The use of checks (or cash) for deposit payment is declining for many businesses. There are two reasons for this; the use of checks delay the payment processing and introduces manual labor in the process. First you have to wait for the check to arrive in the mail. Secondly, you have to bring the check to the bank and sometimes you have to wait for the check to clear depending on the amount and the state in which the check is drawn.

 

In total, you should expect 10-15 days processing time for checks. The booking must be held during this time. This is important to take into considering, especially for bookings in the near future.

 

For example, say that a booking is made for your vacation rental one month from today. You receive the check in the mail and give it to the bank but unfortunately the check bounces. You cancel the booking. Now you only have 15 days left to rent out that same time that was held for this booking, and it will often be difficult to book another customer in such as short timeframe.

 

Tip: You can reduce the clearing time by requiring your customers to send a cashiers check.

 

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