Rental Advice - Spanish Homeowners

Taking Payments

It is often considered that one of the most difficult parts of handling any holiday home rental booking is when it comes to dealing with the finances. Many holidaymakers are hesitant when it comes to parting with their money however interested they may seem to be and even more so if they are dealing with someone advertising on the internet who they haven't met. Therefore, it is imperative that you give clear and concise details of prices and payments to anyone who confirms a booking.

It is always wise to let people know as soon as possible exactly how much they need to pay in an easy to understand format, i.e. deposit, final payment, breakage deposit, etc.  and also which payment methods you are willing to accept.

The most common methods of payment are listed below:

Personal Cheque

The easiest and cheapest way to get paid (if both parties live in the same country) is via a personal cheque as there are no charges levied on either of you. You will need to inform the holidaymaker of personal details such as your name and address so that they can post it to you and ALWAYS make sure that the funds have cleared into your account BEFORE confirming the booking or sending off any keys.

Cashier's Cheque

Similar to a personal cheque although these are cheques which are issued by a bank and are ideal for holidaymakers who are not in possession of a cheque-book of their own.

Online Payment

There are a number of online payment systems and one of the most popular is Paypal. These websites are designed to make online transactions simple and secure and allow people to pay you with their credit card, even if they don't have an account with the service. You, as a receiver of the payment, will normally be charged a small fee although this is generally worth paying as the money is transferred instantly - ideal if you advertise last minute deals.

Bank Transfer

A good method of money transfer between bank accounts, even if the sender and receiver live in different countries. Your guests will need to know your name, your bank account number and sort code and your bank's address in order to transfer payments into your account. If your guests are transferring money to you from abroad, then they will also need to know your IBAN and SWIFTBIC numbers. These can be obtained from your bank and are used to identify your bank account in the international banking system. There are normally fees involved in sending money via foreign transfers which are charged to the sender - so be sure to let your guests know this beforehand and that they are responsible for the charges.

IMPORTANT:

When accepting payment in any form, make sure that the required funds have CLEARED into your account before moving on to the next stage in the transaction. Some scammers attempt to capitalize on the slowness of the banking system (particularly when using cheques) and try to trick you into returning their deposit before you have the funds available. Your bank can tell you when the payment has fully cleared.