Setting up Discounts & Coupons in RentalWise is a simple yet effective way to increase customer satisfaction and manage your finances efficiently. This guide will help you understand the key differences between discounts and coupons, and how to configure them to benefit both you and your guests.
Understanding the Difference: Discounts vs. Coupons
While both discounts and coupons offer price reductions, they function slightly differently:
Discounts: Automatically applied without the need for a code. These are visible to guests and are applied directly to the reservation.
Coupons: Require the guest to input a Coupon Code during the reservation process. The discount will only be activated if the correct code is entered.
How to Configure Discounts & Coupons
You can configure both discounts and coupons within the PMS Module of RentalWise. Here’s how:
Discount Amount or Percentage: You can set the discount as either a fixed amount or a percentage off the total cost.
Stay Date Range (SDR): This allows you to apply the discount or coupon based on the guest’s stay dates. If their stay falls within this range, the discount will be applied.
Reservation Date Range (RDR): This applies the discount or coupon based on when the reservation is made. If the guest reserves the property within this specified timeframe, the discount will be activated.
No Overlap Concern: If both SDR and RDR fall within the same timeframe, they will not overlap, ensuring a smooth discounting process.
Length of Stay (LoS) Discount
In addition to standard discounts and coupons, RentalWise offers a Length of Stay (LoS) Discount. This type of discount is specifically tied to the duration of the guest's stay and can only be set up under the property's Discounts tab. Here’s how it works:
LoS Discount: You can create specific seasons and set a minimum nightly stay requirement. Based on the length of the stay, a percentage-based discount will be applied. However, note that the option to set a fixed discount amount is not available for LoS discounts.
Applying Discounts & Coupons
Once you’ve configured your discounts and coupons, you can attach them in two ways:
From the Configuration Menu: This allows you to apply discounts or coupons across multiple properties.
From the Property's Discounts Tab: This option lets you attach specific discounts or coupons directly to individual properties.
Conclusion
By setting up and managing your Discounts & Coupons effectively, you can enhance customer satisfaction, attract more bookings, and maintain control over your pricing strategies. With RentalWise, the process is streamlined, allowing you to focus on providing an excellent guest experience.