My site works like air B&B where people can join and list their rooms for rent. Tenants can book and stay for some time and then leave. I want the site to authorize the renters credit card, and then actually charge their card when they leave. At that point the payment will be split between me (the site owner) and the landlord, some going into my bank, and the rest going into the landlords bank account.
Im using STRIPE plugin, i already set up the stripe keys and call back URLS.
Can someone tell me how to set up RentalHive so that
- The renters card is “authorized only” when they book, and the payment “captured” or charged when they leave. How do i set that up?
- How does the site know the renter has left and how much to charge, and how to do the charge? How to set that up.
- How does the land lord get their portion, and how do i get my portion of the payment into our bank? How do i set that up?
Also, what if i want to “authorize and capture” at the same time, meaning charge the renters card immediately before they move in for the full amount instead of waiting for them to leave first. How do i set that up and distribute the funds between me and the landlord??
Unfortunately there’s no option to block funds this way at the moment, and payment systems have a max blocking time, e.g. PayPal doesn’t block funds for more than 60 days so this will not allow tenants to book rooms more than 60 (minus the booking duration) days in advance.
If you set up Stripe Connect, there’s a scheduled function that runs 1 day after the booking end date, so this means that the booking is over and it wasn’t cancelled, so the booking amount is paid out (minus the commission fee) to the host. If you use manual payouts the booking amount is added to the host’s account balance on your site, once they reach the minimum payout amount they can request a payout.
For all the payout methods, the initial payments are sent to the site owner (via the payment methods you set in WooCommerce). Then this depends on the selected payout method (processing payout request automatically, e.g. once a week or month or setting up automatic payouts via Stripe Connect - these may have higher transaction fees since every booking amount is paid out separately while with manual payouts you can set the minimum amount).
You can also check the course we published yesterday if you have RentalHive theme, or even if you use our Bookings & Marketplace extensions with another theme https://www.udemy.com/course/create-a-rental-or-booking-marketplace-with-wordpress/
Hope this helps.