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4206 Views 6 Replies Latest reply: Mar 30, 2012 2:00 PM by marilyn RSS
New Member 2 posts since
Aug 2, 2011
Currently Being Moderated

Aug 2, 2011 10:51 AM

When to ask for payment/security deposit?

How far ahead (weeks, months, days) does one:

 

1. request deposit

2. full payment

3.  security deposit

 

and how do you hold the security deposit?  Cash it? 

 

What is the safest way not to get burned?

  • meredith HomeAway Employee 384 posts since
    Nov 18, 2010
    Currently Being Moderated
    Aug 2, 2011 5:26 PM (in response to servus)
    When to ask for payment/security deposit?

    Hi servus,

     

    Here is another discussion on when best to collect payment and an article on setting up payment schedules for your guests.

     

    Hope that is helpful.

     

    Meredith

  • kailua520 Contributor 50 posts since
    Apr 27, 2011
    Currently Being Moderated
    Mar 30, 2012 10:40 AM (in response to servus)
    Re: When to ask for payment/security deposit?

    I take the deposit immediately.  Either by credit card (pay pal, VRBO/HomeAway, or I take it on my iPad with a program called Square - its free to get it but they charge 3% so I prefer not to unless the renter is going to pay the balance by check) or  they have 5 days to get me a check by mail.   If they cancel more than 30 days prior I do refund 100%, of deposit, if less, they get it back if get another booking.  I do this because I've had guests re-rent with me when I've done this, they see me as being fair.  Its written in my contract.  I then collect my balance in full 15 days prior.  If it is not received, I contact them, and either they lose what they paid and the reservation or they pay by credit card and the 3% fee (also in my contract). They are actually always good about it because usually they just forgot and dont want to lose the reservation or their money.  Each market is different - see what others are doing, if they do payment in full 30 days in advance, do the same.

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