People who make use of vacation home rentals can really benefit from the convenience of debit cards as an online payment method. Debit cards, aka check cards, give them electronic access to their bank accounts to pay for vacation rentals. Vacation home rental properties use debit card processing providers to help them accept debit card payments. A nominal processing fee is paid in exchange for these services.
Why Use VacationRentPayment to Accept Debit Cards?
VacationRentPayment gives you and your guests a convenient method of payment by enabling you to accept debit cards. One big benefit of accepting debit card payments is that it eliminates the hassle of paper checks. In addition, being able to accept online debit card payments frees up time so you can concentrate on things that really matter, like running your business.
A Step-By-Step Guide to Online Payment Methods in the Vacation Rental Industry
Thanks to online methods of payment, vacation home rental charges can be processed in seconds. However, it should be noted that a lot goes on behind the scenes.
Step 1: Guest Initiates Online Payment for Vacation Rental
The vacation home rental customer chooses the VacationRentPayment site, payment app or other payment channel to pay for a vacation rental. After selecting debit card as the payment method, the guest gives their name, debit card information and address, and then submits payment. This starts a sequence of backend processes.
Step 2: The Payment Gateway & Merchant Account
The VacationRentPayment payment gateway, which is the frontend interface of online payment processing, sends the transaction details (name, address, debit card number, Card Verification Value (CVV) security code and the amount) to its merchant acquirer, which is also known as the payment processor.
Step 3: Payment Processor & Debit Card Networks (A)
The payment processor (merchant acquirer) authenticates the payment details via the debit card networks (Visa, MasterCard) that then forward them to the card’s issuing bank for verification.
Step 4: Debit Card Issuing Bank
The customer’s card-issuing bank approves or denies the vacation rental payment transaction based on the status of the card (active, stolen, or within credit limit). The bank then relays the results to the debit card networks. Assuming the payment is approved, the card issuing bank charges the member and forwards the funds to the debit card networks minus interchange fees that cover the assumed credit risk and rewards given to the customer for using the card as the method of payment.
Step 5: Payment Processor & Debit Card Networks (B)
The debit card networks inform the payment processor whether the transaction is approved or denied and send the funds less the assessments fee. At this point, the payment processor communicates to the VacationRentPayment payment gateway that the transaction has been approved/denied, and forwards the funds for approved payments minus merchant acquirer service charges.
Step 6: Payment Gateway & Merchant Account (B)
The VacationRentPayment payment gateway informs the vacation rental customer regarding the transaction approved/denied status via the online payment interface. VacationRentPayment also sends funds for approved payments less its fees. If the method of payment is rejected, the payment gateway sends this information back to the site or app and payment processing ceases.
Step 7: Payment
Now, the funds are transferred from the merchant account to the vacation rental property’s bank account. Due to the fact that the vacation rental property has the use of a VacationRentPayment sub-merchant account, the payment gateway deposits the net payment into the partner’s bank account. When payment processing is done, a confirmation screen lets the vacation home rental customer know that the payment went through, and they receive a receipt via email.
Why Use VacationRentPayment for Your Vacation Home Rental Property
VacationRentPayment provides payment services for a long list of vacation rental properties that value us as a partner. We’re committed to nurturing mutually beneficial relationships with everyone we do business with. Working with VacationRentPayment, you’re seen as a partner not a customer. You also benefit from our expertise in working with different payment methods in the vacation rental industry.