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The Value of a Strong Parking Software Platform

Post on August 25, 2020
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The parking industry has seen a significant advancement in technology over the last couple decades. Coin-fed parking meters have given way to high-tech payment kiosks and mobile payment options. Pad and paper enforcement has been replaced by license plate recognition systems. And spreadsheets and binders are a relic of the past, supplanted by parking management software that sits at the center of all these new technologies, collecting and sharing data.

 

To respond to this increasingly complex market, parking managers need a software platform that enables their various technologies to work together and connect with the world. A strong parking software platform that integrates seamlessly with third-party systems while providing a robust rate and rule engine, the ability to integrate multiple payment channels, and real-time monitoring is invaluable to a 21st-century parking operation.

 

Rates and Rules Engine

A strong parking software platform should have a robust rates and rules engine that enables you to manage and distribute parking rates across your operation. Look for a wide variety of rate types, such as fixed and incremental or hourly and monthly, as well as flexible pricing options, such as the ability to offer one hour free or discounted parking to residents. Ease of use is an important consideration as well – T2’s Iris parking management software has a simple and intuitive user interface that allows you to change and optimize your rates quickly and easily, without needing to consult IT or a developer. Additionally, some platforms, such as T2 Iris, even enable you to charge flat convenience fees for all transactions or just for specific rates, helping generate extra revenue. All of these capabilities provide you the flexibility to choose just the right options to make parking more convenient for your patrons and more profitable for your operation.

 

Integration of Multiple Payment Channels

Strong parking software platforms also enable you to integrate multiple payment channels, such as physical kiosks, mobile apps, and payments via business partners. It is important for an operation to offer multiple ways to pay for parking; for example, some operations need to support cash customers, while a mobile-only operation may want to offer several parking app options and enable local businesses to access digital transactions via their own platforms, such as restaurant issuing parking with a dinner reservation.

 

However, without a software platform that can bring all your transaction data together in one application, your oversight and reconciliation will suffer. Iris software integrates with most third-party mobile payment services via T2’s open API platform, allowing you to monitor activity in real time and see, reconcile, and report on your operation’s complete revenue and transaction picture. Additionally, Iris enables you to enforce your parking with one system versus having multiple integrations with enforcement systems, eliminating the risk of different data being sent via different APIs.

 

Real-Time Monitoring

Another valuable component is the ability to see real-time data from all areas of your business. Gone are the days of managing your parking operation on paper or spreadsheets. Parking software platforms, like T2 Iris, give you full operational insight into the data and trends affecting your operation. Whether you want to look at occupancy in a specific area, view and reconcile your revenue by transaction type and channel, or see which of your payment kiosks are nearing their collection threshold, Iris delivers secure and actionable information through interactive, easy-to-understand dashboards.

 

Ecosystem of Connected Solutions and Partners

While these features are all valuable, a parking operation consists of much more than software. Enforcement solutions, mobile payment apps, reservation platforms, wayfinding solutions, and financial systems are all important pieces of the parking puzzle. And if a software platform does not integrate well with these partners, managing your operation will be a struggle. Thankfully, T2 has an open API platform that allows you to integrate all your connected solutions through Iris, creating an ecosystem that will significantly improve your operational efficiency. Your enforcement platform will recognize mobile payments and reservations, your payment and reservation platforms will know your rates and rules, and your financial system will receive data from all your transactions, however they were made.

 

 

With more than 1,600 customers from Alaska to Florida, California to Maine, and virtually everywhere in between, T2 is one of North America’s largest and leading parking technology providers. The T2 Pay Station solution, powered by Iris, is known for legendary quality, attentive service, easy maintenance, and interoperability with over 50 third-party systems. Interested in adding T2’s industry-leading parking management software to your operation? Contact us here and get started.