Here at eReservation Payment Solutions, we know how important taking credit card payments is for your Vacation Rental and the kind of impact it has on your rentability. 92% of travelers are booking online and are choosing to pay with secure methods like credit, debit, or paypal transactions. Which means you are losing out on renters if you don’t offer this kind of payment method.
Trends in vacation rentals also show that travelers prefer vacation homes that offer a split payment option, usually 60% down and the rest at the time of their stay. When owners do not offer this option they are missing out on a whole group of potential renters. By being able to process your own payments not only are you able to offer this perk, but it means you can keep a deposit if the renters decide to cancel last minute (make sure to state deposit agreements in your rental contract).
It is so important that every vacation rental can receive credit card payments that we have broken down the 4 easy steps it takes to start processing credit cards today so even the most novice to the vacation rental industry can get set-up.
- APPLY: Apply for an account by answering a few short questions about your business [your vacation home].
The application takes between 5-10 minutes to complete. In order for your application to be approved you must provide a digital or physical signature agreeing to the terms and pricing initially quoted.
Fill out the application at https://ereservationpaymentsolutions.com/apply/ or call us at 888.277.3332, we can walk you through the application process and answer any questions you may have.
- GET APPROVED: Once your application is reviewed and approved you will be assigned a Merchant ID number.
Your Merchant ID (MID) number is one factor that goes into making sure your transactions a safe and secure. Your MID is what the credit card processors and computers use to identify your business from another. This number is what guides your transactions through the correct network and routes to be sure your business receives the correct payment amount in the correct account.
(Not to be confused with a Merchant Account ID, which may be similar in name, but does not actually mean the same thing.)
- SET UP YOUR PAYMENT GATEWAY: Sit back and relax. We’ve got this step covered. Once you’ve received your MID, we will setup your Payment Gateway account and you will be issued a Payment Gateway ID.
A Payment Gateway ID is another way of identifying what network your transaction will be routed through. This is what allows you to make and process payments online. Your online payments will go through the payment gateway, then to the payment processor, then through a credit card network, and then finally reaches the customer’s credit card issuer for authorization and then if all goes as planned, the money will then be posted to your business [vacation rental] account.
- START ACCEPTING CREDIT CARDS: Process safe and secure debit and credit transactions from your website right to your business bank account.
Being able to accept credit card payments opens up doors (pun intended) to more renters – and processing payments directly though your payment processor vs. using a hosting site (like VRBO or Airbnb) allows you to have more freedom with you vacation rental payment options and deposits. No only will your renters save more money by booking direct, but the owner (you) will make more money.