With an overwhelming majority of short-term rental bookings being made online, it is worthwhile for property managers to be able to accept online payments through a payment processing software.
Read on to understand more about online vacation rental payment processing.
How does vacation rental payment processing work?
Processing for vacation rental payments works similarly to any other online payment processing.
Guests input their payment details and the software processes a payment of the amount specified. The amount will include the nightly fee as well as any extra charges, such as a cleaning fee or supplementary services that the guest has opted to purchase.
To encourage guests to book online, payment processing for vacation rental businesses should be entirely secure and should encrypt the consumer’s payment information. This should be made clear to consumers with official Payment Card Industry and Security Standards Council badges.
Your vacation rental payment processor should give guests the option of saving their payment details for faster checkout for future reservations.
Once guests have entered their payment information and selected to pay, their part is over. After that, it’s just a matter of waiting until the vacation rental payment methods are accepted and the payments are processed.
Vacation rental payment processing time
Guests will be alerted immediately as to whether their payment was successful. As long as there is no issue with the payment method they used or case of insufficient funds, the payment should be accepted.
Once the payment is approved, it should be transferred into your account within 48 hours.