Posted: Dec, 10, 2020 10:49AM ET • 3 min read

A bunch of black question mark blocks with one yellow question mark on top

Implementing paid parking regulations is a business decision many organizations make in order to secure regular cash flow and/or control access to their parking facility. The key to building the requirements for your parking solution—as well as selecting vendors to meet these requirements—is taking the proper steps and asking yourself the right questions. That will ensure you invest in the right solutions. Some questions you may want to ask yourself are:

What do I need to achieve through my parking operation? What are my main goals?

Understanding the main goals of your parking operation is a crucial part of making sure you make smart investments. Establishing your goals—whether it be revenue capture, access control, customer service, or a combination of each—will help you make informed decisions, and select the right combination of products, services, and vendors.

What do I need my parking technology to do?

Once you’ve determined your goals, it’s time to think about the technology needed to make your goals a reality. Parking technology is the foundation of your parking operation. The type of parking technology you choose, such as a gated parking system or multi-space parking meters, will depend on your overall goals and budget. However, there are some general key considerations for choosing parking technology you’ll want to keep in mind:

Reliability: You’ll want to ensure that the parking equipment you choose is reliable, and in the event of technical difficulties or maintenance, it’s protected by a live central management system for back-end troubleshooting or immediate detection for technician dispatch. Make sure the supplier you purchase your parking equipment from is capable of providing ongoing maintenance and support.
Secure revenue processing: Having a paid parking system makes you responsible for providing secure payment transactions. As a result, it’s important to protect your parking operation against fraud by partnering with a Level 1 Payment Card Industry (PCI)-compliant supplier.

Third party integrations: There will come a time when you need to integrate your parking system with a third-party software, or upgrade your payment methods. Save yourself the stress by choosing parking equipment that is capable of software and hardware integrations, along with a parking supplier that has the ability to make these integrations happen.
Application and platform integrations: As technology continues to evolve, digital applications and analytical platforms become more important than ever. It is important to choose technology that offers advanced digital applications.

Aside from parking equipment, what else do I need to make sure my parking operation runs smoothly?

There are many other aspects besides equipment that are required to run a smooth and profitable parking operation. Value-add services that will help enhance your parking operation could include parking lot signage, mobile parking payment apps, electric vehicle charging stations, on-site or remote customer service, and marketing services.

Is my parking operation scalable?

Overtime your parking operation will need to adjust to meet the evolving needs of your business and your customers. This is why it’s important to ensure that your parking solution is flexible and ready to scale up; whether it be to include additional infrastructure and amenities such as electric vehicle charging, or to upgrade your parking technology.

What is the cost of a parking solution versus the return on investment?

If one of the main goals of your parking program is to generate revenue, one of the most important things to consider is your return on investment (ROI). Your ROI highly depends on the type of technology you choose to regulate your parking program. For example, gated parking systems require more capital upfront, or amortized over a length of term, however the investment is well worth the reward.

How can I make sure I select the right vendor to manage my parking operations?

Overall, partnering with a parking provider you can trust and rely on to support your parking solution every step of the way is critical to the overall success of your parking operation. To help you make the right decision, it’s important to do your research; talk to organizations similar to yours that are currently working with the vendor, and ask for a facility tour of the vendor’s back-end business operations to confirm they have the resources and capacity to support your operation.