Why Cash May Still Be King

TPP-2016-01-Why Cash May Still be KingBy Bryan Alexander

The data breaches that hit the parking industry in 2014 offered a stark reminder that parking is just as vulnerable to credit card fraud as any other industry. Worldwide, credit card fraud has reached $14 billion a year, and while the hit experienced by the parking industry was relatively minor, for the companies that were affected—and their customers— the impact was painful.

This is just one of the reasons some parking patrons still prefer to pay with cash. Many have faced the difficulty of having their personal data compromised and having to deal with the time-consuming and stressful aftermath. For those drivers, cash can be a more attractive option for transactions that are quick and simple.  Others may prefer to pay with cash because they’ve maxed out credit cards or don’t want to add to existing balances. These are some reasons why being able to accept cash represents good customer service….

For participants, it’s nearly invisible. But then, that’s the goal, isn’t it?

This excerpt is from a recent edition of the The Parking Professional.  IPI members get immediate access to the magazine online.  Login here or join today!