What is Advance Payout?
Advance payout is a term used in the short-term rental industry to refer to a payment arrangement where you receive your rental income before the guest's stay takes place. Essentially, you receive an advance payment for the rental before the guest arrives. We offer Advance Payout 2 days after the booking becomes non refundable.
What is the benefit of Advance Payout?
This allows you to receive your rental income earlier and provides you with greater financial flexibility.
Advance payout can be beneficial for you who need to pay bills or cover expenses before their guests arrive.
How to apply for Advance Payout?
Your.Rentals is now introducing Advance Payout for Managers and Owners. If you are interested to understand more about Advance Payout, please reach out to your Account Manager or support@your.rentals.
How to be qualified for Advance Payout?
Advance Payout is a feature available to every user at Your.Rentals. To receive Advance Payout, you need to meet a few additional requirements.
General requirements:
- You are a verified Manager.
- Your business is verified.
- You are a verified Owner.
To verify your account as an Owner for Advance Payout, please contact your Account Manager or support@your.rentals.
Additional requirements:
- Your guest dispute should not exceed 20%.
- Your cancellation rate should be under 15% in the previous 6 months.
- Your cancellation policy should NOT be set as Super Flexible i.e. 50% refund at any time up to check-in date.
- Your declined bookings should be under 10% in the previous 6 months.
If you are qualified for Advance Payout, what would be the next steps?
If you are interested and are qualified, then our Trust and Security Team will start the verification process.
We will require below information:
- Company name (Managers)
- Country of registration (Managers)
- Company registration number (Managers)
- Tax ID number
- Company address / Home address
- Company website
- Telephone number
- Your name
- Your role in the company
- LinkedIn profile URL
- Facebook profile URL
Our Trust & Security Team may ask your company certificate of registration, national photo ID and a recent utility bill.
After submitting the above information, our Trust and Security Team will review and verify your application. This is usually completed within a week, but it can take longer. Please note that the more information you provide, the faster we can complete the verification process.
All the information that you provide will be used for the sole purpose of verification.
What is the cost?
We offer Advance Payment for an additional service fee which is calculated based on various factors such as bookings, revenue, potential and so on. Please reach out to your Account Manager or support@your.rentals for more information.
Things to note
It's important to note that this payment arrangement may not be suitable for all hosts. Hosts who offer flexible cancellation policies or who experience frequent cancellations may prefer to receive their payout after the guest's stay, as this can help mitigate the financial impact of cancellations.