Payment Schedules are structured frameworks for distributing payments, ensuring clarity and efficiency in financial management. These schedules allow you to collect payments at defined intervals, providing flexibility for both you and your guests.
Default Payment Schedules
By default, your system includes two pre-defined Payment Schedules to simplify initial setup. You can use these directly or customize them as needed.
How to Create a Payment Schedule
Create the Schedule
Navigate to the Payment Schedules section.
Click on Create Payment Schedule and provide a clear, descriptive name.
Configure the Schedule
Click on the PLUS (+) icon to add payment stages.
For each stage, specify:
Type: Choose between:
On Reservation: Payment is collected at the time of booking.
Before Check-in: Payment is collected a set number of days before check-in.
Percentage: Allocate a percentage of the total amount for this stage.
You can define multiple stages to create a detailed breakdown of the payment schedule.
Where Payment Schedules Apply
Direct Bookings: Payments for bookings made via your RentalWise website will follow the configured schedule.
OTA Payments: Payment schedules are applicable for platforms where you act as the Merchant of Record, such as Booking.com and VRBO.
Modifying Payment Schedules
Payment schedules can be adjusted even after a booking is created. Simply interact with the Payment Schedule configuration within the booking to make necessary changes.
Why Use Payment Schedules?
Transparency: Guests have clear visibility of payment timelines.
Flexibility: Customize payment collections to match your operational needs.
Control: Seamlessly integrate schedules with platforms like Stripe to automate payments. (Learn more about Stripe integration HERE)
By defining your Payment Schedules, you can simplify financial management while ensuring an organized, guest-friendly booking experience.