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Offering parking permits to your visitors, employees and tenants is an effective way to secure recurring revenue and encourage returning customers.  With many work-from-home models becoming the new norm, and stay-at-home orders in effect, organizations have been required to evaluate their parking permit models in order to continue offering attractive options that meet consumer demands.

There are a variety of permit models available within the parking industry. Traditional models, such as monthly parking permits, offer subscribers unlimited usage but tend to require a greater upfront commitment. While these traditional models offer businesses more assurance and stability, contemporary models, such as prepaid parking permits, can entice customers by offering a lower upfront commitment option for limited usage. Both models provide a competitive advantage however are designed to satisfy distinct consumer needs.

The key differences between the two permit models and how they can benefit your parking program and customer base is outlined below.

Monthly Permits

Monthly parking permits, such as Precise ͵ÅÄ͵¿ú’s IPASS solution, offer businesses a predictable and reliable monthly revenue stream. This traditional model requires customers to subscribe for parking on a monthly basis for a specific vehicle. Personal information such as the subscriber’s contact, vehicle and billing information are stored in a secure database permitting automatic billing for the following month, unless cancelled. Registrations undergo an approval process and cancellations are subject to 30 days notice, providing businesses greater financial stability.

Organizations can also choose to sell monthly permits for specifically allotted times or days. For example, monthly permits can be sold for use Monday to Friday or during weekends only. They can also be sold for use during daytime hours or overnight specifically.

Subscribers benefit from only having to register for parking once. After initial registration, subscribers are granted unlimited access to the parking facility until they choose to end their subscription. Moreover, if a subscriber loses their permit it can easily be replaced since it is connected to a registered account.

Prepaid Permits

Prepaid permits, such as Precise ͵ÅÄ͵¿ú’s HPASS and Flex Pass solutions, allow businesses to offer an attractive option to consumers who require a more flexible and feasible model. They too can offer businesses a reliable revenue stream and viable degree of financial certainty, however when compared to monthly permit models this assurance is lower.

This contemporary model allows customers to commit and purchase parking for a certain number of days. Permits are activated from the moment of purchase without the need to store personal information such as the buyers’ contact and billing details. If the permit it lost or stolen however, the permit cannot be replaced as it is not connected to a registered account. In this sense, a prepaid permit is similar to a gift card or cash and can be transferred to any vehicle and shared amongst family or friends. In most cases prepaid permits do not expire. Depending on the software provider, these permits may be reloadable and can operate at multiple locations. Read to learn more about the features of prepaid permits.

Whether you offer monthly or prepaid permit options, or a combination of the two, parking permit technology provides an opportunity for organizations to generate significant parking revenue. Permit technology has now evolved to encompass a variety of hands-free and digital options that increase safety and convenience for both the consumer and business. They have become a staple in successful parking programs and an expectation amongst consumers.

Bosco Tse

Client Relations Manager, Precise ͵ÅÄ͵¿ú

About Precise ͵ÅÄ͵¿ú

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵ÅÄ͵¿ú was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵ÅÄ͵¿ú has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵ÅÄ͵¿ú manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.