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Receiving Payments

 
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SarahV



Joined: 10 Jul 2016
Posts: 38
Location: Essex/Suffolk.England

PostPosted: Mon Jul 11, 2016 5:02 pm    Post subject: Receiving Payments Reply with quote

Hi All,

I'm new to this site, just doing some ground work before I decide whether to go down the holiday-let route.

A question you've probably been asked a million times before, but what are the best (easiest, cost effective, secure) ways of accepting payments.

It is likely that we'll be looking at a low, erratic turnover to start off and we're expecting our self catering, contained studio to appeal to single nights and long weekends. Probably looking at receiving £800-1000 tops per month in good month.

We'll have to be prepared for the likelihood of last minute bookings.

I'd rather not accept cash as it means we're tied to being available at some point during their stay (I'd also rather stay out of their way full stop).

What options do we have available to us, particularly bearing in mind last minute bookings (within a week)?

Possibility of both UK and international bookings (particularly Dutch).

Will happily accept a link if you can point me in the right direction for further reading.

Thanks
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zebedee



Joined: 12 Sep 2014
Posts: 843
Location: yorkshire dales

PostPosted: Mon Jul 11, 2016 5:49 pm    Post subject: Reply with quote

Where will your property be?

PAym and other mobile phone payment apps are fantastic. Money straight into your account with a text to confirm. I have had someone in my property 30 minutes after ringing to see if it was available one winter.

Trouble is, it tends in my experience to be more southerners who use these apps and if your guests live in more northern parts it isn't so popular.

But then again, you may be outside the UK and none of this is any use Embarassed Embarassed

Plan B bank transfers are quick with money in account almost immediately in most cases (but could take more than a day on occasions)
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kevsboredagain



Joined: 20 Jan 2007
Posts: 3209
Location: France

PostPosted: Mon Jul 11, 2016 5:54 pm    Post subject: Reply with quote

I would try and offer as many ways as you can and even different currencies if you're outside the UK.

The obvious would be:
- Bank transfer
- cheque (depending on the country)
- credit card (This cause many problems as a merchant account with a bank tends to be expensive. Possibilities include Paypal or Stripe and now there's Waveapps too which seems to handle Stripe if you can't have it on your own website. You can also get apps for Paypal and Stripe which run on a smartphones for taking payments offline.
- When currency exchanges are required then Transferwise can be used for payments. I'd imagine Currencyfair and others also do.
- Online payments with one of the HA listing sites. I know people will bash it but the rates are actually better than Paypal. You just might have to wait to get your money.
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SarahV



Joined: 10 Jul 2016
Posts: 38
Location: Essex/Suffolk.England

PostPosted: Mon Jul 11, 2016 6:43 pm    Post subject: Reply with quote

Sorry , i should have said - I'm in England (Essex) as is my property
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SarahV



Joined: 10 Jul 2016
Posts: 38
Location: Essex/Suffolk.England

PostPosted: Mon Jul 11, 2016 6:52 pm    Post subject: Reply with quote

Sorry , i should have said - I'm in England (Essex) as is my property
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Casscat



Joined: 05 Jul 2014
Posts: 2662
Location: Andalucía

PostPosted: Mon Jul 11, 2016 7:06 pm    Post subject: Reply with quote

I'm not in the UK, but most of my guests are, and nigh on 100% pay by bank transfer - as do my non-UK guests as I have a Spanish account also. For you euro or other foreign currency payments will require an alternative payment method (likely to carry costs). Depending upon where your property is listed you may also have the option to initiate online payments, which is a separate function to online bookings.
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Jonathan



Joined: 14 Aug 2014
Posts: 78
Location: Warwickshire

PostPosted: Tue Jul 12, 2016 9:56 am    Post subject: Reply with quote

[quote="kevsboredagain"]I would try and offer as many ways as you can and even different currencies if you're outside the UK.

The obvious would be:
- Bank transfer
- cheque (depending on the country)
- credit card (This cause many problems as a merchant account with a bank tends to be expensive. Possibilities include Paypal or Stripe and now there's Waveapps too which seems to handle Stripe if you can't have it on your own website. You can also get apps for Paypal and Stripe which run on a smartphones for taking payments offline.

If you are with Quality in Tourism they have a discounted deal with Barclaycard which we use.
Jonathan
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Nemo



Joined: 14 Aug 2008
Posts: 7030
Location: Norfolk

PostPosted: Tue Jul 12, 2016 10:42 am    Post subject: Reply with quote

I don't tend to have guests from outside the UK but if so I would look at encouraging them to use currency transfer systems. I use XE trade but there are many popular ones listed on here if you search. Transferwise is often mentioned.

Bank transfers are my most used method of payment and are generally instant in this age of faster payments. I also accept cheques although lots of owners are stopping this simply because of the need to visit a bank to pay them in. I have many older generation folks who like to use cheques still though. Paym and Pingit, but not many use it - it's usually quick although not necessarily the same day despite what they say.

Finally I've offered Paypal but charging the fees of 3.4%. I don't get much take up because of that but have now moved on to Wave invoicing. Easy to set up and with lower fees than Paypal as a way of accepting credit cards.
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SarahV



Joined: 10 Jul 2016
Posts: 38
Location: Essex/Suffolk.England

PostPosted: Tue Jul 12, 2016 6:43 pm    Post subject: Reply with quote

Thanks for all of your advice. Relieved that there are other quick options to cash. I like the look of Wave - kills two birds with one stone as I can also use it for accounts. That plus bank transfers should hopefully be enough - cheques in the post at a push.
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Jonathan



Joined: 14 Aug 2014
Posts: 78
Location: Warwickshire

PostPosted: Wed Jul 13, 2016 7:58 am    Post subject: Reply with quote

SarahV wrote:
Thanks for all of your advice. Relieved that there are other quick options to cash. I like the look of Wave - kills two birds with one stone as I can also use it for accounts. That plus bank transfers should hopefully be enough - cheques in the post at a push.


Many banks now have a system for paying in cheques at a Post Office. I find that very useful.
Jonathan
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