Chicago Parking Meters Saves Over $1.7M in Transaction Fees

The Client

With 36,000 metered on-street parking spaces, Chicago Parking Meters (CPM) operates the third largest parking system in the U.S. and the largest system under a public-private partnership.
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Optimization Benefits Realized

$1.7M

savings in their first year partnering with us

$2M

savings in subsequent years in reduced transaction fees

Guidance

and market insights about the payments industry

A deep understanding of the payment industry, coupled with knowledge about payment processors, forms a potent combination that can significantly uplift a merchant’s bottom line and drive increased transaction volume.

With this knowledge, merchants can make informed decisions in selecting optimal payment processors, negotiate favorable terms, and deploy strategies to enhance overall transaction efficiency. This proactive approach not only reduces operational costs but also cultivates an environment conducive to attracting more customers and encouraging repeat business.

The Challenge

When CPM started in 2009, very few meters accepted credit cards. However, as old meters were replaced with those that accepted payment cards, “Learning about payment processors and how they structure their fees—and the differences between them—became very important,” shares Jean Chidley, Chief Financial Officer at CPM. “Our transaction volume quickly grew from a few hundred thousand per month to more than one million per month.”

The Solution

Conduct Merchant Services RFP

Provided RFP guidance including evaluation of vendor responses, fee assessments, agreement negotiation and setup. Assist with post-switch integration, ensuring CPM experienced a seamless vendor change.

Implement Optimized Payments Analytics

Gather card processing data across CPM’s system to provide real insights into card payments.

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The Feedback

Optimized Payments guidance has provided immense value to me and my team over the past eight years. They have helped boost our bottom line, navigate vendor selection, and even taught me a thing or two about the payments industry. I feel like an expert!

Jean Chidley, Chief Financial Officer

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Simplify the Complexity of Payments Data with Visual Tools.

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