HELP.....

Closing on our Inn tomorrow and we were tallying future reservations done on-line. We see 220 nights reserved from tomorrow on but the owner is saying only 5% have prepaid.m They use think reservations and this is a 28k swing in closing monies. I can't seem to believe only 5% pre pay before arrival??

That doesn't sound unreasonable for pre-pay. We get very few of those. Deposits is a whole different kettle of fish.

I would assume that the software can print out prepays and deposits. Or arrange to put the monies in escrow until verified independently.
I don't really take much in deposits and prepays, so it wouldn't even be 5% by me.

I just take credit card and take payment on arrival. I only take deposit - 25% check - for elopements.

Most of our guests don't prepay either. We take a $75 deposit. The deposit is deducted from their remaining balance. The sellers of your B&B would owe you any deposits as well as prepayments.
220 nights already booked? NICE!! I wish that we'd had that much business lined up when we bought our B&B 7 years ago. Best of luck to you!

We get a deposit, which is partially refundable for cancellations. Pre pay stays are usually for week or monthly rentals.
Are you wondering if the owners are holding out or if the guests will show up saying they paid already?
Hopefully they kept everything in the reservation software up to date.
Best of luck!

We only take a $10 deposit when a room is booked, doing that confirms the credit card is real, guest may cancel up until a few days before arrival and only lose that $10 deposit.

McQuade72 said:

Closing on our Inn tomorrow and we were tallying future reservations done on-line. We see 220 nights reserved from tomorrow on but the owner is saying only 5% have prepaid.m They use think reservations and this is a 28k swing in closing monies. I can't seem to believe only 5% pre pay before arrival??

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What were the PO's Reservation Policies? Did they require deposits? Are you going to require deposits? You should for many reasons including cash flow and protecting yourself against a cancellation you don't have enough notice to rebook. It's now common practice. Guests are entering in to a binding contract when they reserve a room. It works both ways.

We take a $25 for each reservation. We use Rezstream which keeps track of all deposits, payments, etc. I would think that Think Reservations would do the same. You should be able to look at the booking engine software and see what is paid and not paid.

Thanks all we are in and set! Worked thru all the reservations.