Cars parked in an area

Introduction

Parking today has become a profitable business as parking owners are continuously finding ways to innovate their car parks to maximise the revenue from their parking spaces. The demand for the parking space is growing day by day and there is a large room for improvement to enhance the user experience in the urban or metropolitan areas. The car park owners are constantly seeking opportunities and in this article, we will tell you different techniques and how they can enhance the experience of the users, which will ultimately result in increasing the revenue of the parking. So, let’s delve into this topic and learn how we can enhance the revenue of parking.     

 

Ways to Make Money from Parking

  • Charging Parking Fees on Hourly, Daily, Monthly, and annual basis

The most transparent way to make money from car parking is to charge the motorists on an hourly or daily basis. This will generate consistent revenue and providing discounted rates regularly will encourage the motorists to choose your car parks in the long term. This is a way to keep hold of your customers. The rates could fluctuate depending on the locations, time, demand, and day of the car park. The motorists who will take the membership of the car parks for months or annually should be given a special discount rate of the parking compared to the daily parking fees. This is a major factor in where they can retain their customers. 

  • Flexible Pricing

The rates of parking can fluctuate during peak hours and off-peak times. So, what the owners of the parking area should do is raise the fees of the car parks during the peak hours, when there is a high demand for the car parks and then decrease the fees of the car parks when there is no rush. This approach will increase the revenue of the car parks in a great way. 

  • Parking Systems that are Automated

Investing in the automated parking system will elevate the efficiency of the car parks and will enhance the experience of the users. The system will reduce the labour cost and will deter the need to argue regarding the parking fees or any kind of charges related to parking. These are some of the machines that you can use in the automated parking system:

A) ANPR System

ANPR (Automatic Number Plate Recognition) system will enhance the flow of traffic, will track the live movements of the vehicles, and will seamlessly check if the vehicle is authorised for parking at the parking space or not. If someone has unauthorisedly parked their vehicle at the parking spot when ANPR will help in issuing the PCN seamlessly against the vehicle. This will also enhance the user experience as the traffic, issuance of the PCN, and prevention of unauthorised parking of vehicles will be seamless.  

B) Self-ticketing

This allows the owners of a parking area to issue a PCN against an unauthorisedly parked vehicle on their own. There will be no need for the owners to have a direct conversation or argument with the motorist directly as the motorist will never know who issued the PCN against them. The self-ticketing system maintains the confidentiality and share of every PCN Given to the owner of the parking space. Everything can be done via Mobile Phone and that too without the need to make a call or send a message. Also, you will earn £10 per every paid PCN issued.

C) Pay-on-foot machines

Pay-on-foot machines ensure that all the payment is done and there is no need for confrontation with anyone regarding the payment. The pay-on-foot machines accept various types of payments like debit cards, credit cards, physical cash, and payment through mobile. Here all motorists have to do is to insert the ticket inside the machine and pay for the parking. The payment is contactless here which enhances the process of parking and the reduction of handling the cash makes the users as well as the owners happy.  

D) Pay and display machines 

Pay and display machines approach the versatile method and maintain security while allowing motorists to pay either with cash or with their cards. Here, the motorist pays for the parking according to the time and they place the tariff on their windscreen. As the wardens come and check for any unauthorised vehicle they will see that the vehicle has already paid for the parking for a particular amount of time. When combined with the ANPR technology or the mobile applications the machines decrease the need for manual intervention ultimately resulting in enhanced customer experience.   

  

  • Cash for Land

The Landowners can easily give their land to a parking management company and they will invest in your land and will give the landowners money on a monthly or yearly basis. This is one of the most common things that is done by the landowners, which is to give their land to a parking management company and take a fixed amount of money or a fixed percentage of share from the revenue that the parking company generates from their land. This will ensure the mutual benefit for both parties.    

  • Payment done from mobile phones

This will generate revenue for the parking as this will prevent accidental payments and the misuse of the funds. Proving the payment for parking from mobile phones will give the surety to the customers that all transactions have been recorded securely. This will also give a sense of belief to the customers that the payment will be done securely and they don’t have to be in the queue to pay for their parking. The result will be that it will enhance the experience of the customers and your customers won’t go anywhere else when they can pay and book the parking spot just with their mobile phones.     

 

Conclusion

In summary, to unlock the full potential to generate the revenue of the parking it is important to invest in technologies and new methods of parking. Installing new methods and technologies like cash for land, payment from mobile phones, Flexible pricing of the parking area, and adopting automated parking systems will not only enhance the user experience but will also increase the revenue of the parking space. As the parking industry is continuously growing it is really important for the owners to evolve as the ones who will evolve their methods and will adopt the new technologies will be in the position to capitalise on the opportunities related to the parking industry.   

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