I had a lot of questions for both VRBO and Yapstone prior to turning on HA Payments in December. I received completely different answers from each. Yapstone told me I automatically qualify for advance payments when I have 10 bookings with 5 star reviews. VRBO told me it's automatic after 6 months if you have no chargebacks. Later when a VRBO rep called me to help me sign up for HA Payments he was not sure what the current criteria were.
If you just signed up you may also experience the same thing that I did which is you don't get paid until after the guest checks out or after 30 days, whichever is later. I had last minute guests for New Year's Eve. I was excited to be able to finally accept credit cards and take these last minute bookings. I later saw on my payments screen that I won't be paid until January 24?!?! At no point during the sign up process was this called out to me although I'm sure it was it must have been in the fine print. I'm also confused about the use of the terms "earned" "payment" and "disbursed." If the payment was received on 12/31 and I don't receive the cash until January 24 which year will it be on a 1099?
Overall I got a pleasantly good vibe from both VRBO and Yapstone. I bumped up my rates to cover the CC fees and it hasn't seemed to affect bookings. At this point I'm just waiting for my first deposit to see how this plays out. Hopefully no more surprises.
I Don’t receive a 1099 from HA. However,I spoke to my accountant and he said that you just had to be consistent from year to year as to whether to report based on occupancy without payment, or wait until the payment is actually received. Fortunately, I havent had to deal with this, I thought I might this past December when occupancy started yet payment had not yet been received. Well, it finally came in prior to year end.
You may want to just chat with your accountant as to what works best for your situation.
I would feel concerned with a payment processing company who did not release your funds immediately after they were processed.
Why do they need to hold them?
That is an important question to consider.
PayPal releases my funds in mostly one day. They compare names and addresses and I can see who actually paid.
I can only use it for my personally business since the changes were made.
But I have felt very financially more secure for the last 12 years using PayPal's business accounting.
I am beating the drum again for choices and or changes in the processing platform
Choices for a payment processor would be nice but it is more important to me that I be a customer of the payment processor who handles my money. As it is now, HA is Yapstones customer they have no relationship and/or contract with owners. I find it disconcerting to have my money controlled by a company that has no responsibility to me.
I don't know what anyone else experienced, but between the time I first signed up and the time I was notified I have been upgraded to advance pay, it was over 3 years.... I never asked to be upgraded, but it certainly preferable to waiting until after checkout.... I only ever get bookings for June through September, so maybe it took longer for me due to long periods on inactivity...