In order to be successful in the short-term rental industry, professional property managers need to have secure and efficient ways to accept online payments. While certain channels property managers use will have built-in payment features and will be able to process payments on the host’s behalf, property managers who accept direct bookings will often have to find reliable payment solutions of their own.
The following are factors property managers should bear in mind when deciding how they will accept and process vacation rent payments:
Nothing will turn a potential guest away faster than a complicated payment procedure. To encourage purchases, payment processes must be quick, convenient and require little effort on the part of the consumer. Make sure your payment methods for vacations are tech-forward and simple so you don’t miss out on potential revenue.
Utilizing a payment method that is unprotected will cause you a lot of stress when guests either suffer the consequences of entering their bank or credit card information into an insecure web page or refuse to pay in the first place due to their mistrust of the payment processor. Security must be at the top of your list when choosing a means of accepting online payments.
- Ability to integrate
With so many different responsibilities to tend to, using a payment processor that can be integrated with your larger property management software can be a big time saver. When connected to your listing and guest information, your payment processor can directly input essential information like pricing and credit card details to save you time.
- Mobile compatibility
More and more travelers are planning and booking vacations directly from their smartphones, which is why it is critical to choose a payment processor that can be accessed and used from a mobile phone screen. If potential guests have to wait until they are at a computer to make their payments, they may just move on to another rental site so they can finalize their plans immediately.
Deciding on a payment processor is an important process so make sure not to rush it and to take the time to verify that the processor you choose ticks off all your boxes.