Regardless of how far out the renter's arrival date is, you should request a deposit within 3 to 5 business days of the booking, and until you receive and cash the deposit, continue to accept inquiries for those same dates. It's perfectly legitimate and responsible to tell other potential renters that there is a pending booking, but request their contact information in case there is an opening.

Typically you should break the payment up into at least two equal installments; unless it is a last minute reservation, then you should ask for full payment. You should receive the first payment about 60 days prior to the rental date. This will give you ample time to get another renter due to lack of payment or cancellation.

The final balance should be paid 14 to 30 days prior to the rental date. This provides plenty of time for funds to clear before you send directions, keys, or lockbox codes. Remember, the more time you give yourself, the more flexibility you have with payments. With enough time, you could even split the transaction into six payments, which might be preferable for some of your guests.

How has having a payment schedule benefitted your vacation rental business?

How to Accept Payments from Your Vacation Rental Guests Establish a clear payment policy to transform financial transactions into major rewards.   How To Avoid Cancellations While "The Check Is In The Mail" Steps which should help avoid turning away valuable bookings from vacation rental guests while you're waiting for a “check in the mail."   How to Handle Payments for Far-In-Advance Bookings Consider adjusting your cancellation policy for vacation rentals nine months or more in advance.   Accepting Credit Cards from Vacation Rental Guests Learn why you should accept credit cards from renters and your various options for securing payment.

© Christine Karpinski 2006. U.090325.AF