Bring reservation management to life with MyVR’s powerful Booking & Payment tools. MyVR offers a number of tools to accept credit card payments online and automate workflows to reduce management overhead.
- Merchant Accounts: Payment processing in MyVR
- Booking Policies: Setting the default behavior of reservations in MyVR
- Cancellations & Refunds: Policies for canceling and refunding reservations
- Rental Contracts: Adding contracts to 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 the online booking process, collecting payments over the phone, or manually collecting payments through the MyVR dashboard. Additionally, MyVR's collective bargaining power ensures the best possible processing rates.
To start accepting credit card payments, set up a merchant account. Applying for a merchant account is easy, and approval is usually instantaneous. To view and manage current merchant accounts, or to set up a new, navigate to Setup > Booking & Payments > Merchant Accounts as illustrated below.
A list of established merchant accounts will be shown on the Merchant Accounts page. Click on any merchant account to manage its associated settings or click "Add Merchant Account" to create a new merchant account.
Booking Policies streamline the reservation workflow by defining a set of rules bookings made through MyVR should follow. For each booking policy, specify which merchant account should be used, what the refund policy is, how payments schedules should be generated, and much more. Configure MyVR exactly as the business is currently operated. MyVR adapts to your business procedures, not the other way around.
View, manage and set up new booking policies in the Booking Policies section under Setup > Booking & Payments.
Edit any policy, or create a new one in a matter of minutes by click "New Booking Policy". Create as many booking policies as necessary. Each property may be assigned a unique booking policy, as applicable.
Cancellations & Refunds
Cancellations and refunds are an unfortunate reality of any business, and clearly presenting the rules and restrictions to prospective guests upfront can greatly reduce management stress. To help manage guest expectations and enforce the rules of the business, MyVR offers a powerful set of tools to manage refund and cancellation policies.
To manage cancellation and refund policies within the MyVR account, navigate to Setup > Booking & Payments > Cancellation & Refunds as shown below.
In the “Cancellation & Refunds” section there is a complete list of policies associated with the account. All accounts come preconfigured with nine “System Default” refund policies that cover the most common use cases. MyVR provides complete control to create as many custom policies as are needed.
After creating the cancellation and refund policies reflective of the business, use these policies with any Booking Policies created 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 the reservation workflows. Any time a prospective guest is sent a quote, a rental contract can be included. To view, manage, and add new rental contracts, navigate to Setup > Booking & Payments > Rental Contracts.
The "Rental Contracts" section presents a searchable list of contracts that have been uploaded to the account, which can be easily added or deleted.
As prospective guests inquire about rental properties, a quote is often presented that breaks down the financial terms of the rental, including rental rates/fees and a schedule of payments that need to be made. As renters attempt to book instantly online, or as quotes are sent to review, MyVR helps automatically generate payment schedules based on defined established rules. Whether rent should be collected 100% upfront or broken up into 3 variable payments spread over 9 months, MyVR lets you configure Payment Schedules to accommodate your business.
To view, manage, and add payment schedules on the account, navigate to Setup > Booking & Payments > Payment Schedules.
In the "Payment Schedules" section there is a list of all payment schedules associated with the account and the ability to create new payment schedules with the push of a button. Create as many payment schedules as necessary, and use them with the Booking Policies or manually select them when generating quotes for prospective renters.