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The vacation rental industry is about to get a major boost with a new secure payment process introduced by DepositGuard, a company steeped in real estate best practices, with executives who have transacted and protected more than $150 million. Designed to deliver confidence for renters, homeowners and companies serving the vacation rental industry, DepositGuard is expected to fuel rental bookings and attract new customers with customizable options that will work across any sales platform or site.
DepositGuard is a patent-pending, web-based service that securely collects, holds and administers the deposits and pre-paid rents for vacation and residential property transactions, benefitting both renters and homeowners (including landlords, property managers and rental agents). No matter where homeowners or renters search and find accommodations, DepositGuard’s protected payment process can be integrated with calendar, compliance, travel insurance and other ancillary revenue or business needs of the homeowner, property manager or listing site.
“DepositGuard aims to standardize the way money is handled for online vacation and home rentals,” said Alan Lane, DepositGuard’s Co-Founder and Director of Business Development.
According to DepositGuard, the 13% expected growth in the industry is grossly underestimated for 2011 and the $85 billion that changed hands for vacation rentals in 2010 represents only a portion of potential revenue based on new consumer data from a DepositGuard study. Seventy Eight percent of consumers polled indicate they would rent properties more often (or for the first time) if better payment security was offered.
“We’re positioned to help the industry gain back ‘lost revenues’ from the customer set who is uncertain or prefers more control over the payment process,” Lane said. “And we are dedicated to applying our existing expertise and success to this burgeoning niche in the vacation and tourism industries.”
If each homeowner loses one rental per year because of a “fearful consumer,” DepositGuard estimates an industry loss of $10.5 billion annually … at minimum.
Because there is no standard way of handling money for vacation rental payments, the disparate procedures make it more difficult for both homeowners and renters when making decisions and securing their investments. For homeowners, putting renters at ease while satisfying business needs, allows for greater reach and customer satisfaction.
“Renters’ confidence in how their money is handled is key to the vacation rental business,” said Matt Neal, DepositGuard’s Co-Founder and Director of Operations. “By giving renters peace of mind, DepositGuard leads to increased occupancy and ROI for homeowners,” Neal continued.
Unlike other payment methods, a merchant account is not required to accept Visa/MasterCard payments and there are no fees for homeowners to use DepositGuard. Homeowners can simplify their rental business with DepositGuard’s automated and easy-to-use system for managing, tracking, and accounting for rental payments and deposits.
DepositGuard establishes a neutral third-party account where the rental funds are parked for safekeeping. Both the renter and landlord have full visibility into the account and must be in agreement before the account can be created, changed, closed or any money released. DepositGuard maintains a Fidelity policy through Travelers and a Professional Errors and Omissions policy with Lloyds of London to guarantee the safety and liquidity of all funds.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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