parker simply confirms the purchase by entering a 4-digit PIN. The leading mobile wallet providers (Google Wallet and Isis Mobile Wallet) also allow loyalty points to be added with each purchase.

One-cards

University parking operations can especially benefit from one-cards. Students and staff members can load funds onto their accounts online or at the card office, and can then use the cards to purchase books or food, gain access to facilities and ticketed events, AND purchase parking.

Providing additional payment technologies is an excellent way to improve customer service and increase compliance, but the right infrastructure must be in place in order to implement new payment options successfully. For example: integrating transaction data from a mobile app with pay station transaction data will provide consolidated reporting for revenue and enforcement purposes. Hosting all your data in a secure, cloud-based environment will allow operators to easily scale up as their organization grows, and also ensure PCI-DSS compliance.

About T2 Systems

Started in 1994, T2 Systems is a technology-focused parking system provider with deep roots in the evolving parking industry. This commitment is evident in T2’s quality products and services, thought leadership and strong customer relationships. With its proven, unified solutions, T2 Systems is trusted by close to 400 organizations in the US and Canada including universities, cities, towns, hospitals and parking operators. T2 Systems is headquartered in Indianapolis, Indiana and has virtual offices throughout the United States and Canada. For additional information about T2 Systems, Inc. products and services, visit www.T2systems.com.