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SpotHero, WageWorks Team Up for Pretax On-Demand Parking Near Your Job

May 16, 2017

Drivers can now use WageWorks pre-tax commuting benefits for on-demand parking through SpotHero, the Chicago-based parking spot reservation app.

The company on Tuesday announced a partnership with commuter benefits administrator WageWorks, which administers pretax benefits to 6.5 million employees at more than 100,000 companies.

The partnership lets users reserve daily parking near their jobs using SpotHero’s mobile app, which monitors parking locations and automatically pays with a user’s WageWorks account if they’re parking near their job.

More employees are switching between different modes of transportation such as public transit, ride-hailing or driving — negating the need to prepay for monthly access to a garage or parking lot, said Elan Mosbacher, vice president of strategy and partnerships for SpotHero.

“This will enable us to serve more people driving to work, looking to figure out how to save on their commute,” Mosbacher said.

SpotHero’s app lets users find parking garages, compare rates and book spots in advance at more than 5,000 garages and lots in more than 47 cities.

Users can designate up to $255 each month pretax to pay for parking near their workplaces, or near transit systems that connect to their workplaces.

SpotHero charges a user’s pretax debit card whenever they reserve a qualifying spot. If the spot is outside that area, the company automatically uses a different payment source, Mosbacher said.

Competitor ParkWhiz said its customers have been using pretax funds to pay for parking since 2015, and touted the option on its website in February. It has not announced any formal integrations with benefits managers.

   

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