Payvment
Payv the Way
Idea in Administrative Services
Introduction
Payvment is revolutionizing the parking industry by making integrated and accessible License Plate Detection technology for parking garages to track inventory, increase profits, and receive valuable analytics.
Our grand vision is to eventually encompass both garages and drivers, making parking a modern experience for all.
Problem
Current garage parking technology is incredibly outdated and dysfunctional. Nightly inventory, for example, is either conducted by hand (in 90% of garages) or using expensive cameras and outdated software which “work 60% of the time.” Inventory is used to track how long people have been parked, in case a customer loses their ticket (which happens, on average, 2-10 times per day, per garage).
Taking inventory by hand is a tedious task that attendants complete every night, even in the cold. Attendants write down the plate number, color, model, state, etc. for each car in the lot (sometimes over 250 cars). They then look back at previous logs and manually calculate how long each car has been parked. These papers are never digitized and managers store boxes upon boxes for up to 6 years.
Current attempts to digitize this process range from effectively useless to aggravating and unthoughtful.
Opportunity
Parking is an integral aspect of transportation, so bringing parking tech into the future is a necessary step to allow for integration into the new world we are creating. Digitizing and automating parking processes also offers valuable new insights for parking garages to optimize operations and increase profits.
We want to start with the major pain point of recording nightly vehicle inventory. We will install high-definition, Wi-Fi-enabled cameras at each vehicle entrance and exit. We will then use computer vision and license plate recognition to recognize the license plate, car make, and car color. This data will all be sent to an easy-to-use manager dashboard that displays real-time vehicle inventory, analytics, and potential dynamic pricing suggestions.
We see this initial solution as an opportunity to make connections with garages, establish a brand within the industry with reliable tech, and then expand to include the user side of things.