Time or Money? Chicken or the Egg? Let’s assume a simple rate structure of $3/hour with a


$15 all-day max rate. The maximum all-day rate is reached at 4 hours and 1 minute. The stamps are sold as 1-hour val- idations.The customer parked for 6 hours 15minutes. If the stamps are redeemed at the time value, a total of seven stamps are necessary to have the customer exit for free, or a value of $21. If the stamps are converted to be equal to the cash value of the hour, then only five stamps are needed, and the redeemed value is $15. What happens if the rates are not uniform for each seg-


ment? Consider a rate structure like this: Up to 1 hour


Up to 2 hours Up to 3 hours Up to 10 hours


$3 $7


$12 $15


Maximumto 24 hrs $18 Howdo you use 30-minute or 1-hour stamps, and atwhat


value are they sold for? And since we are looking at how validations affect rev-


enue, what about the “grace period?” There are three grace periods commonly in use in the parking industry the Turn- around, Continuous and Exit – for central pay-on-foot termi- nals.All have an impact on the revenue collected, and depend- ing on consumer affairs regulations, some central/POF graces may be incorrectly applied. The Turnaround grace is a holdover from the old


mechanical system, when every piece of equipment had its own time clock. Over the course of the day, the times could vary by several minutes between the individual clocks in a piece of equipment. Remember the ticket dispenser with the clock hands on


the face showing what time it was? But the clock hands were not synched with the time-stamp wheels of the clock imprint- Continued on Page 30


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