Booking.com is an essential platform for vacation rentals. Among its direct competitors, you find Airbnb, Abritel or Wimdu. The sites are relatively similar, but there are some specifics to consider, especially regarding booking.com and the deposit.
How do I set up a security deposit on booking.com?
Some landlords are reluctant to put their property up for rent. Indeed, incidents can always occur and in particular damage or theft. So to insure the hosts, the establishment of a booking deposit is possible. The owner defines the amount of the security deposit himself and the client must take it into consideration. Payment is made before or upon arrival.
If the accommodation does not suffer the slightest deterioration, it is imperative to return the security deposit to the tenant. However, it is impossible for the booking.com platform to collect the deposit on your own behalf. So you manage the guarantee deposits yourself by contacting your customers. However, do not forget to meticulously follow the regulations in force.
Previously, it was possible to share information on the subject of sureties through the “To Know” section. But since then, the platform has removed this possibility. If on your side, you still want to set up a security deposit, we recommend that you follow the following steps:
First, have your username and password ready to connect to your extranet on booking.com. Then go to the “establishment” tab.
You just have to click on “conditions” and choose from the various possible “deposit” options. Then click on the “edit” button.
This action will trigger a new window to open and you make any necessary adjustments. Do not forget to click on the "save" button for the modifications to be taken into account.
Once the deposit has been put in place, you are obliged to return it when the exit inventory is deemed satisfactory.
How does the booking platform work with refund cancellation?
In the hotel and vacation rental industry, cancellations are things to consider. Even if you deal with customers who are thorough in their travel arrangements, the unexpected can still happen causing disruption to bookings. For both owners and tenants, it is important to define a precise framework.
That's why the platform recommends having clearly defined terms in place from the start about when and how much you charge. You will use a prepayment system, a security deposit and cancellation conditions. An imperative to avoid loss of income.
These different configurations are made directly from the extranet of the booking.com platform with a configuration that you adjust according to the cancellation situations.
What cancellation conditions are available?
You inform your customers about the possibility of canceling a reservation free of charge. Otherwise, you set a deadline. Booking.com recommends setting up free cancellation 24 to 48 hours before your tenants arrive. Another option is the choice of non-refundable conditions.
Vigilance on prepayment and security deposit. Once again, you inform customers of the possible presence of charges. A communication to be managed before their arrival, specifying the moment and the amount of the billing.
Regarding the security deposit, it is paid in advance and mainly by bank transfer. During the free cancellation period, tenants have the possibility to recover their deposit free of charge. But when the cancellation occurs after the free period, they lose the security deposit. In this way, you protect your income against abusive cancellations.
The process remains different for prepayment. It is a reservation process by payment card in order to pay part of the reservation. The method remains popular for non-refundable reservations. But when the customer cancels, the owner keeps the amount of the reservation process and the customer will not have the possibility to recover it.
Do not confuse prepayment with pre-authorization. In the second case, you block a sum of money in order to check the validity of the tenant's bank card. Then this amount will be debited at a later date. If ever the customer cancels his reservation, the amount of the pre-authorization is used as a guarantee.
How to configure cancellation conditions on booking.com?
Booking.com recommends configuring cancellation conditions to avoid any misunderstandings with customers. In addition, it is an effective protection to protect you against a loss of potential income. Before setting the cancellation conditions, you set up conditions that you associate with rate plans. Please note that the newly defined conditions are only applicable to new reservations.
To do this, connect to the extranet of the booking.com platform then go to the “establishment” and “conditions” tab. Select the option “create new cancellation conditions”. At this point, you can set up a free cancellation period by specifying the deadline. That is to say that if the customer cancels before his arrival and respecting this deadline, he will not pay any fees.
Do not forget to specify the amount to be charged if the tenant cancels or does not show up. Finally, you save the changes you just made.
Why hire a concierge?
Publishing, setting up and managing a property on booking.com takes time and skill. If you are not an expert in the field, it is difficult to optimize your income and you could find yourself in an unfortunate situation if you do not master all the aspects.
It is therefore in your best interest to go through a concierge like UpperKey. You will benefit from an expert agency in the field with a perfect knowledge of seasonal rentals on booking.com.