How Does Long-Term Rental Payment Work on the Seller/Buyer's Side?
Go to your post listing page.
Enable the long-term rental by enabling the toggle bar.
After the seller enables long-term rental, they have 3 options to collect payment for the renters.
Option 1: No Security Deposit
Initial Payment: The renter pays the first month's payment, calculated as Base Price * 30. Or if the seller mentioned the monthly price it will be calculated as the first month’s payment.
Scenario 1: If the Base Price is $100 per day, the initial payment would be $100 * 30 = $3000.
Scenario 2: If the monthly price is $2500 for the listing, the buyer will pay $2500 instead of the base price to book the listing.
Note: The monthly price will only be displayed if the admin enables them. Check out how to set Monthly Fee In Marketplace,
Recurring Payments: For subsequent months, the renter pays the base price amount ($3000 - Scenario 1) or the monthly price ($2500 - Scenario 2) each month.
2. Option 2: Only Security Deposit
Initial Payment: The renter pays the security deposit.
Example: Suppose the security deposit is $5000.
Recurring Payments: Each month, the renter pays the base price amount ($3000, continuing with the same example) or the monthly price ($ 2500).
3. Option 3: Security Deposit + First Month Rent
Initial Payment: The renter pays both the security deposit and the first month's payment (Base Price * 30). Or if the seller mentioned the monthly price it will be calculated as the first month’s payment.
Scenario 1: If the security deposit is $5000 and the Base Price is $100 per day, the initial payment would be $5000 + ($100 * 30) = $5000 + $3000 = $8000.
Scenario 2: If the security deposit is $5000 and the monthly price is $2500 for a month, the buyer will pay $7500 ($5000 + $2500) instead of the base price to book the listing.
Note: The monthly price will only be displayed if the admin enables them. Check out how to set Monthly Fee In Marketplace,
Recurring Payments: Subsequent months involve paying the base price amount ($3000 - Scenario 1) or the monthly price ($2500 - Scenario 2).
These payment options allow sellers to tailor their rental terms to meet different financial arrangements with renters, whether focusing on immediate cash flow through the first month's payment or securing the transaction with a deposit.
How Does Recurring Payment Work For Long-Term Rental Bookings?
Initial Payment:
In the first month, the payment is made according to the terms set by the seller. This could include options like paying the first month's rent, security deposit, or both, depending on the seller's chosen payment structure.
Subsequent Months:
For each subsequent month, a payment reminder will be sent to the renter's registered email address and inbox within the platform.
The reminder includes a payment link that the renter can click to proceed with the payment.
3. Payment Process:
Renters have the option to make the payment directly through the provided payment link without needing to log in to the platform.
This streamlined process allows renters to conveniently complete their recurring payments each month by following the link provided in the reminder email or within their platform inbox.
This system ensures that renters are notified and can easily manage their recurring payments for long-term rental bookings, promoting convenience and timely transactions.
Note: If the renter uses online payment methods like PayPal, Stripe, or Razorpay, the transaction will be automatically approved after completing the payment.
In case, the booking is made through Cash or UPI payment method, the seller has to manually approve the transaction after completing the payment.
How To Cancel Long-Term Rental Booking?
After booking the listing if the buyer/seller is dissatisfied, they can cancel the booking.
To do so, they can click the “Cancel” button on their transaction page.
Check this link to learn more about booking cancellation.
What If I Miss The Payment For Long-Term Rental?
If a month's payment is missed, the amount will be added to the subsequent month's payment. That is payment for 2 months.
Payment Process:
A payment link will be sent via email and to the platform inbox.
Click the payment link to proceed with the payment process.