As hotel parking management services continue to evolve with technology, payment methods have developed with it. Gone are the days when cash was the only way for people to pay for their parking spots. Today, debit/credit cards are starting to replace cash as a form of payment, and a rising contender is just waiting in the wings: mobile pay.

Americans are Going Cashless

The U.S. Bank surveyed more than 2,000 Americans and found that people are now carrying much less cash than before, and even less are spending it. Some notable findings:

• 50% of respondents only carry cash half the time they’re out

• 76% keep less than $20 on hand

• 46% claim they only use cash around a week total per month

• 5% say they never use cash

Instead of cash, many have now shifted to Person to Person (P2P) payment apps like Venmo. ECommerce also plays a significant role in this big shift. People now prefer to pay electronically for their purchases, and that includes parking.

Credit Cards vs. Cash: More than Convenience

Before, credit cards were simply treated as a safety net— something to cover your purchases in case you run out of cash. Today, money has mostly been replaced by credit cards, and it’s now an essential factor in parking solutions.

Aside from convenience on the consumer side, the use of credit cards offers major advantages to parking services in hospitals, hotels, malls, and other facilities, some of which are:

• Reduced staffing costs

• Easier auditing of transactions

• Easier breaking down of data for reporting

• Greater security for transactions

• Faster entry and exit times inside the parking garage

As parking management companies rise to the challenge, an even newer payment option is poised to overtake credit/debit card payments.

Mobile Pay: The Future of Parking

While credit and debit cards have significantly enhanced the convenience of parking payment, a more advanced innovation is starting to affect operations around the world, and that is mobile pay.

Apps like Parking Panda and SpotHero have revolutionized the way people find parking. Through these apps, parkers can view all parking choices in a given location. They can sort their options by distance, price, and even pre-pay or reserve the spot through their smartphone. When they arrive at the parking lot, all they need to do is scan their QR code to get in and out.

Those who park monthly don’t need to get a physical card anymore as well. They only need an app on their phone which will be scanned to validate their space. A few parking garages have also begun allowing their customers to pay through their phone with one tap.

As our lives turn increasingly digital, it’s a smart move for parking services to adjust to these technologies as early as possible.

Lead the Way with Parking Company of America

In the business since 1964, Parking Company of America continues to be a leader and innovator in the Parking, Transportation, Fleet Maintenance, Customer Service, and Hospitality Industries. If you want to explore forward-thinking parking management services, we are the company for you.

Call us at (888) 220-1282 and discover modern, efficient solutions to your parking needs!