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Managing payment schedules

The Payment Schedule feature is a way to create a specific payment schedule which can be selected when creating a Booking Policy or building a quote.  

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Default lump sum schedule

Under Setup > Booking & Payments > Payment Schedules there is a single, system default payment schedule already built into the MyVR account. The Lump Sum Payment schedule policy requires the entire amount of the reservation at the time of booking. This is also the default schedule for online bookings (which may be changed when creating a booking policy).

In addition to a default payment schedule, MyVR has included a common custom payment schedule which may also be used.

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Create a payment schedule

Under Setup > Booking & Payments > Payment Schedules click on the Add A New Payment Schedule button to create a new payment schedule and give it a unique and specific name that will be easy to recognize when it needs to be selected at a later time.

  • Name: Name the payment schedule using specifics that will be easy to recognize when it needs to be applied at a later time.
  • Number of Payments: Select the number of payments to be scheduled (from 1-3).
  • If more than one payment will be collected, for each payment:
    • Select when each payment should be made. Choose from:
      • At time of booking
      • A specific number of days after booking
      • A specific number of days before check-in
    • Choose what amount is expected for each payment. Choose from:
      • Flat Amount
      • Percentage of Rent & Fees 
      • Remainder of Rent & Fees
      • Remainder of Rents Fees + Optional Add-Ons (+Deposit)
  • Click Create Schedule when finished to save the new payment schedule.

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