Setting up your Payment Methods is a critical step in the Onboarding Procedure to ensure smooth and efficient payment processing. (Learn more about the Onboarding process HERE)
You can configure your Payment Methods within Settings - Payment Methods. 
Payment Methods are divided into two main categories: Online Payment Methods and Manual Payment Methods (Offline Payments). Additionally, you can configure Security Deposits and the newly introduced Payments Automation feature, enhancing both flexibility and control over your financial operations.
1. Online Payment Providers
Online Payment Providers facilitate seamless transactions through integrated platforms.
Supported Provider:
Stripe: The official payment partner for RentalWise.
Use Stripe to manage payments for:
Direct bookings through your website.
VRBO bookings (as the Merchant of Record). (Learn more about VRBO requirements HERE)
Setup Process:
Go to the Payment Methods settings.
Click Connect Payment Provider, then log in and authorize Stripe in two simple steps. (Learn more about connecting Stripe HERE)
Multi-Entity Support:
Each legal entity can have its own Stripe account, providing tailored financial management. (Learn more about legal entities HERE)
Eligibility Check:
Verify if Stripe supports your region here.
2. Manual Payment Methods (Offline Payments)
Manual Payment Methods allow for flexibility in processing payments outside of online platforms.
Supported Types:
Bank Transfer: Guests can transfer payments directly to your account. Payments need manual confirmation in the Booking Summary. (Read more about Booking Summary and Offline Payments HERE)
Cash: Payments collected in person.
Cheque: Payments via physical checks.
Setup Process:
Configure offline methods for each legal entity.
Provide detailed instructions to guests for completing the payment.
Key Notes:
Manual methods require payment confirmation in the system once received.
3. Security Deposits
Configuration Options:
Adjust default settings for Authorization Days and Release Days.
Choose between automating security deposit collection or managing it manually for each booking.
These settings can also be customized at the property level.
4. Payments Automation
Streamline transaction processing with the automated payment capture feature:
Options:
Automated Capture: Automatically charge the saved credit card on the due date for the next payment.
Manual Capture: Verify the booker's payment method at booking creation and manually process payments as needed.
Why Set Up Payment Methods in Advance?
Configuring payment methods before you start operations ensures:
Efficiency: Payments are processed smoothly, reducing delays.
Flexibility: Cater to various guest preferences with multiple payment options.
Control: Simplified management of financial transactions, including deposits and schedules.
Properly setting up your Payment Methods is essential for a streamlined and hassle-free guest experience.