FAQ
Overview
What is CYCLE?
What problem does CYCLE solve?
Does CYCLE sell parking spots?
Do I have to communicate with other users to get their spot? Is CYCLE like a social network?
Why should I pay for parking others might get for free?
Can CYCLE fix every kind of parking difficulty?
CYCLE Lots
What is a CYCLE Lot?
Why are CYCLE Lots equipped with sensors & wireless technology?
How does a CYCLE Lot know if a user parked there?
Where are CYCLE Lots?
These Lots consist of the best & closest possible parking access to our retail partners.
How will I know which CYCLE lot is closest to where I want to go?
Are CYCLE Lots reserved only for CYCLE users?
How do CYCLE spot sensors work?
What do the flashing lights in my CYCLE spot mean?
What does a CYCLE Wheelstop do?
Why are CYCLE Lots so small?
How do I know I won’t get lucky and find a free spot without using CYCLE for parking?
Parking with CYCLE
How soon before arrival / exit can I request parking / offer exit trade?
How much in advance can I request parking / offer exit trade?
What does it mean if my request “expires”?
It means there were no available matched of either arrival or exit times in the closest CYCLE Lot to your destination.
How Much does Make a Trade cost?
Where can I find the price of parking at my selected arrival time?
If CYCLE is low- or no cost parking, why am I being charged $12! What gives?
Why is the price different when I choose different parking times at my destination?
How do I pay for parking? When does CYCLE charge my card?
How will I know where my spot is? How will I find it?
What if traffic keeps me from getting to my trade on time?
How do I know if my arrival time is possible? What if I underestimate the distance?
How do I cancel my request?
Offering a CYCLE Spot
How do I offer the CYCLE spot I'm already parked in?
Can I register as a CYCLE user and offer my spot after I park in a CYCLE Lot?
Do I pay for how much time I'm parked in a CYCLE Lot? Is there a time limit?
How often can I earn a promo code in a CYCLE Lot?
How do I know how much promo credit is offered for my selected time?
Why is the promo credit amount different when I select different times?
What does it mean if my exit offer “expires”?
When should I submit my exit offer?
How do I get a CYCLE spot? Do I have to trade to park in one?
Can I just take cash instead of promo credit when I trade my spot?
Why is my confirmed trade time different than the time I offered for exit?
Do I have to trade out my spot? Can I just leave my spot?
How do I cancel my offer?
Using CYCLE Retail Purchase Credit
What is a retail purchase credit?
How do I redeem the purchase credit?
How much are purchase credits worth?
What happens if I use the purchase credit but don't complete trade after?
Do I have to use the retail purchase credit before my exit? Can I keep it for later?
Help! I can't see the entire promo code on my screen!
CYCLE's Real-Time Payment Process
CYCLE Retail Partnerships
What do Retail partners pay to have a CYCLE Lot put near store?
Retail partners pay no fee, CYCLE only collect $2 fee from each completed trade between users.
What qualifies a retail business for a CYCLE Lot?
There is a threshold of parking demand with low supply resulting from a combination of retail property conditions: limited supply of free parking, popularity or specific event on days or weeks. This results in a spectrum of probably parking difficulty. If parking is nearly always a little hard to find or take a little time but not much, a retail property may not be helped by installing a CYCLE Lot. But once this threshold is reached, even perpetually, CYCLE Lot may be the only thing which can create access.
What kind of retail properties benefit from CYCLE?
Retail properties best qualified for a CYCLE Lot are:
· Experiencing perpetual parking limitations
· Customers complain about cost or difficulty of parking
Does CYCLE pay their retail partners OR do retailers pay CYCLE?
Retail partners are true partners of CYCLE never pay CYCLE any money. CYCLE pays retail partners for each promo code redeemed by customers parked in CYCLE lot.
How can CYCLE increase the efficiency of available customer parking for partners?
Simply put, CYCLE Lots provide incentives only to retail customers to park in available CYCLE parking spots. Incentives for trading spots are only redeemed through partners. Over the course of hours of business, occupancy & turnover in CYCLE Lots result in a greater & verifiable customer occupancy.
What sort of data or results does CYCLE provide retail partners?
CYCLE can provide retail businesses with a customer occupancy rate & a day’s worth of money paid to retailer from each parking spot in a CYCLE Lot.
How does a retail business become a partner with CYCLE?
Because CYCLE isn’t designed to serve a parking market, but a retail business by way of parking. A partnership is an endeavor of mutual interest, where a client relationship is often a simple exchange of goods and services.
CYCLE's Business Model
How does CYCLE make money?
CYCLE makes $2 on every completed trade.
For example, if a trade is completed, a user might pay $10 for getting parking and exiting user would earn $8 for promo code (through CYCLE’s payment to retail partner for promo code.) CYCLE keeps the remaining $2.
How does CYCLE’s pricing work?
Every 5 minutes of a particular CYCLE Lot is priced for a parking cost & promo code credit which is $2 less based on an average day’s parking demand pattern. If parking cost paid by arriving user is $10, promo credit earned by parked user offering is $8. These prices change in order to generate an incentive that is highest when parking is the most difficult.
This is designed to create more parking access at most important times, and allow customers & retailers to be the primary beneficiary of organic price increases during hours of business.
Is every CYCLE Lot priced the same or different?
Every piece of parking property is unique, and is measured & priced uniquely. So they are all different.
Who pays for the purchase credits redeemed in CYCLE partner's stores?
Technically, CYCLE pays the retail partners for each redeemed promo code. But CYCLE’s pricing model essentially allows each redeemed promo code to be reimbursed by the arriving user who receives parking spot offered.
Does CYCLE get all of the money my customers pay for parking?
All but $2 of your payment for parking goes to re-imburse our retail partner for your trade partner’s promo code. Sounds complicated, but essentially you are paying your trade partner, minus CYCLE’s standard $2 fee.