One of the difficult parts of owning and managing vacation rental is on collecting payments from your guests. But as long as you establish clear and organised policies regarding financial transactions, it will be easy.
In order to protect both you and your renter, put everything in writing. Once your policies are in place, it is time to begin accepting payments. Here are some of the best ways available to you today:
* Personal Checks. Checks are a convenient form of payment for both you and your renters. They are generally safe because they are traceable to a particular mailing address, and there are typically no fees associated with accepting checks. If you choose to accept personal checks, cash them immediately, and make sure you give them ample time to clear before giving the renter access to the property, typically about two weeks. Some renters may request to pay by E-Check, which is fine. These are also called EFTs, or electronic funds transfers, and can be done through a PayPal account.
* Credit Cards. Credit cards are quickly becoming the most preferred method of payment. Travelers have simply grown to expect to use a credit card. In fact, if you do not accept credit cards, renters may look elsewhere. Accepting credit cards gives you flexibility and the benefit of immediacy, especially for last-minute bookings. No more waiting for “the check in the mail” to verify that a booking is solid. You can take deposits and final payments and even process refunds all over the Internet. Credit cards can also ease transactions with international guests and build instant credibility for your vacation rental business.
* Bank-to-Bank Wire Transfers. Bank-to-bank wire transfers are commonly used by international travelers and sometimes last-minute guests. To transfer funds with a bank-to-bank wire transfer, the renter would have to contact his/her bank to request the transfer of a specified amount. The renter's bank will likely need your account number, routing number and/or SWIFT code (which can be provided by your bank) in order to send the money to the appropriate account. The renter's bank then sends a secure message to your bank, including settlement instructions.
So it is now up to both of you and the renter which is the most convenient method of payment to be used. With the above suggested best ways to accept payments from your vacation rental, guests will make it easier to you to collect your income from your precious vacation home.