Posted: August, 26, 2020 7:58AM ET • 3 min read

Key considerations when selecting a parking vendor.png

Choosing a parking vendor to supply your parking technology and management services can be a lengthy process. As the person in charge of overseeing your organization’s parking program, you need to make sure you make informed decisions and partner with a vendor that offers a solution that has the capacity to meet your expectations and bottom line.

Below is a comprehensive list of aspects you need to consider when selecting a parking provider.

Vendor considerations:

The parking provider you select is critical to the overall success of your parking operation.

Who have your industry peers relied on to provide parking services? How has their experience been?
Does the vendor have a good reputation in the market?
Are their products and services proven?
What is their area of expertise? Do they provide an end-to-end parking solution?
Can you take a tour of their facility? (this will show you their true internal capacities)

Parking equipment considerations:

Equipment is the foundation of your parking operation.

What type of parking equipment will help me achieve my parking facility’s goals and needs?
Does the supplier have the capacity to build, maintain, and support the product in-house for fast turnaround?
Is the supplier dependent on third parties, or does it run the risk of being slowed by them?
Are there any hidden or unforeseen costs?
Does the parking provider have a substantial amount of stock for a rainy day?
Is the parking equipment trusted, reliable, and durable?
What happens when the technology malfunctions or experiences a failure?
Does the vendor provide ongoing maintenance and support for the equipment? How much will it cost?
Is the parking equipment designed with accessibility in mind?
Is the parking equipment sustainable?
Are the machines’ secure?
Does the parking provider have an instant alert and alarm back-end central management system?
Do the machines come with, or can they be integrated with, surveillance cameras?

Secure revenue processing considerations:

With thousands of parking transactions taking place on your watch, you’ll want your transactions and revenue secure at all times.

Does the parking vendor process financial transactions? If so, are they Level 1 Payment Card Industry (PCI)-compliant?
Does the parking vendor replenish and collect coins and banknotes from pay stations? If so, what are their cash handling and shrinkage-prevention protocols?
Does the parking vendor provide accounting services and direct deposit revenue into your accounts?
Does the parking provider undergo regular external audits to ensure they meet financial industry protocols?

Parking Technology

Automated and smart parking is the future of parking operations. In fact, the majority of parking transactions rely on parking technology.

Does the parking supplier have the capacity to innovate and integrate leading-edge parking technology?
Is the parking equipment open and flexible for hardware and software integrations?
Can the parking equipment be upgraded to the latest EMV payment types?
Can you get real-time analytics and reporting?
Can the parking equipment be connected to a live central monitoring station for immediate customer service?

Ensuring you ask the right questions is one of the most important steps during this process. It will help you save on unforeseen costs, avoid risks, consider the most important factors, and understand the big picture — allowing you to find the most suitable parking vendor for your business needs.