Learn about setting up Cancellation Fee

We are thrilled to announce our latest addition: the Cancellation Fee feature. This powerful tool empowers you to manage cancellations more effectively, ensuring that your business operates smoothly and profitably.

Setting Up the Cancellation Fee Feature in Rentrax is a straightforward process.  

Here’s how to get started:

Log in to your Rentrax account and navigate to the “Price Settings” under the template name,   to edit this price template, click on “Edit” and then go to the tab called "Cancellation Fee":

 

Once you click edit, you’ll see a tab called “Cancellation Fee” - there are several options for you to choose from by simply clicking the drop-down arrow - Examples: No Charge,  Min Rent, Percentage, Fixed and Multi-tier   Percentage-Based Cancellation Fee: In addition to the fixed fee, we apply a percentage-based fee. This fee is calculated based on the total value of the service or transaction. The specific percentage is determined by the proportionate cost of the cancellation relative to the total. Min Rent: Will apply the Minimum Rent that is setup in the General settings.    Fixed Cancellation Fee: We have a fixed cancellation fee that applies in all cases. This is a non-negotiable amount that serves as the baseline charge for all cancellations. value. Multi-Tier Cancellation Fee: Our multi-tier system allows for greater flexibility. The cancellation fee tiers are determined by specific conditions. For instance, cancellations made well in advance may incur a lower fee, while those closer to the scheduled service date may have a higher fee. The tiered structure ensures that the cancellation fee accurately reflects the circumstances of the cancellation.

 

Percentage-Based Cancellation Fee:

 

Choose the percentage option:

Then choose the percentage amount:

Min Rent:

Choose the Mint Rent option:

Then Go to General tab to setup the minimum Rent in minutes, hours and days: 

Fixed Cancellation Fee: 

Choose the Fixed option:

 

Then choose the amount ( in dollars) to apply:

 

Fixed Cancellation Fee: 

 

Choose the multi tier option:

 

Then click on the Add New Tier button and add the hour range and the cost to apply:

Note: Set the specific conditions under which the cancellation fee will apply.  You will have to make these changes to all of your pricing list items. This allows you to initiate the cancellation fee to be charged immediately or the next business day. Don't forget to save your settings to ensure they are applied to future reservations.