Not accepting credit card payments narrows your market a great deal. You will not be able to work with vacation rental listing sites that don’t collect guest payments, such as HomeAway. With other sites, say Booking.com, you can choose to charge guests via bank transfer or in cash, but consider the following: how much time do you spend to confirm each booking? What are the bank commissions for both yourself and the guests? Can you prevent the risk of fraud bookings and not charging cancellations/ no-shows? What will your low season occupancy look like?
A guest’s experience starts from the moment they first set eyes on your property listing. In the majority of cases, from the get-go guests expect the payment process to be a straightforward affair – a transaction that is secure, convenient and fast. That’s why they prefer to use credit cards. Not accepting credit cards will complicate things and push them to look for other properties.
If you don’t accept credit cards, you can’t confirm their validity or charge booking fees. Thus you’ll be unprotected against fake bookings and scams. Your property calendar may have stayed closed for a long while by the time you figure out if certain guests are genuine or not.
On the other hand, even accepting credit cards you may be targeted by online payments frauds. While it may be impossible to avoid such cases, investing in a system with good security capabilities is important. Stripe has built an adaptive machine learning system that evaluates each payment’s risk level in real time. Learn more here.
Use a Payment provider integrated to a Channel Manager and charge booking fees or full rental payments right away from the reservation dashboard. It is handy and time-saving. Charge the reservation as soon as it comes in and access funds immediately to transfer them to your bank account. In the case of Stripe, users can make payouts to property owners or providers.
The new Rentals United – Stripe partnership simplifies the way property managers and owners handle guest payments. Not only does it allow advertising on more listing sites, but also brings the power of a renowned and experienced tech company like Stripe in aid of vacation rental businesses. Features include:
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