You can now offer non-refundable rates with our fully automated payment method PayNow.
You will not only be fully PSD2 compliant, but you will also no longer be fearing no shows and cancellations as Hostelworld will charge customers on your behalf.
Why offering non-refundable rates?
- Increase Bookings: Our non-refundable rates represent 26% of our total bookings. Our customers love to have a choice in terms of booking options.
- Secure revenue: You don’t need to charge the credit cards yourself, Hostelworld will do for you.
- Improve your visibility: Offering a better rate will make you more competitive and will help you climb the city sort order to the top positions .
How does it work?
Hostelworld will charge 100% of the non-refundable booking value and we will send the remaining balance directly to you using our secured payment provider Stripe. The payment will lend into your bank account every 14 days.
I want to set it up, how do I proceed?
- Log in your inbox with Manager level access
- Once logged in:
- Click on "Property Setup"
- Go to the "Microsite Content" tab
- and then "Payment Methods"
- Click on “Create Account”: The information required is to allow Stripe to verify the account holder. (The information is not stored by Hostelworld.com)
- Follow the steps to create your Pay Now account until the end.
- Once application is complete; it is sent to Stripe for review - Approval can take between 1 hour to 2 days.
- To add non-refundable rates: Go into the “Rates & availability” tab in your Inbox.
- Click on “New Rate” for your different room types and add a “Non-Refundable Rate”
Does it have a cost?
Yes, a competitive 2% transaction fee of the remaining balance will apply.
Does it work if I am using a Channel Manager?
Yes, PayNow is compatible if you are using a channel manager. If PayNow is not available in your Inbox, it means we are still working on connecting your channel manager to our new payment method. Do not hesitate to contact your account manager to know more about the progress.
I cannot find the payment option in my inbox, why?
Some countries are not yet compatible with this new payment method. Once it is available for your country, it will appear on your inbox.
Can Hostelworld charge standard rates as well?
Not at the moment. our new payment method is only available for non-refundable rates and bed and breakfast non-refundable rates only.
Who takes care of any extra charge's guests might incur?
If they are not included in the rate, these will be collected by the hostel.
Will the guest get charged twice, (once by hostelworld for the deposit, once by the Paynow system for the remaining charges)?
No, at the time of the booking, the customer will pay 100% of the reservation, Hostelworld will retain its commission & Paynow transaction fees and the property will receive the balance of the payment to their Hostelworld stripe account.
Is the non-refundable rate automated system Paynow compliant with PSD2 regulations?
Yes, it is. As the customer pays fully the day of the booking, the double authentication takes place at that time.