Social Media Power- Enhance Your Kalkan Rental Property Online
Over 4 billion people are currently using social media across the globe. This means the potential for boosting your reservations with digital…Read More
Holiday rental properties are becoming progressively prominent in the travel market. The home away from home model offers comfort and privacy and as a result the call for properties is ever increasing. In short, demand is high and competition is stiff! What can you do differently to stand out against other properties? One way is to offer a variety of payment options for your rental property to your potential guests. Giving more than one alternative will boost the chance of securing bookings because you will appeal to more than one type of traveller. In such a competitive market having flexible payment options can help to sway indecisive travellers in your direction. Let’s explore which payment options can be used, how they work and their pros and cons.
Without a doubt credit card payments are favoured by most people when paying online. The only downside for you to consider as a host is the associated fees. This is usually about 2-3% per transaction. Depending on your annual income this may seem a lot but you will see the benefit when the bookings start flooding in. For potential renters the extra safeguard can be a big bonus as it gives protection against online scams. The added security and assurance associated with paying by credit card will definitely increase your chances of receiving more bookings.
Of course, this method is not the only option and is not preferred by all. Some travellers may not use credit cards or may simply prefer to use more traditional payment methods. If it works for you logistically consider offering flexible options. These could include direct bank transfer or even cash on arrival. To give your guests peace of mind be sure to stipulate your cancellation and refund policy in writing. This will let guests know where they stand when making their payment. Also, ensure you include all fees in the headline price. Guests like to see an all-inclusive price and make a point of advertising if there are “no card fees”. Paying securely at no extra charge is an enticing offer.
So which method is best? That’s for you and your client to decide. Keep your guests in mind and offer as many flexible payment solutions as possible to ensure you get maximum return.
Your Kalkan Owners Direct property listing gives you the platform to advertise your Kalkan rental property direct to travellers. You have total control over your terms, payments and communications with guests. After you have received a reservation request and confirmed availability you can provide your customer with whichever payment options you are offering through our message centre. This could be bank details for a transfer, a PayPal payment request or details of your property managers office where cash payments can be made. We provide the space for attracting and securing bookings and leave the payment options open for you to determine with your guests. As no payments are processed through our site all funds come directly to you without delay by whichever method you decide.
If you decide you would like to accept credit and debit card payments, there are plenty of options available to you. Payment gateways are online technology that provide a secure way for people make card payments online through payment processing portals. As well as fraud management, a payment gateway also protects merchants (you as hosts) from expired cards, insufficient funds, closed accounts or exceeding credit limits. Want to offer the option of credit/debit card payments to guests? You can set up an account with one of the many well-known providers. Some leading companies are detailed below.
Perhaps the most widely recognised payment gateway is PayPal with over 220 million users worldwide. Allowing for fast, reliable and generally pain-free transactions has earned PayPal a special place in consumer’s hearts, even as new alternatives flood the market. However, it can be an expensive option for businesses with a low monthly sales:
What some owners do is arrange the deposit payment via PayPal and collect the balance in cash upon arrival. This is an ideal option for those who do a guest meet and greet.
Worldpay is another secure online payment provider that works similarly to a PayPal transaction. When a payment is due an email is sent out with a link to a safe payment process. This is known as a “Pay by Link” system. Third parties (owners) have no access to card details which could be a selling point for holidaymakers.
Following a payment, an email is sent to the owner for confirmation. The money then appears in your bank account within three working days.
WorldPay offers two main pricing plans:
Braintree is the lesser-known division of Paypal specialising in mobile and online payments. Many brands you will be familiar with including Uber, Airbnb and Skyscanner are powered by Braintree It has great fraud protection and accepts over 120 different currencies. Offering low rates and no setup fees make it an affordable choice for a small business so could be ideal for rental payments. Their fees are nice and easy to get your head around:
Stripe is a pay-as-you-go payment processing platform with flat-rate, transaction-based fees. When a customer pays, they are set up in Stripe as a customer. If they create another order, they can check out using the same card. A massive timesaver for returning customers. Stripe does not charge monthly or annual fees just fees per transaction:
Unlike other online channels Kalkan Owners Direct gives you the freedom to handle your payments and income from your rental bookings. Channels such as Airbnb and TripAdvisor hold funds from guests until after they have checked in. We do not hold any funds so you will not have to wait until after check-in to receive your payment. Nor will you be bound by payment rules that stipulate to the guest how much must be paid and when. You receive all payments directly from the guest with no delay.
Offer flexibility on rental payment options and you will increase your chances of appealing to more clients and ultimately securing more reservations. Take the opportunity to maximise the potential of your Kalkan rental property by signing up with us today. If you want advice or guidance, contact our team for friendly and professional support.