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Since you will be dealing with many different types of people, it is helpful to offer different ways of handling vacation rental payments. Finances can be scary to some rental home owners, but once everything is set up and put into place, you are ready for the fun part: sitting back and accepting the money!
Keep in mind that by the time a renter has decided to book your location, they have probably spent hours, if not days, researching different lodging options. Even though they are sure your home is the best, they may still be a bit hesitant about sending their hard earned money to a stranger. That’s why it is important to have very clear payment and money related policies are so important. They will limit the worry and frustration felt by your guests, and quite possibly, by you.
Be sure you inquirers have been sent all the important information concerning your vacation rentals. All documents need to be printed, signed, and returned, either before you accept any money or along with the initial deposit. You should highly suggest to your guests that they print a copy of the all rules and policies for themselves.
Once your potential renters have agreed to your terms by submitting the required paperwork, you may cover the methods of payment that are available to them. Accepting multiple forms of payment will make it easier on your guests, depending on how they like to pay for things. Below are the most common ways to receive payments for your booking.
- Credit Cards – Simply the safest and easiest way to accept and make payments in the world today. If you choose to only accept one payment method (which, in my opinion, would be crazy!), choose to accept credit cards. It will definitely hurt your business if you refuse their use. With credit cards, everything can be handled online, and you get the funds immediately. No more waiting for checks to reach your mailbox, or to clear the bank!
- Personal Check – This is the most convenient method for your guests, but it can present a risk for you. Make sure that once you receive the check, you cash it immediately. Wait for it to clear before moving further with the transaction.
- PayPal – This is similar to accepting credit cards, only
it is taken one step further. Your guests can also link their PayPal account to their checking account, which enables them to pay for things online money straight from their bank accounts. As the receiver, you can also link your accounts so the money can be deposited into your checking account once you receive it.
- Money Orders and Cashier’s check – These are not very convenient for anyone. For the guests, these can only be obtained at certain locations (banks, post offices, etc.), which adds time and money into the equation of sending off their payment. Scammers use these forms of payment often to get money out of unknowing victims.
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I agree that vacation rental owners should be flexible in the payment methods they accept, however taking credit cards requires setting up a merchant account, which may not be possible or cost effective for an individual owner. I’d be interested in knowing how this can be done and if you have more information on the best way of going about this.
Just wanted to warn everyone that we were scammed! Sounds like “Mark Lancer” and/or “Steve Fallaw” are misrepresenting themselves as manager/owner of Villa Fantasia on 18 Camino Del Sol, Cabarete, Dominican Repbulic on numerous villa websites (VRBO, Viviun, Travel Library, etc.). They sent a contract, collected a deposit and never responded after that. The villa does exist, but they don’t represent it. Be very careful if you try to rent this place or deal with these individuals (lancerlotz@aol.com, phone 843 628 0334). Fortunately we discovered before arriving thanks to an honest, conscientous, and reliable villa owner who hunted it down for us and we’ve made alternative arrangements. We’ve rented numerous villas in many places safely and reliably, but this sounds like a growing problem (reportedly same villa in Nov 06, and another place in Cabarete in Dec 07), wanted to give everyone a heads-up. It may be linked to these sites that offer “bachelor party” arrangements, so tread carefully