Cedarhurst, NY – July 26, 2016 – Municipal Parking Services (MPS), the world’s leading manufacturer of smart parking meters, and Cardis announced today that they have signed an agreement to implement Cardis’ technology for the cost effective processing of low value electronic payments (LVPs) into MPS’s parking meters, the first of which will be rolled out in Cedarhurst, Long Island, NY. MPS will continue such rollouts across the United States.
The partnership with MPS introduces a perfectly targeted application of Cardis’ proprietary aggregation technology that will lower transaction processing costs, boost bottom-line revenues and enable MPS to further expand their market. As the Cardis LVP technology is implemented in the vast parking meter industry, estimated at over 20 million parking meters—more and more of them ‘smart’ ones—cost savings potential from an LVP application is in the hundreds of millions of dollars.
With meter parking in Cedarhurst, NY currently costing 50 cents per hour and a one-dollar minimum set for credit card transactions, most people parking in Cedarhurst still use coins, with the attendant high cost of managing literally tons of hard currency. With Cardis aggregation technology reducing the cost of LVP transactions between 25% and 65%, card payment minimums can be brought down to as low as 25 or 50 cents per transaction, with processing fees falling significantly. Given the inherent cost of cash handling, this solution genuinely ushers in a new era for the increasingly ‘smart’ parking meter.
Joe Caldwell, CEO of MPS, commented, “Transaction costs on low value electronic payments are disproportionately high relative to the low purchase amount on our parking meters. We are very excited to be working with Cardis to implement their LVP solution in them. The Cardis Solution not only offers more convenience to drivers, but stands to save MPS and municipalities like Cedarhurst, in aggregate, millions of dollars a year in merchant fees. We see Cardis technology as a differentiator that will set our solution further apart from the competition and enable us to expand more quickly into other U.S. markets.”
Nierenberg further remarked, “Cardis’ agreement with MPS continues our commitment to reduce processing costs on low-ticket purchases. We look forward to implementing the Cardis Solution in Cedarhurst, and making that a test case for its introduction into other municipal parking systems. Furthermore, we anticipate that this will help pave the way for Cardis applications in other low value payment-related transactions in the transit, convenience store, gaming, download, vending and e-commerce markets.”
“The application of LVPs in the parking industry is a milestone for Cardis,” said Moshe Tokayer, Chief Technology Officer at Cardis International. “With this, we look forward to playing an instrumental role in revolutionizing the way that low value payments are processed cost effectively.”
About Cardis
Cardis Enterprises International BV provides unique solutions for processing of low value payments with game changing cost efficiency. It aligns the interests of banks, payments schemes and retailers in driving the global move to cashless payments by lowering the cost of electronic transactions. The company’s solution is a unique, ‘platform agnostic’ plug-in for existing payment products and infrastructures. Its aggregation software is based on patented, auditable stored value technology that reduces processing costs by an order of magnitude. Working across all payment channels, such as physical point of sale, m-commerce and e-commerce, it is a real alternative to low value cash transactions. Making the processing of small payments economically attractive for merchants, it supports all payment form factors including contact cards, contactless cards, mobile phones and digital wallets, and all payment channels including physical point of sale, online and mobile commerce. Please visit www.cardis-international.com.
Editor's note: While this is specific to parking meters at the moment, the company has plans to expand the partnerships to other low value transaction segments, such as vending machines and micro markets. If the same system will allow transactions in multiple places, such as parking, the concession area, the local vending machines, etc....the consumer will be much more likely to adopt the system as well.
