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Faster payouts

Jolynna M
May 1, 2023 6:59 PM
Joined Jul, 2020 1 post

Good afternoon! I've been using ownerrez for a while but have not gotten started yet with API.  I currently have payouts set up with Lynnbrook for my properties.  However, Lynnbrook will not release funds until the guest arrives, which I don't like.  I would much prefer to get paid when the guest pays.  Is there another third part payment processor with decent rates that will payout at booking instead of at guest arrival? 

Adria H
May 1, 2023 9:26 PM
OR Team Member Joined Aug, 2022 123 posts

Lynnbrook Group seems to default to a faster underwriting process which means "fund at arrival" is the usual offer. You can request additional underwriting to see if they can approve you for "fund at booking."

On our list of processors, as far as I know, most do fund at booking. I cannot speak to all of the processors, though, in writing support tickets, the security deposit auto-renewal seems to be a big issue for some hosts. The best processor for you likely depends on your business model. Most processors have some base monthly fees, from $5-$50 for just having the account, then they seem to charge fees based on the type card, meaning you don't know, for sure, what rate you will pay until you see the billing.

You could certainly make some calls and see who sounds good. You can run a few reports to determine your annual volume of CC charges and see what terms the processors can offer at your level.

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

 

 

Chris L
May 3, 2023 8:00 PM
Joined May, 2017 206 posts

FWIW, I was on Lynnbrook’s legacy system (which was fund at booking) but switched to Ascent when they offered me interchange-plus pricing. I was happy with Lynnbrook but I’ve been very satisfied with Ascent as well and am paying closer to about 2.2% average (I suspect I get a decent number of debit card people in my market). They do have fixed monthly fees that are a little higher than Lynnbrook but that works for me as I process $25-50K a month on average.

 

I was happy with Lynnbrook and would recommend their old system, but I don’t know that I would be as happy with their newer system that doesn’t work with temporary authorizations for security deposits.