This article is relevant if you are using Guesty's Rate Plans feature. Learn more in our Rate Plans overview.
Fully Flexible vs. Non-Refundable
- Fully flexible rate plans provide potential guests with the freedom to cancel their reservations should their travel plans or other circumstances change. These rates are generally more expensive, but allow guests to pay more for extra peace of mind. They are often available to be booked right up until check-in.
- Non-refundable rate plans help you obtain guaranteed bookings and secure upfront revenue, even if the guest cancels. Prices are usually lower than those with flexible rates and are often booked around 24 to 48 hours in advance.
Increase Occupancy and Revenue
- A free cancellation rate plan.
- A non-refundable rate plan.
- Upcoming availability rules. Learn more.
As a general rule, it is recommended to combine at least two of the above three items.
On average, Booking.com partners who activate all three of the above see a 5% increase in bookings, an 11% increase in visibility, and a 9% reduction in cancellations.
Auto Payment Settings
Fully-Flexible Rate Plans
- Charging a certain percentage of the payment upon booking confirmation, or;
- Charging a certain percentage of the payment a specified number of days before check-in.
Remember to refund the guest if they cancel the reservation during the period in which a reservation can be canceled. Stripe fees are still charged when the refund is made, even though revenue has not been generated from the reservation.