In a world where more and more processes become automated every day, it’s not surprising to learn that many companies and even governments are adopting automated processes in order to increase efficiency. Robots, computers, and the like were once considered science fiction, but are now an integral part of our every day lives. Many of us would be completely lost without modern technology and the convenience of automation.
Unfortunately, automation and modern technology have failed to branch out very far into our city streets. Parking problems have long existed in large metropolitan areas. Finding an adequate parking spot is almost as difficult as finding change for the parking meter. But the worst part may be the fact that cities are missing out on a large portion of their due revenue thanks to antiquated collection methods.
On December 15, the Cambridge, Massachusetts city council voted to retire their old parking meters and begin a pilot program known as pay-by-plate parking. The definition of pay-by-plate parking according to BostInno is as follows:
Pay-by-plate works quite simply: Smart meters replace traditional coin-operated ones and parkers need only submit their license plate number and credit card information.
Pittsburgh, Pennsylvania began using pay-by-plate parking recently and has since seen a 60% increase in revenue in just 5 months. Gone are the days when money collectors must walk the streets multiple times every day emptying the change from all the meters. Another benefit from the smart meters that Pittsburgh has noted is the fact that parking tickets have decreased significantly. Cambridge is assuredly very hopeful that they’ll enjoy the same benefits.
So, cities are starting to automate their collection processes, but what does this mean for your company? It means that payment automation is the way of the future and anyone who doesn’t keep up will be left in the dust. It means that time is money and automated payment processing saves you valuable time, and therefore money. If the most basic revenue source for a metropolis can be automated and result in a large revenue growth, then your payment processing can certainly experience the same.