Payment Security & Secure Payment Methods
Keeping your customers and their transactions safe.
6 min read
How Canadians pay for parking has seen some significant changes in the last decade. From pay-on-foot pay stations and parking meters that only accepted coins to the current contactless payment offerings through a mobile app, customers have more payment methods than ever to choose from. No matter how you choose to pay, what each payment method has in common is security assurance through certified banking gateways and payment industry standards.
Offering a secure payment environment at your facility is one of the first steps to building a returning customer base. We sat down with Cynthia Bruce, Senior Proposal Writer here at Precise ParkLink, to discuss the importance of offering secure payment options at your facility and how this allows you to protect your customers and your bottom line.
Q. Are coin and cash payments slowly being phased out? (C.BRUCE)
A. Although the pandemic has accelerated the digital transformation of Canada's payment system, we’re observing that about 30% of transactions in Canada are still completed with coin and bank notes. Because of this, most organizations choose to continue accepting both digital and traditional forms of payment. We are, however, noticing a shift toward the number of cashless pay stations that property managers and owners are choosing to install, marking a move away from cash-based operations.
Q. How do PCI Compliance and EMV certified payments work hand in hand? (C.BRUCE)
A. The EMV standard or Euro MasterCard Visa, is an international standard based on microchip technology, which protects cardholder data by reducing the risk of fraud when using a credit card or a debit card. When a parking facility offers EMV-certified payments and operates within the constraints of Payment Card Industry or PCI compliance, all credit card payments are secured when customers pay for parking. PCI compliance is the technical and operational standard merchants must meet to adequately mitigate data breaches, and deter fraudulent use of cardholder information.
Compliance levels range from Level 1, which is the highest, to Level 4. Each level ensures specific responsibilities are met to protect payment data. Upgrading your parking hardware to accept EMV-certified payments, including credit, debit, and mobile wallets, will create a reliable and secure environment for your customers.
Q. What are the various secure payment types? (C.BRUCE)
A. There are various secure payment types a facility should offer, some of which include credit, debit, and mobile.
With almost 73 % of payments in Canada being completed with a credit card, the parking and mobility industry is following suit with credit payment integrations, allowing for easy chip-and-pin, tap-and-go, and mobile wallets offerings. The demand for debit card acceptance is also on the rise, which offers benefits for both our clients and their customers. Not only does it enhance the customer journey, but we’ve seen a direct impact with increased occupancy levels for organizations across the country.
Mobile payment platforms can also offer customers the ability to pay or reserve parking directly from their mobile devices. App-based and app-free software can provide customers with a QR code or a barcode that enables access to the parking facility. This software can also offer scan-to-pay options, eliminating the need to pay for parking at meters or at entry terminals. Mobile payment platforms have become the new norm in the parking and mobility industry, with advancements in hardware and software that accept all payment types.
Q. How is Precise ParkLink committed to maintaining secure payment infrastructures for its clients? (C.BRUCE)
A. Precise ParkLink is the only Canadian parking organization to achieve and maintain Level 1 PCI compliance. For us, this means that we are securely processing millions of transactions every day on behalf of our clients. PCI compliance is a global standard that is used to process credit card transactions. Ensuring your parking system meets PCI compliance standards is necessary to protect against fraud and any liability associated with fraud.
We also take pride in offering financial services that abide by Level 3 EMV payment standards. Our Canadian certified banking solutions undergo increased verification steps that ensure secure processing at the point of sale. Over 200 Precise ParkLink clients over multiple sectors have integrated EMV-certified payment solutions into their parking infrastructure.
Our in-house division of accounting professionals can help you reduce costs, improve capital, automate internal processes and ensure you are aware of your cash flow at all times with cloud-based dashboards, monthly financial statements, and revenue management reporting. Offering a variety of secure payment methods will help you secure recurring revenue, build trust, and increase occupancy rates. Let us help make your parking facility payment-ready with secure and current certified banking solutions that protect your bottom line.
Want to learn more about how you can upgrade your parking system to offer secure payment methods? Watch the full interview below!