Automate and simplify complex fare and revenue management
“When it comes to ticketing, our customers expect more. They want more ways to pay and more convenient ways to pay, on their terms. We need a simpler way to manage this.”
When we ask transport authorities and operators what their biggest challenges are right now, this is one of the things they say to us. In this blog we reveal how we solve this with the very latest automated fare collection technology.
Simplifying a wide range of payments with automated fare collection
How do your travelers pay? Contactless tap and ride? Bankcard, smartcard or prepaid travel card? Mobile app ticketing, smartphone or smart wearable payment? Cash? Are you still issuing ticket media, or do you allow your customers to ‘bring your own’ ticket?
Wherever you are with fare collection right now, one thing is for sure: transport ticketing is seeing a rapid technological revolution. The number of different fare collection options available to you right now is exploding, and as consumers become accustomed to electronic payment methods in other aspects of their life, they expect it when they use public transport.
Combined with the benefits of cloud computing, implementing more convenient ticketing technologies is now faster, easier and more cost-effective than ever before.
There are three reasons why you need to be part of this:
1. Passenger Satisfaction
Travelers want easier, more convenient ways to pay. Commuters, tourists, leisure, pleasure, families, seniors, youth… expectations vary between different passenger groups, but they all have one thing in common. They want to board services smoothly and have a frictionless journey. It’s about the availability of product purchasing and reload, having access to time- or zone-based fares and easier interchange between modes. It’s about removing uncertainty and building confidence.
2. Agency/Operator Efficiencies
Automated fare collection supports the implementation and management of intrinsically complex public transport fare policies. It has the potential to deliver significant efficiencies in both customer-facing and back-office operations. By offering faster, more convenient ways to pay you will reduce queues, avoid station overcrowding and increase gate throughput. Ultimately it enables passengers to board more smoothly and helps you keep services running efficiently and to time.
3. Agency/Operator Profitability
Automated fare collection systems enable you to migrate from cash to electronic payment media, which overcomes a wide range of cash handling, accounting and auditing challenges. It enables you to maximize fare collection, reduce fare evasion and cash leakage, as well as improve revenue control, concession accounting, financial reporting, management information and auditing. You will also meet government regulations designed to improve control over operators.
There’s no doubt about it, the revolution has started, and automated fare collection systems are no longer a nice to have. It has become an essential aspect of modern public transport services. It provides an opportunity for a step-change in service quality, through new fare structures, ticketing and information.
But when it comes to selecting a system, the keywords are standardization and interoperability. Implementation is typically complex, and you need to ensure the long-term sustainability of your solution.
Standardization is vital for ensuring that devices and systems can work together, this relies on compliance with standards. Users also perceive standardized products and services to be more dependable which increases adoption and confidence in new technologies. Interoperability provides a solid foundation for developing new technologies and enhancing existing practices in the future. It opens new opportunities, economies of scale, market access and innovation.
The big question is where do you want to be?
Introducing LIT Ticket: Automated Fare Collection
LIT Ticket is for public transport operators that need automate fare collection with a comprehensive ticketing system that protects your revenues while making your services easier and more convenient to use.
You can manage complex fare policies and support payment options that will move you towards electronic payment handling, and all the benefits that come with it. Combine various electronic payment models to offer passenger-led sales channels while improving oversight of revenues.
Passengers can board services faster and pay in a way that suits them, with simple purchase or reload options. You can improve revenue capture, appropriation and reporting across your entire sales network.
LIT Ticket combines our own powerful back-office system that supports all payment modes, with the associated front-end hardware devices. The back-office control system manages, consolidates, aggregates, reconstructs, monitors and controls all elements of the platform.
- Easier payment/ticket access for passengers
- Reduce boarding times
- Simplifies complex fare structures and streamline processes
- Supports wide range of payment systems and sales channels
- Closed-loop, open-loop and account-based
- Accurate fare collection, clearing and settlement
- Comprehensive real-time and historical revenues
- Revenue reporting and appropriation
- Powerful and flexible analytics on revenues and ridership
- Comprehensive reporting and targeted product-price optimization
- Open interface for seamless integration with third-party systems
- Compliant with industry standards
- Easy to learn and easy to use system
- Future-proof system designed for longevity
- Modular and open architecture
- Add new payment options at any time
- Low ongoing operational cost and SaaS based pricing
In a nutshell, LIT Ticket enables you to offer easy access to a wide range of ticketing options while streamlining processes and gaining control of revenue management.
If you want to offer easy access to a wide range of ticketing options, while simplifying the implementation and management of your fare policies, contact us for a demo of LIT Ticket.
This is blog five in a series on a deep dive into our main solution areas, read the previous blog on LIT Inform here.