Version Comparison: What's the Best Way to Handle Payments for Far-in-Advance Bookings?

When taking bookings for reservations far in advance and holding dates for a long period of time, you run the risk of renters cancelling, or worse, forgetting about the rental entirely.

Most reservations made very far in advance do pan out. If you are nervous about possibly losing a valuable rental week, I suggest adjusting your deposit and pre-payment policies so that you are covered in case of a cancellation.

Here's what I suggest: take the reservation and deposit. Require half of the payment at least 60 to 90 days prior to the arrival date and the other half 30 to 60 days prior to the arrival date. If they do cancel, you are not out any huge amount of money.

You will still have plenty of time to re-rent that week, especially since it's such a coveted week. You can also offer the renters a payment plan. For example, if I book at $700/week, I offer a plan for them to pay $100 a month for 7 months. Usually a potential renter will jump at the opportunity because they can better budget their finances, even though they are paying more upfront than if they opted to pay with my normal payment policy.