Bring your reservation management to life with MyVR’s powerful Booking & Payment tools. MyVR offers a number of tools to help you accept credit card payments online and automate your workflows to reduce your management overhead.
Table of Contents
- Merchant Accounts: Payment processing in MyVR
- Booking Policies: Setting the default behavior of reservations in MyVR
- Cancellations & Refunds: Your policies for cancelling and refunding reservations
- Rental Contracts: Adding contracts to your reservation checkout flow
- Payment Schedules: The timetables that dictate when payments are due
MyVR makes it easy to accept credit cards payments, whether it's collecting payments from renters in your online booking process, collecting payments over the phone, or manually collecting payments through your MyVR dashboard. Additionally, MyVR's collective bargaining power ensures you receive the best possible processing rates.
To start accepting credit card payments, you need to setup a merchant account. Applying for a merchant account is easy, and approval is usually instantaneous. To view and manage your current merchant accounts, or to setup a new, navigate to "Setup" >"Booking & Payments" >"Merchant Accounts" as illustrated below.
On the "Merchant Accounts" page you will see a list of merchant accounts you've setup. You can click on any merchant account to manage its associated settings or click "Add Merchant Account" to create a new merchant account.
Booking Policies allow you to streamline your reservation workflow by defining a set of rules bookings made through your MyVR account should follow. For each booking policy, you can specify which merchant account should be used, what your refund policy is, how payments schedules should be generated, and much more. You're in full control to configure MyVR exactly as you currently operate your business. MyVR adopts to your business procedures, not the other way around.
You can view, manage, and setup new booking policies in the "Booking Policies" section under "Setup" > "Booking & Payments".
Here you will see a list of all your Booking Policies, can click to edit any policy, or create a new one in a matter of minutes by click "New Booking Policy". You are welcome to create as many booking policies as you like, and unique properties in your account can be instructed to use any policy of your choosing.
Cancellations & Refunds
Cancellations and refunds are an unfortunately reality of any business, and clearly presenting your rules and restrictions to prospective guests upfront can greatly reduce your management stress. To help you manage guest expectations and enforce the rules of your business, MyVR offers a powerful set of tools to manage your refund and cancellation policies.
To manage your cancellation and refund policies within your MyVR account, navigate to "Setup" >"Booking & Payments" >"Cancellation & Refunds" as show below.
In the “Cancellation & Refunds” you will see a complete list of policies associated with your account. All accounts come preconfigured with nine “System Default” refund policies that cover the most common use cases, but you are welcome to create as many custom policies as you like.
After create the cancellation and refund policies reflective of your business, you are welcome to use these policies with any Booking Policies you create or manually apply them to any quote or reservation.
Every MyVR account holder has the ability to upload and manage an unlimited number of rental contracts that can be used in your reservation workflows. Any time you send a prospective guest a quote, you have the option of including an rental contract. To view, manage, and add new rental contracts to your account, navigate to "Setup" > "Booking & Payments" > "Rental Contracts".
The "Rental Contracts" section presents a searchable list of contracts that have been uploaded to your account, and you can easily add / delete contracts.
As prospective guests inquire about your rental properties, they are often presented with a quote that breaks down the financial terms of the rental, including your rental rates/fees and a schedule of payments that need to be made. As renters attempt to book instantly online, or as you send them quotes to review, MyVR helps you automatically generate payment schedules based on rules you define. Whether you want to collect 100% of the rent upfront, or break it up into 3 variable payments spread over 9 months, MyVR let's you configure Payment Schedules to accommodate your business.
To view, manage, and add payment schedules on your account, navigate to "Setup" >"Booking & Payments" > "Payment Schedules"
In the "Payment Schedules" section you will see a list of all payment schedules associated with your account and the ability to create new payment schedules with the push of a button. Create as many payment schedules as you like, and use them with your Booking Policies or manually select them when generating quotes for prospective renters.