If someone has booked a stay at one of your corporate properties and then later needs to cancel their trip, you are capable of setting up a corporate housing cancellation policy. When you do this, a certain percentage of your already obtained payment will be sent back to the person who cancels. However, not all circumstances are the same, so the percentage sent back depends upon how much the visitor has paid, not the entire amount of the reservation.
It is a good idea to align your policy for cancellations with your payment schedule. As an example, if you want to refund half of the amount a traveler pays if they cancel at least 60 days in advance, you want to be sure at least 50% has been paid of the total amount by the time that occurs. Otherwise, you could end up in a strange situation where you owe more back than was paid.
Below, we’ll go over the options you can choose for your cancellation policy. Remember that cancellations need to be made before 11:59 PM wherever the property is located for the appropriate day for the policy to count. Choosing a more restrictive policy than the one in your rental agreement can be a good choice for some. Overriding the policy is still possible if you want to refund a different amount.
No refund is an option for some people. If you prefer not to do refunds for any reason, go with this. It can also be set up this way if you prefer to go through every cancellation and decide on a refund amount on your own. However, this can be time-consuming and may not be the easiest furnished rental cancellation policy to manage.
You can set up a strict policy where booking that are cancelled at least 60 days before the stay receive a full refund but any beyond that get no refund. A firm booking is another choice that is a bit less aggressive. In this case, you might keep the 100% refund for 60-day notice but give 50% refunds if the cancellation was within 30 days.
Other people prefer a moderate corporate housing policy. This might entail having a full refund within 30 days of the stay and half refund within two weeks. Still others may want to be very lenient and knock those number down further. The reality is that it’s your choice and what matters is what works for you and keeping your bookings up.
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