Paid parking can be a significant revenue source, now more important than ever, as communities begin to recover from the pandemic. Implementing smart parking software can help guide parking considerations and policies, based on real-world examples in your community. Having a clear understanding of supply (and demand) can help inform locations for hourly parking, min/max stays, pick-up/drop-off zones, or designated (and reservable!) loading and bike storage spaces, both on- and off-street. A smart parking solution provides quality decision-making analytics for business analysis and planning.
Software parking technologies are solving transportation requirements for clients of all sectors. For example, the City of Saint John, New Brunswick was facing costly hardware upgrades to meet the EMV security standards for credit card processing on parking pay stations. Instead, they opted to install Hotspot‘s Fast Tap QR code signs, meeting functionality for the new law, and saving roughly $24,000 of expensive hardware upgrades! The signs are now also being used to replace aging pay machines, further reducing ongoing operational costs.
Digital Paid Parking Solutions
At its essence, digital solutions decrease time-consuming, manual processes which in turn saves time and money. In a paid parking environment, this translates to contactless payment options to accept more digital dollars, real-time parking insights for demand-based pricing, and using modern technology like license plate recognition to enforce compliance faster. The results from implementing these types of solutions can lead to significant increases in revenue and reductions in operating costs, such as in Saint John.
This demand for parking automation, and more specifically the ability to share insights, is why HotSpot Parking and CurbIQ began working together.
HotSpot and CurbIQ
Besides the same parent company, HotSpot Parking and CurbIQ share a vision: a digital-first approach to parking. CurbIQ’s suite of products is particularly complimentary, as HotSpot Parking helps new communities come online with paid parking initiatives. The parking software is integrated, with the ability to connect to other stakeholders and parking providers to keep departments connected through technology.
By utilizing CurbIQ and HotSpot Parking together, you can gain real data insights into trending statistics driven by your community, and feedback from residents and visitors. Tools to manage this information, such as a public-facing map to showcase real-time parking availability, helps turnover rates and alleviates parking congestion. At the same time, it allows administrators flexibility to adjust parking rates based on demand, revisit zones, and permitting options.
Use Case: Jasper, Alberta
HotSpot Parking provides the highest ROI on new paid parking programs through a fully digital solution, eliminating the need for a pricey parking equipment investment. HotSpot’s wide range of payment services can save hundreds of thousands in costly parking infrastructure and ongoing maintenance costs. By shifting away from outdated and demanding hardware in favor of digital alternatives, municipalities have seen a reduction in expenditures by 90%. Digital currency over physical coin collection also provides transparency, accountability, and a seamlessly automated experience for clients and their end-users.
Jasper, a small but renowned tourist town in Alberta was in a similar circumstance in 2020. they knew that parking could be a significant revenue source and were looking for ways to increase their budget after the pandemic. They wanted to remove the parking tax burden from their small population of 5,000 and instead have the tourists pay for the infrastructure they use. Jasper, with HotSpot’s tools and guidance, successfully implemented a digital-first approach to paid parking. They reached $100,000 in 2.5 months with no capital investment!
Innovative Parking Solutions
A digital-first approach to parking with CurbIQ and HotSpot minimizes risk with benefits of an environmentally sustainable, adaptable, and economical parking program. Gather valuable parking insights, implement a lightweight digital payment solution, visualize real-time parking, flexibility on rule management, and the ability to adjust from community feedback. This approach continues to be successful in other communities introducing paid parking, as it greatly reduces upfront costs, ongoing costs, and buyer’s remorse for over-engineering a solution.
We’re seeing innovation happen in smaller municipalities where budgets are tighter, but innovation can happen anywhere in manageable pieces. If you can relate to Saint John’s expensive parking upgrades story; or Jasper’s infrastructure burden on the tax base, if you are new to parking or have problems with existing parking programs: we encourage you to connect to learn more.
You can modernize, and optimize parking in your community, without a large capital cost, especially with the qualified consultation of CurbIQ and HotSpot Parking. Let your community lead the way in economical, environmental and sustainable parking practices with the Digital First Approach to Paid Parking.
Check out the on-demand webinar from CurbIQ and HotSpot to learn more about what a digital approach to parking could mean for your city.