Payfully is a new app that enables Airbnb hosts receive their money in advance. When your guest books your Airbnb, he or she has to pay the total booking amount to Airbnb at the time of booking. Airbnb then holds the money until the day after the guest checks in, after which the money is paid to the host. During this period, Airbnb holds the cash.
As a host, you may wonder why you don’t get the money when the guest books, just like a hotel or B&B would. Seems fair right? The good news is, you actually can, thanks to a new startup named Payfully.
How does Payfully work?
It’s very simple, go to Payfully and follow the following steps:
1. Simply create an account and link it to your Airbnb listing to see your future bookings and select the reservations you want to cash out in advance
2. Connect your bank account
3. Payfully transfers the funds to your bank account in 24 hours from the moment your request is approved
4. When Airbnb processes your payment (24 hours after your guests check-in) Payfully will automatically debit your bank account for the same amount minus the fee
I bet you have three questions in your mind now. Let me answer them for you.
How much does it cost?
They charge between $15 and $45 for every $500 they advance, depending on how far away your advance and how big the amount. However, you can try Payfully for FREE Simply sign-up for an account and when you request your first advance, apply code GPFYP. Payfully will pay you the full amount and not charge you a dime.
What if my guest cancels after I have received the funds?
No need to panic, they aren’t going to take the money back just yet. They give you 60 days to land another booking to cover the advance at no extra charge. If you don’t get any new bookings, they’ll work with you to reverse the transaction within a reasonable amount of time.
What if I cancel after I have received the funds?
If you are the one to cancel (which I strongly encourage you not to do as it hurts your Airbnb business significantly) they will automatically reverse the advance and charge your account for the same amount.
I think Payfully adds a very useful service for Airbnb hosts by allowing them to receive the money in advance. Hosts can use this money for personal expenses, but my recommendation would be for hosts to use the money to invest in their Airbnb listing and get more bookings as a result. This way the fee that Payfully charges could be easily made back.
To try Payfully, sign-up now and get your first advance for free.
To learn more about Payfully, watch the video below or visit their website.