Transitioning to a Cashless Society
1 min read
Originally Published on Parking Industry Insights
Across various markets, cash appears to be in a losing battle with electronic payment methods—and parking is no exception.
The days when single-space parking meters accepted only coin or when a person in a parking booth collected only cash are long gone. Although many parking pay stations still accept cash, the majority of parking environments are transitioning to cashless payment methods, and slowly phasing out cash.
In Canada, 73% of payment transactions are completed with a credit card, and the use of debit and mobile pay are growing faster than ever. Why? The simple answer is convenience. Convenience for end-users, and convenience for merchants who benefit from increased financial processing security, improved reconciliation methods, and reduction in cash handling costs.
Accessibility is an important consideration. Providing cashless and innovative digital payment technology takes you one step forward to meeting Canadian accessibility standards.
So, which payment methods should your parking facility accept? For both metered and gated parking systems, you should at the very least accept credit card.
Other cashless payment solutions commonly accepted at leading organizations across Canada include chip-and-pin or contactless options for credit and debit, mobile wallets, mobile payment apps such as ParkedIn™ and parking validations via licence plate, a pin code, QR and barcode scans are also commonly accepted.
Combining cash and cashless payment options will help your organization—and your customers—through the cashless transition period that the country is currently undergoing. In fact, customers will seek facilities that provide a wide range of options, driving more traffic to your parking facilities.
Reference
Ritacca, J. (2020, August 25). Transitioning to a Cashless Society: Payment Methods Your Parking Facility Needs to Accept [Web log post]. Retrieved May 06, 2021, from https://www.parkingindustry.ca/parking-revenue/transitioning-to-a-cashless-society-payment-methods-your-parking-facility-needs-to-accept?rq=accessibility
Sgorlon, A. (2020, September 11). How to Meet Standard Payment Options at Your Facility [Web log post]. Retrieved May 06, 2021, from https://www.parkingindustry.ca/parking-revenue/how-to-meet-standard-payment-options-at-your-facility?rq=accessibility
Joe Ritacca
Director of Research and Development, Precise ParkLink
