If you run a parking lot, garage, or other parking facility, having a merchant account is critical for collecting on-time payments. With ACH Merchant Services for Parking, you can expand your payment options, while lowering your processing costs.
ACH Merchant Services for Parking is the #1 preferred monthly payment method by Parking Facility Management Companies across the United States. This post will explore some of the benefits of ACH Merchant Services for Parking.
Improve the Commuter Experience
Commuters will always need somewhere predictable, secure, and easy to park. This is where the customer experience comes into play. In today’s fast-paced world, every time that a commuter stops to make a payment when they exit a merchant’s parking lot or garage, they spend extra time that could otherwise be expedited. Plus, it can be time-consuming for parking operators to manually collect payments and reconcile their accounts receivable.
When commuters set up ACH AutoPay, there’s no need for them to stop and make a payment each time they park in your facility. Plus, you’ll always get paid on-time with recurring payments, which you can schedule and process with ease. Our Centralized Reporting feature can also help you further simplify your accounts receivable processes.
When you run a parking facility, you want to keep your overhead costs as low as possible. When you accept ACH payments, you can save 86% or more on processing fees, compared to credit cards. Here’s how: take the average parking spot, which costs $120/month. Then, compare 3% (or $3.60/transaction) for credit card acceptance vs. $0.50/transaction for ACH acceptance (actual costs can vary). ACH can easily lower your TCO. Plus, Actum can match or beat any other payment processor’s current pricing.
Chargebacks can happen frequently in the Parking Industry, often as a result of customers not recognizing parking facility charges on their bank statements. This can cause them to dispute their parking charge with the bank. This is bad news for merchants: unless you dispute the charge, once it’s removed, you lose your payment.
If you manage multiple parking facilities, you can stop these chargebacks by setting up multiple bank descriptors to reflect the location of each of your properties, making it easier for your tenants to recognize the charge. Actum supports a Dynamic Bank Descriptor solution that lets parking merchants identify their location information for each facility in customer bank statements.
Process ACH with Ease
When you start to accept a new type of payments, you want your operations to stay as streamlined and compliant as possible. When you use Actum’s Merchant Services for Parking, we provide you with industry-standard ACH authorization language that you can incorporate in your rental agreement. Moreover, our ACH parking options are compliant with NACHA standards and our support team is on standby to help you and your tenants process payments easily.
Actum features an API that seamlessly integrates with leading payment systems and applications. We will integrate with any third-party POS platform and provide you with everything you need to get up and running within 2 business days. With ACH Merchant Services for Parking, you can continue using your payment and billing operation systems software and mobile apps with our robust API integration options.
ACH Payment Processing for Your Parking Facility
Actum’s ACH processing services serve a wide array of parking facilities, including:
- City parking and public transportation hubs
- Sports & recreational facilities
- College campuses & other educational institutions
- Parking garages, parking lots, and other parking structures
- Mobile apps for street parking and parking meters
For more information about working with Actum, please Contact Us!