Getting Back To Business With Flexible Permit Options
There is no doubt that this past year has brought its fair share of challenges. Through these unprecedented times, organizations have needed to evolve their product offerings to meet the needs of consumers during this global pandemic. Strongly impacted, the parking and mobility industry followed suit by tailoring its solutions to new health and safety realities. The biggest challenge they faced? Low occupancy rates in parking facilities across the country, resulting in a staggering decrease in revenue and a significant decline in monthly parking subscribers.
Now, a post-COVID-19 world is on the horizon, which means it is time for organizations to prepare for reopening. If the pandemic has taught the parking and mobility industry anything, it’s that consumers want flexibility. With work-from-home and flexible return-to-work models becoming the new norm, parking operators need to offer various permit options that complement our new routines.
Offering parking permits that are flexible to various visitor, employee, and tenant needs is an effective way for program managers to secure recurring revenue and develop a returning customer base. Here is everything you need to know about flexible parking permits and how they can help you prepare for a successful reopening.
What are examples of flexible parking permit models?
Flexible parking permits models range from:
Individual pay-as-you-go permits: allowing account holders to only pay for the time used. The parking operator decides billing cycles.
Corporate pay-as-you-go permits: an option for corporate fleets. Billing cycles are divided by the parking operator.
Pre-paid permits: requiring customers to purchase a certain number of parking sessions or hours in advance; for example, ten days of parking
Contractor and temporary guest permits: short-term permit options
Carpooling permits: controlled by ensuring only one vehicle associated with the account is permitted access to the parking lot at a time
What is the feature of flexible parking permit software?
Flexible parking permit models benefit both the business and the customer. Key features may range from rate structures to billing cycles and parking facility access rules. A few examples include:
Billing cycles: parking permit software should offer an assortment of billing cycles such as custom set date ranges, weekly, bi-weekly, monthly and pay-as-you-go. Billing cycles are decided ahead of time by the parking operator.
Multi-site access: provide account holders access to multiple locations
Unlimited in-and-out access: allow customers to freely enter and exit the parking lot as many times as they need
Rate structures: parking permit software should be able to a configure variety of rate structures for parking operators to pick and choose from, such as daily rates, weekly rates, monthly or fixed rates
Digital permits: traditional models such as HID tap-and-go permits have advanced to mobile or QR code models, and hands-free options such as vehicle dashboard transponders, Bluetooth Low Energy permits and license plate-based permits are becoming more prevalent
Why are flexible parking permits a smart alternative to monthly permits?
An alternative to traditional monthly permit options, flexible permits enable businesses to capture a returning customer base and generate recurring revenue by targeting customers with unpredictable schedules who want lower upfront commitments.
What do businesses need to consider when offering flexible permit options?
When considering upgrading your parking permit offerings, it is vital to consider; your access rights, rate structure and billing cycles.
Access Rights
Understanding your facility's needs is the first step to implementing an access system that is right for you. Your parking facility's access rights typically fall into one or all three categories: multi-site access, carpooling or family and unlimited in-and-out privileges.
Multi-site or campus functionality is an efficient option for organizations with multiple locations, allowing staff and visitors to travel freely between sites without paying for parking each time.
Carpooling and family options offer multiple permits that can be shared nor transferred to any vehicle. This is an ideal option for healthcare facilities, hotels and mixed-use developments with diverse visitor needs. Unlimited in-and-out privilege allows customers to freely enter and exit the parking lot as many times as they need within 24 hours.
Rate Structures
Flexible permit models allow you to customize your rate structure to meet the needs of your visitors, tenants and staff. Rates are commonly determined on a daily, weekly or monthly basis. However, there is the option to have a fixed rate for a specific time, day or customer group.
Billing Cycles
Like rate structures, your billing cycle can also be customizable to meet the distinct needs of your business. Cycles can be anything from weekly, bi-weekly to monthly or pay-as-you-go- it all depends on the nature of your facility.
Flexible parking permits are no longer an idea of the future- they are here and are essential to meeting the ever-changing needs of your customers. As we navigate our newfound normal, organizations need to evolve their product offerings now and long after the pandemic is over.
Reference
Donatucci, A. (2021, January 26). Regain Revenue with Flexible Permit Options [Web log post]. Retrieved May 14, 2021, from https://www.parkingindustry.ca/feature-articles/regain-revenue-with-flexible-permit-options?rq=permit