To purchase a parking equipment, one of your top priorities is to find out which parking equipment manufacturers offer the features you need. Usually, it depends on how you want to charge your parking customers.
How do you want to charge Transient Parker? If you plan to bill by the hour, check out the full-featured parking device, which records the time stamp and calculates the parking fee. Otherwise, consider a flat rate parking device that is simpler and less expensive.
Do you have a monthly parking card holder? You need access to control parking devices to authorize cardholders, as well as to manage and track the software they use. Do you have an existing card access system in your building? You will want to work with the manufacturer that allows you to provide readers.
What about special discounts or free parking? Some companies offer “validated” or discounted parking spaces for tenants and nearby businesses. At the most basic level, a verified parking lot is provided in the form of a sticker or coupon and must be presented along with the parking ticket to reduce the parking fee due.
Once you have checked your specification wish list, the next step is to determine if the investment will pay off. Parking consultants focus on these calculations, but you can usually handle these numbers yourself.
Calculate your estimated parking income using average vehicle revenue (average cost per car parked), occupancy percentage and daily turnover. If you replace the parking attendant with an automatic parking device, you can also save labor costs and increase revenue. (The machine is more reliable in ensuring parking payments.)
Most companies find that they can recover the cost of parking equipment within one year, while others recover it in less than six months.