ParkHub Launches ‘PRIME’ mPOS

ParkHub, the online parking reservation company, said on Tuesday (Sept. 1) that it has launched a new mPOS.

Dubbed PRIME — short for Parking Revenue Inventory Management Enterprise — the platform is geared toward parking lot operators and attendants, the company said in a release. The mPOS runs on cloud software and allows parking lot attendants to accept payments via credit cards and cash and also scan codes tied to prepaid parking reservations.

In a statement accompanying the release, George Baker, chief executive officer of ParkHub, said that after several months of testing, the mPOS is ready to be rolled out to stadiums and other venues where event parking is offered. For lot operators, there are inventory and revenue control benefits.

PRIME has parked more than 700,000 vehicles, the company said, and logged more than $6 million in transactions. ParkHub stated that those clients using the mPOS have seen sales grow by 23 percent, with efficiencies realized as 16 percent more vehicles are brought into events and payment speeds are up to seven times faster. In addition, customers paying with credit cards spend as much as 10 percent more when the attendant employs the PRIME system than they would otherwise using “traditional” methods of parking, replete with manual cash transactions.

In detailing the features of the mPOS, ParkHub stated that the device sports a real-time dashboard that helps operators view inventory and traffic flow and also keeps track of transactions. The information can be viewed across a range of devices, and payment can be adjusted on demand according to capacity and traffic flow. The company also said, citing researchers tied to the University of California, Berkeley, that the United States houses a huge potential market. There are more than 2 billion parking spaces in the country, with one-third of that number being located in dedicated parking lots.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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