Private Operators benefit from using PayBySkyMaximize revenue, operates autonomously, reduce overhead costs
A key goal for private parking operators is revenue maximization. Two ways to achieve this are to increase daily average occupancy time, and to optimize the rate charged per space. PayBySky helps optimize both.
PayBySky operates autonomously—without external metering equipment and without human interaction. It also operates in parallel with existing payment equipment. For participating vehicles, this means 100% payment compliance, i.e., without human error, negligence or avoidance. This is especially valuable for managing payment from frequent parkers. This also means driver convenience and parking operator access to new kinds of data for price optimization and loyalty programs. Autonomous payment enables new ways to generate revenue for operators who leverage the ability of these systems to attract parkers to their facilities.
Parkers often prefer on-street to off-street parking. Some even painstakingly avoid garage parking. Among the reasons for this: off-street pricing can be unattractive for short-stay parkers and garages are often not as visible as on-street parking. With competitive pricing and improved awareness more parkers would be persuaded to use offstreet facilities.
There are several ways that commercial parking operators can make the facilities they manage more attractive then they are now—even more attractive than on-street parking. Like most other consumer services, price, loyalty and convenience are key.
One common characteristic of offstreet facilities is that pricing can be unresponsive to demand. Typically, only a small number of rates are deployed: early bird, day, evening, weekend, monthly, and sometimes event. Day rates may change to evening rates at a rigid time boundary that discourages use in the hour or two before the change. Accustomed to thinking prices will be high, many short-stay parkers do not even consider offstreet facilities even as those facilities may be emptying out by mid-afternoon.
Part of the reason for rigid pricing regimes is that the methods and equipment used to take payments today are focused more on revenue security than they are on price optimization. Because the core user components of current systems comprise physical infrastructure, they need to be simple and hardened. But with the use of parallel and integrated computing and communication technologies, a flexible wireless payment system such as PayBySky can enable increased price optimization and additional revenue opportunities without sacrificing revenue security. For example, a program to establish and promote time-of-day variable prices to parkers as space becomes available after a daily peak would have the effect of “topping-up” space occupancy in any facility that can offer real-time prices that compete with nearby street pricing as demand shifts lower in the early or middle afternoon. Existing, fixed meters cannot readily do this.
Repeat business and customer loyalty is most company’s goal. PayBySky is the tool to increase your sales by creating a loyalty program that is easy to manage and monitor. Our system allows complete flexibility in offering bundling packages for your customers. Currently, the principal form of loyalty programming is the prepaid monthly pass. This has limited applicability to captive users for ALL of your parking facilities they may want to use. PayBySky enables new forms of loyalty programming, including prepaid accounts offering bulk discounts, multi-facility access or both. These would be far more powerful as a loyalty generator than a monthly pass to a single facility.
Of course parking a vehicle and then doing nothing to generate a credential—especially a payment method that can guarantee no citations—is the ultimate in parking payment convenience—and a significant business attractor for frequent parkers to off-street facilities.
The combination of increased parking choice, greater convenience and optimal prices is a win-win for both parking operators and parkers. Adding expanded forms of loyalty programming adds another win for all parties, as well.