Taking payments
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The final balance should be received prior to a guest's holiday in your property. Set out your payment schedule in your booking contract and confirmation details.
If the balance isn't paid on time, contact guests with a reminder. Let them know how long you are prepared to hold the booking before you readvertise the dates (and they lose their deposit).
Take this potential delay in receiving funds into account when setting a final date for your payment schedule.
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There are various ways in which you can accept payment from guests. We've outlined the most common ones below:
PayPal
This is an easy way to accept online payments without giving out your personal bank account details. You just set up an account with PayPal and give these details to your guests.
If your guest already has a PayPal account they can pay funds directly into yours.
Even if they don't have an account they can still pay with their credit/debit card into your PayPal account. There is a small charge to you for this, but rates are competitive.
Transfer of funds is instant, making it ideal for last-minute bookings.
Visit paypal.com for more details.
Internet banking
Most bank accounts have the option of internet banking. This enables you to accept fund transfers from other bank accounts.
If your guest also has internet banking you can give them your sort code and account number to make a transfer. These details appear on cheques and credit/debit cards. However, if you are not comfortable giving them out, consider using PayPal.
Unless your guest uses the same bank as you, this kind of transfer usually takes around three working days.
Cheques
Although this method of payment is not as common as it used to be, some people still prefer to pay/accept payment by cheque.
There won't be any additional charges for either party when paying by cheque.
If you give a booking reference, ask your guest to write this on the back of the cheque.
Make sure the cheque has cleared in your account before sending keys and directions. This can take a few days from when you pay the cheque in.
Bank transfer
If your guest lives abroad this is a good method of accepting payment.
You will need to give your guest your full name, sort code, account number and bank's address. Overseas guests will also need your IBAN and SWIFT codes. These should be on your account statements, or ask your bank for them.
Make sure your guests know they will have to cover any bank charges incurred for a foreign transfer. You might like to add an admin fee for this kind of payment to make sure the full balance is received.
Cashiers cheques
