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Google Vacation Rentals Connectivity Partner 326 replies

Stacia and Larry M
Mar 28, 2023 11:38 PM
Joined Feb, 2021 21 posts

Thanks for checking into this. I always strive to ask questions that stump developers!  

VRBO Native Messaging in OwnerRez via API integration 129 replies

Doug M
Mar 28, 2023 8:35 PM
Joined Jul, 2022 13 posts

In my experience you need to watch processors like a hawk and rebid your account every year.

I would like to see our community discuss this and say what their volume and average ticket is and what their processor is charging.

We should be able to get to the low 2% range given our large average ticket.

by Sloanish – Mar 28, 2023 11:25 PM (UTC)

What you're suggesting—processing costs near 2%—would be incredible. Unfortunately, as a 30-year veteran in the payments industry, I can share that's not how it works. 

To give you and others a bit of knowledge to help ease concerns and maybe even save some time and money, there are some essential things to know:

I'm going to give you some very in-depth information, but just in case this is more than you care to read, here's the TL;DR:

  • Choose a representative of a well-regarded company OVER saving a few bucks on rates
  • Never, ever show your statements to another provider until they have provided you with detailed pricing IN WRITING
  • If you like your current company, allow them to review your pricing before you switch
  • Your rates with any company are NEVER GUARANTEED, no matter what the rep says
  • Avoid term contracts and cancellation fees—and be sure that's in writing. Look for a section in the agreement titled "Terms of Termination."
  • Never choose flat rate pricing. Always choose a cost-plus (interchange plus) pricing structure.

 

The real meat for those who care to know...

  1. Every processor works off of the exact same cost. It's called interchange. It doesn't matter how big or small the company is, whether they're "direct with Visa" (as some like to proclaim), whether they're a bank, or quite literally any other variable. The card brands set the costs of every single transaction processed. There could be some minor variables, but nothing that would affect their business so much that it would affect your pricing. You can go to any card brand's website and lookup interchange. Or just google it. Current interchange ranges from .05% + $0.15 - 3.05% + $0.00. (this is put simply and there are other extreme variables)

  2. The costs to processor vary for *every single transaction processed* based on a handful of factors: The type of card processed (credit, debit, type of rewards), the method the card was processed (swiped, keyed), the type of business (retail, restaurant, grocery), the data included with the transaction (chip, address, zip, Level II/III), and in some instances the size of the transaction (B2B with a $30K ticket, QSR $8 ticket). There are quite literally several hundred "buckets" that every transaction could fall into, but every transaction will only fall into ONE bucket. That bucket has a percentage rate and transaction cost associated with it. 

 

So what determines the cost you pay, and how do you keep your costs to a minimum? 

  1. Knowing that every processor works off of the same cost, the question is a) who's willing to make the least amount of profit off your business and b) is that the kind of company you want to do business with? Are they coming in with a line of BS saying -- we could save you hundreds of dollars on your mere $5000/mo in processing... That's virtually impossible anymore. If it seems too good, it probably is.

  2. When you're shopping providers, NEVER EVER EVER provide your statement. The only reason someone wants your statement is to see what you're currently paying and then attempt to save you just enough money to switch. That creates a lose-lose scenario. Maybe you could have saved more if they had blind-quoted you—your average ticket, volume, and all that is BS. I do not need to know those things to quote you a price. Might I provide better pricing for someone who does $100k/mo vs. $5k/mo... maybe. Getting a clear WRITTEN quote in advance is key. THEN, and only then, you could provide them your statements if you'd like so they can show you what those numbers would translate to in savings.

  3. But the other thing to consider is, ARE YOU HAPPY with your current provider? Because if you're happy—they answer the phone, they deposit your funds on time, you understand your statements, and they integrate with your solutions... who gives a crap if you can save $20/mo. If a merchant would switch to me because I could save them $20/mo... I don't want them as a client because that means they'll switch to someone else for $20. There has to be a bigger reason. Plus... if a merchant is worried about $20/mo—they have bigger problems. AND... how many people do you know that have gotten rich off of saving money? 

  4. And even if you do switch to save a few bucks, I hate to burst your bubble, but those rates are not guaranteed. They might tell you (and probably not) that there is a three-year contract, but all that means is you are locked into doing business with them for three years or you'll face steep penalties if you leave. That contract in no way guarantees your rates. They can change your entire fee structure at any time with 30 days' notice, and you're screwed.

    SIDE NOTE: That is precisely one of the things I love about OR. They are payment processor agnostic. They're not forcing you to use their processing solution—which you would NEVER want to do. Because if you choose a business management solution or point of sale solution that is only certified to work with one processor—not if, but when they start jacking up your fees, you're left to decide between the lesser of two evils—being stuck paying higher rates or the inconveniences of setting up a new system. Both suck—so always choose a solution that does not force you to choose their 'preferred partner.' 

  5. Definitely do keep an eye on your rates from year to year. Many processors put a little notice at the bottom of your statement (that you never read), often in November or December (most businesses' busiest season), that they're charging a 'one time' (until next year) annual fee — or that they're raising rates. Now, interchange fees (the cost we all pay to process) do get evaluated by the card brands, generally every April and October. They might introduce new buckets or change the fees for existing ones. I recommend that twice each year (at minimum), you identify your effective rate and compare it to the SAME MONTH the year prior. To determine your effective rate, you take the fees you paid divided by the volume you processed. Assuming your volume fluctuates each month, your effective rate will as well. I'll give you a very simple example.

    Example A: Rate = 2.65% - Monthly free = $10 - Volume processed = $5,000 - Fees paid = $142.50 — Effective Rate = $142.50 / $5,000 = 2.85%
    Example B: Rate = 2.65% - Monthly free = $10 - Volume processed = $25,000 - Fees paid = $672.50 — Effective Rate = $672.50 / $25,000 = 2.69%

    If your rates are creeping up and you're really happy with the company, your representative, etc., ask them to evaluate your pricing. But don't be 'that guy' who switches processors because some clown claims they can save you a few bucks. Remember, your pricing is not guaranteed anywhere, and *MOST* of the people in this industry have been in it for less than a handful of years, have no idea what they're doing, have zero control over their client's well-being or pricing, and are just peddling words and empty promises. Moral: when you find a company you love, do whatever you can to keep the relationship because they can be tough to find. 

    If you decide to shop around and even moderately like your current processor—if you can say to yourself, "they've been fine" or "I haven't had any issues," and the new company is not solving any other problems for you beyond price, tell your existing processor you're shopping around. You would like to know if they can lower your costs. If they ask to see other quotes, tell them you'll share your other quotes after they offer you the best pricing they have available. 

  6. Ensure you properly process transactions so that every transaction falls into the lowest-priced bucket. For example, if you are keying in transactions, be sure to pass along the address, zip code, and CVV code. Not including any of these can increase your cost by half a percent or more. If you can swipe/chip/tap transactions, do that instead of keying them in. This can save you up to one percent or more. 

  7. Lastly, (this is the big one) ensure your pricing structure is what's called "interchange plus" or "cost plus" pricing. This means you are paying actual wholesale processing fees plus a clearly defined markup. That markup is the processors profit—how they cover their expenses, pay employees, and take an occasional vacation. What you want to avoid at all costs is a flat rate pricing structure (a la Stripe, Square, etc.). Depending on volume, a fair markup is around 0.25%. So knowing that some transactions only cost .05% + a markup of .25% (.30% total) —why in the world would you want to pay 2.75%+ with someone like Stripe? This doesn't actually happen, but if your car only requires regular unleaded gas, and you pull into a gas station that is charging one price for all three grades of gas, but it's $0.20 higher per gallon than the gas station across the street... which station would you choose? 

I know this is a LOT of information, but I hope it's helpful for someone interested in understanding how this industry works and how to keep your costs down. Feel free to ask any questions. I'd be happy to be of support.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Sloanish
Mar 28, 2023 7:25 PM
Joined Jun, 2018 152 posts

In my experience you need to watch processors like a hawk and rebid your account every year.

I would like to see our community discuss this and say what their volume and average ticket is and what their processor is charging.

We should be able to get to the low 2% range given our large average ticket.

Google Vacation Rentals Connectivity Partner 326 replies

Paul W
Mar 28, 2023 6:36 PM
OR Team Member Joined Jun, 2009 864 posts

Quick question - will OR integration of a property override the integration of the same property if it’s also being pushed by BDC to Google? Or will it show twice? 

Great question!

We didn't know the answer, so we reached out to our dev contacts at Google, and they said the following:

...what you are referring to is typically what we refer to as clustering (i.e., different integrators giving Google the same listing and Google aggregating those listings in some way).

For our Google Hotels product, we do cluster identical listings into one listing and in the booking module for that listing we show the different integrators who have provided this listing and are available to book on.

For our Google VR product, we don't do clustering yet (we are aiming to do this sometime in Q3 or so), and so listings that are for the same property from different integrators will show up as duplicate listings in our search result page

Answer: they will show up as duplicate right now, but later this year they should cluster the results together.

In other words, if Booking.com or someone else pushes your listings and OwnerRez is also pushing it directly, your house will appear and then when the person goes to book, it will show them multiple rates in a table with Booking.com on one line and your own personal website on another with the rates next to both.  The guest would be free to go to Booking.com or your personal website whichever they prefer.

(but not until Q3)

VRBO Native Messaging in OwnerRez via API integration 129 replies

Ken T
Mar 28, 2023 4:33 PM
OR Team Member Joined Aug, 2019 1704 posts

We've done some checking, and believe that you are mistaken about Vrbo not charging the 3% payment processing fee on the tax portion of your bookings - on the examples we've examined, they did.  In addition, they also charged you a 3% fee for the guest's booking fee, which isn't even money you receive.  If you are doing your own payment processing, Vrbo does not charge any payment processing fees at all.  Of course you do have to pay your own payment processor fees, but in most cases it is possible to find an account provider with a lower rate - particularly if you are doing so much business as you describe, I'd think you could find something in the 2% range.  This would save a great deal.

You are correct that most processors do not refund their processing fees in the event of a cancellation... but, not all.  Again, with such a large volume that may be possible to get in negotiations, which is why we support such a large variety of processors.

https://www.ownerrez.com/support/articles/payment-processing-gateways-list 

Booking Report Data - "Booked as of today" 9 replies

Alece
Mar 28, 2023 3:49 PM
Joined Jan, 2020 230 posts

Hey OR team! In my Owners Portal (PM module), the owner dashboard allows financials to be viewed for the current and previous year as either the total amounts ("all time") or the amounts booked as of the current date. The latter allows for a truer apples-to-apples comparison of previous year financial data. 

It would be SO helpful to have this same option when we run our own Booking Summary Report. However, there's no option to select that same type of "booked as of today" comparison. 

Y'all deemed it a beneficial data-point for our homeowners to see. I'd say it's equally a beneficial data-point for us to be able to see across our internal reports as well. 

PM - Recurring Expenses 46 replies

Ken T
Mar 28, 2023 1:43 PM
OR Team Member Joined Aug, 2019 1704 posts

Nope, still what Shawn said - Q3 of this year.

Address Verification 4 replies

Sloanish
Mar 27, 2023 8:50 PM
Joined Jun, 2018 152 posts

Everything is potential....

Melissa has this now.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Jason B
Mar 27, 2023 7:33 PM
Joined Jan, 2021 43 posts

Here are some nice parts about VRBO staying Merchant of Record:

On large five bookings (20k-30k) that gets expensive depending on how you handle refunds for cancellations.   With VRBO as merchant, this goes away.

On large five figure bookings with we process over 250,000 a year in sales taxes that we pay 3% to collect.    With VRBO as merchant, this goes away.

VRBO handles all the sales and lodging tax remittance and compliance.

Lynx 14 replies

Ventura County V
Mar 27, 2023 7:33 PM
Joined Mar, 2022 122 posts

@Jake I

FYI if you want to use the Lynx door code in a message, you need to use the code BXLYNXACCESSCODE

The "BDOORCODE" field will not work.  OR creates a custom field BXLYNXACCESSCODE to store the data from lynx.  If you go to the insert field screen, Booking tab, and search on Lynx it will pop-up for you.

Lynx 14 replies

Ventura County V
Mar 27, 2023 4:40 PM
Joined Mar, 2022 122 posts

Thank you Jake!  I'm setting up my properties now!

Lynx 14 replies

Ventura County V
Mar 27, 2023 4:35 PM
Joined Mar, 2022 122 posts

There already is an open source option that was around $100 per unit per year when I found them a few years ago, but Lynx does provide value for what they charge.  I have them on 6 properties and recommend them.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Ventura County V
Mar 27, 2023 4:30 PM
Joined Mar, 2022 122 posts

Terrific update!  Looking forward to when this gets completed.

PM - Recurring Expenses 46 replies

TopWater Real Estate Team .
Mar 27, 2023 4:22 PM
Joined Mar, 2021 9 posts

Any update?

VRBO Native Messaging in OwnerRez via API integration 129 replies

BlueSky Getwaway
Mar 27, 2023 2:36 PM
Joined Mar, 2022 40 posts

The owner doesn't want the added administration, he prefers to be set up like Airbnb, where they handle the taxes and funds, I like it as well, we have it all set up the way we want other than the messaging issues with VRBO. He only wants the direct bookings coming through us. it's just easier for both of us this way.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Jake & Andrea
Mar 27, 2023 12:09 PM
Joined Jan, 2022 15 posts

@BlueSky Getaway,

Why would you want VRBO (or anyone else) to be the merchant of record?  I don't see any benefit to giving them the financial control, except simpler administration, where VRBO and AirBnB is the same vs direct bookings.

Also, I think you save on the VRBO fees by managing the booking financials yourselft, and OR does a great job enabling that.

Currently I manage my own 3 listings, only, and don't manage others' listings, so my perspective is based on my experience.

VRBO Native Messaging in OwnerRez via API integration 129 replies

BlueSky Getwaway
Mar 27, 2023 11:26 AM
Joined Mar, 2022 40 posts

Thank you for letting me know! I would rather keep them as the merchant of record, the owner and I only want our direct bookings to go through us. So I'm looking forward to when there's at least a choice to only API integrate for messaging only.

VRBO Native Messaging in OwnerRez via API integration 129 replies

PineapplePropert
Mar 27, 2023 10:21 AM
Joined Dec, 2020 1 post

So very excited to hear this; having one platform to reply and receive messages is so time saving!

VRBO Native Messaging in OwnerRez via API integration 129 replies

Shawn H
Mar 27, 2023 9:25 AM
OR Team Member Joined Aug, 2021 289 posts

Will you have to be API integrated with VRBO for it to work? there are a few of us that do not want to API integrate with VRBO for various reasons and that would leave us out.

Hello - yes, Vrbo messaging will require being API integrated. This is based on Vrbo limitations. Vrbo is planning a method where they can stay merchant of record so maybe someday that can help ease the switch to going API. We don't know if it will be this year or not. Possibly not, with all their API work on Messaging and Reviews happening this year.

VRBO Native Messaging in OwnerRez via API integration 129 replies

BlueSky Getwaway
Mar 27, 2023 8:55 AM
Joined Mar, 2022 40 posts

Will you have to be API integrated with VRBO for it to work? there are a few of us that do not want to API integrate with VRBO for various reasons and that would leave us out.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Brandon B
Mar 25, 2023 8:27 PM
Joined Jun, 2021 17 posts

You could text it to them, as well.  I do both typically so they'll check their email once they've read my text.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Tiffany and Doyle R
Mar 25, 2023 7:56 PM
Joined Feb, 2022 3 posts

We use the Schlage Encode with RemoteLock managing codes, integrated with OR doing our automated messaging. It has worked pretty well for us. 

VRBO Native Messaging in OwnerRez via API integration 129 replies

Sloanish
Mar 25, 2023 7:39 PM
Joined Jun, 2018 152 posts

What key code and lock system do you use? Are you happy with it.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Scott and Heidi
Mar 25, 2023 6:16 PM
Joined Mar, 2020 10 posts

Oh man. Can’t wait.  Tired of having guest reaching about their door codes.  Since it is the only communication that goes to their email instead of their message box so they don’t look for it by email.

LEASE AGREEMENT FIELDS: Add the ability to list "All" Adult guest names on Lease Agreement not just the booking guest. 2 replies

BlueMtnCabins
Mar 25, 2023 11:21 AM
Joined Jun, 2016 1159 posts

You can do that using Custom Fileds of Type Booking and make them required. In this example, I use it for a number of adults but you can use for a person's name. Add as many fields as you need per number of adults. 

Email replies from guests 10 replies

Stephen S
Mar 25, 2023 7:50 AM
Joined Jan, 2021 1 post

Adding my voice to the chorus here. When emails automatically go out, guests like to respond with great information. That should be persisted to support recurring bookings and future communications with the guest. 

This feature is needed!  Thanks! 

Lynx 14 replies

Ben
Mar 25, 2023 3:36 AM
Joined Jan, 2020 46 posts

Thanks Jake

Tbh tho, $18 to set the codes a month is extortionate and unjustifiable. I did wonder why they were not being transparent with their pricing.

The upselling can be done via other means.

I’m probably going to wait for an open source type solution that I can install into my existing smart hubs.

Think Seam offer this but sounds complicated to setup.

All the best!

 

Ability to change defaults for adding calendar entries 0 replies

Nat S
Mar 24, 2023 9:02 PM
Joined Oct, 2022 16 posts

Nevermind!

Lynx 14 replies

Jake & Andrea
Mar 24, 2023 5:52 PM
Joined Jan, 2022 15 posts

I only have 3 locks and paying $18/lock/month, annually in advance.  This is much more than RemoteLock and several other options. 

The Lynx support has been excellent.  They also offer messaging and other services (charging to early/late check-in/out, etc.) for an additional fee.  I do not use those.

You can set up master codes for the cleaning and maintenance teams, and one time codes for folks coming in to do one time repairs.

Have been using Lynx since January, 2022 and at the time this seemed to be the best solution.  The initial integration with OwnerRez has been one way from OR to Lynx through iCal calendar.

This new integration promises to pass the door codes from Lynx to OR.  Typically (about 90%) those codes are the last 4 digits of the guest phone number, but not always.

VRBO Native Messaging in OwnerRez via API integration 129 replies

Creekside G
Mar 24, 2023 4:27 PM
Joined Oct, 2022 6 posts

Great news