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The Guide to Accepting Credit Cards for Do It Yourself Vacation Rental Owners - Part 1

Copyright 2014 VacationRentalDesk.com

Introduction

This is the first part of a five part series providing helpful information to vacation rental owners about accepting credit cards. In this part we'll examine how important it is that vacation rental owners allow their guests to pay for reservations by credit card.

Part 1: What's The Big Deal About Credit Cards?

Welcome to the VacationRentalDesk.com Guide to Accepting Credit Cards for the Vacation Home Owner and Manager.

In this informative guide, we'll examine the benefits of accepting credit cards for your vacation rental property, the costs involved in providing these card services to your guests, and answer the most common questions owners have along the way. We'll also expose the frequent pitfalls that uninformed vacation owners can face when accepting credit cards, and how to avoid them and make sure your experience is positive and profitable.

Credit cards have become a universal purchasing tool in our world today. In the United States, nearly every consumer uses their credit card on a regular basis, and now expects businesses to accept credit cards by default.

Chances are that no matter where you go you can find a terminal to swipe your credit card and pay with plastic instead of cash. This is especially true for the retail market, but credit cards have also made their way into service-based markets, allowing consumers to pay for everything from their monthly telephone or cellular phone bill to airplane tickets and hotel reservations with added convenience.

Professional vacation rental property management companies have long since adopted credit cards in the service market, and there are no reasons the do-it-yourself owner shouldn't be able to benefit from them as well.

To show just how prevalent cards are today in our lives, we can take a look at a few consumer statistics. By the end of 2004, 657 million bank credit cards were carried by Americans, with an average of 6.2 bank credit cards and 2.2 debit cards per household [1]. According to the Federal Reserve, in 2001 at least 76.1% of all American households have at least one credit card [2].

Not surprisingly, you'll find that nearly all businesses that interact with the public accept credit cards because of the immense benefits involved. The most advantageous of which include safe and convenient payment on behalf of the customer, and the universality of consumer credit cards and benefits of real-time transactions for the business owner.

As a vacation property owner, you're also a business owner. By providing rental services to the public in exchange for money you're performing business transactions on a regular basis. Whether you're a sole proprietor or in a partnership, your vacation home is a small business in itself.

So the question is: "Why should my vacation property business be any different?"

The answer is simply "It shouldn't!" In fact, owners actually receive more benefits than normal retail and service-based establishments by providing card services because of the very nature of the rental process.

*Sources
  1. Cardweb.com, an independent service that tracks credit card consumer data, http://www.cardweb.com/cardtrak/news/2005/february/25a.html.
  2. Federal Reserve's 2001 Survey of Consumer Services (This report is published by the Federal Reserve every 3 years, the next report 2004 will be available in 2006).
Continue to Part 2

Part 2: The Advantages of Accepting Credit Cards




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