Receiving Payments

How to communicate with your potential renters - how to turn site visitors into enquiries, and enquiries into bookings.
SarahV
Posts: 38
Joined: Sun Jul 10, 2016 9:35 am
Location: Essex/Suffolk.England

Receiving Payments

Post by SarahV »

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
zebedee
Posts: 1270
Joined: Fri Sep 12, 2014 2:57 pm
Location: yorkshire dales

Post by zebedee »

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 :oops: :oops:

Plan B bank transfers are quick with money in account almost immediately in most cases (but could take more than a day on occasions)
User avatar
kevsboredagain
Posts: 3207
Joined: Sat Jan 20, 2007 9:32 am
Location: France
Contact:

Post by 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.
- 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.
SarahV
Posts: 38
Joined: Sun Jul 10, 2016 9:35 am
Location: Essex/Suffolk.England

Post by SarahV »

Sorry , i should have said - I'm in England (Essex) as is my property
SarahV
Posts: 38
Joined: Sun Jul 10, 2016 9:35 am
Location: Essex/Suffolk.England

Post by SarahV »

Sorry , i should have said - I'm in England (Essex) as is my property
User avatar
Casscat
Posts: 2692
Joined: Sat Jul 05, 2014 10:43 pm

Post by Casscat »

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.
Jonathan
Posts: 122
Joined: Thu Aug 14, 2014 10:17 am
Location: Warwickshire
Contact:

Post by Jonathan »

[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
User avatar
Nemo
Posts: 7062
Joined: Thu Aug 14, 2008 10:15 am
Location: Norfolk

Post by Nemo »

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.
SarahV
Posts: 38
Joined: Sun Jul 10, 2016 9:35 am
Location: Essex/Suffolk.England

Post by SarahV »

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.
Jonathan
Posts: 122
Joined: Thu Aug 14, 2014 10:17 am
Location: Warwickshire
Contact:

Post by Jonathan »

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
Post Reply