FPTA Day 2 - COVID-19 Relief for Municipal Parking: Strategies for Reducing Operating Expenses through Credit Card Processing Solutions
DESCRIPTION
In light of the COVID-19 crisis, communities throughout the United States are facing significant financial challenges resulting from significant revenue losses following nationwide lockdowns. Municipalities and parking authorities across all states suffered months of little to no revenue, and are now tasked with implementing new (potentially costly) strategies to reopen while creating a safe experience for users, rehiring staff and training them to perform new safety and sanitation protocols, and somehow make up for the significant reductions in 2020 revenues.
At this time, every city in the country is actively seeking creative, effective, and immediate solutions to reduce operating expenses and preserve finances. In this session, attendees will learn about the Durbin Amendment, a federal law that has significantly increased parking transaction fees across the country. If your parking operation is currently accepting credit / debit cards at smart meters, pay stations, or pay-by-cell kiosks, this legislation has most likely significantly reduced your on- and off-street parking income since 2011. This session will be critical for helping you to understand how these fees are impacting your organization and how you can eliminate them.
LEARNING OBJECTIVES
· Learn what the Durbin Amendment is and how it has negatively impacted municipal parking operations across the U.S.
· Gain a stronger understanding of the basics of merchant processing (a commodity service that every city is required to have and use) and learn about strategies to help you save thousands each year through creative strategies.
· Identify opportunities to increase your operation’s bottom line, while preserving limited funds for higher and better uses following COVID-19 including staffing, integration of new technologies and solutions, and replenishing financial reserves.
SPEAKER(S)
Michael Mintz
Chief Strategy Officer, AMG Payment Solutions
Michael is the Chief Strategy Officer at AMG. He is responsible for establishing strategic plans to grow into new industry verticals and enhance the AMG brand. Michael spent 18 years at Deloitte & Touche LLP in New York and was a Partner for 6 years where he led over 30 professionals in the structured finance practice. Today, Michael is a key resource to the U.S. parking industry on the topic of merchant processing having published multiple articles in the Parking & Mobility magazine. Michael is also the author of You’re a Business Owner Not a Dummy – Understand Your Merchant Account available at national bookstores and online.