Transit and parking systems are making the move to electronic payments as they face tighter budgets, seek to operate more efficiently, and improve the customer experience. Moving from cash to electronic payments brings many benefits. In many cases, it can improve cash flow and is less expensive than collecting cash. Accepting electronic payments can also resolve other customer experience issues like these identified in a recent MasterCard study1:
- 65% of US commuters who use cash to pay for mass transit worry about having the right amount to pay for their trip.
- 36% were unable to take mass transit at some time because they did not have enough cash on hand.
- 44% have missed a bus or train while waiting in line to purchase a ticket or add money to a fare card.
Take a look at 5 ways transit and parking industries are accepting electronic payments.
#1 Mobile Applications
55.5 percent of mobile subscribers in the U.S. now own smartphones, according to Nielsen.2 With so many travelers carrying phones, mobile applications that let travelers make payments are becoming more common. Travelers can reserve and pay for taxi, train or bus tickets from the convenience of their phone.
Parking and transit systems can also take payments through a mobile application. PayWithIt®, TrustCommerce’s mobile payment acceptance app, is used today in municipal parking garages and lots to accept payments. Featuring an encrypted card reader, PayWithIt provides payment security and is cost effective.
Self-service kiosks are becoming widely used for street parking, parking lots and garages. In addition, kiosks are used for platform ticketing. Self-service speeds purchasing and the check-out process.
#3 Online Payments
Customers can prepay for parking online and reserve parking spaces prior to heading out to an event. In addition, many municipalities and vendors sell parking meter cards online. Most transit authorities sell fare tickets and monthly passes online, including the ability to set up monthly automatic billing.
In the MasterCard study, 66% of US commuters said they would be likely to use a tap-and-go payment method to pay for mass transit if it were available. Contactless payment solutions let bus and subway riders “tap” their contactless card or device to pay, which can be faster than inserting cash or payment cards into fare devices. The many benefits include faster boarding times, fewer counterfeit tickets, and ease of reloading.
#5 Interactive Voice Response (IVR)
Primarily used to reduce customer service calls, some Interactive Voice Response solutions let travelers check schedules and receive service updates. Combined with payments, travelers can use IVR to check balances and make payments. Pay-by-phone options are also in use in the parking industry. Users can pay for parking permits by phone and receive automated permit expiration reminders.
Single Source for Secure Payments
When offering an electronic payment option, give consumers the confidence of knowing their payment information is secure. TrustCommerce provides secure and easy payment processing solutions that minimize the risk associated with credit card payments and reduce PCI DSS scope. TrustCommerce offers:
- Point to Point Encryption (P2PE) to protect payment card data as it flows through the payment lifecycle.
- Tokenization supports recurring billing and eliminates the need to store payment card data within your systems.
- Single solution and reporting system that supports many entry points, such as: POS, self-service kiosk, online, mobile, IVR, and contactless
- Supports all major payment types, Credit card, Debit card, ACH/E-check
Learn More! Visit TC Payment Solutions for Transit.
2 Nielsen Mobile Insights, July 2012.