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Post by Payfully on Aug 2, 2016 20:15:43 GMT
Hello Everyone, I am Daniela Martinez, co-founder at Payfully.coWe are a Brooklyn based start-up that helps Airbnb hosts to receive money from their reservations as soon as they happen. This means you don't have to wait for the guest to check-in to receive your payment. I invite everyone to try our service and get the money for your future reservations now! You can now request your money up front to cover your expenses, travels, house improvements and services. Please visit our website and sign up to request your first advance : www.payfully.co If you have any feedback for us, we would love to hear it! Thanks Deborah Daniela
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Post by Deleted on Aug 2, 2016 22:27:35 GMT
Oh Lordy, Does this sound like trouble to me. I have reservations going thru Feb 2017. A lot of different dynamics/factors could enter by then, health, death, extenuating circumstances; but the host has already received the monies. I like the pay-as-you-go; Guests check-in, payment disbursed within 24 hours, poof, Voila!! all is good with no looking forward. Just saying
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Post by High Priestess on Aug 3, 2016 9:56:09 GMT
Daniela told me about her company and I said she was welcome to post about it here. I personally don't know any hosts who would be interested in getting paid in advance for their reservations, but I suppose there are some for whom that would be of interest. For the most part though I think Rhonda they would concur with you that hosts are content to get paid as they go. Whether the host is a tenant or a homeowner, I think we are mostly used to getting paid when the renter moves in. THat's standard in the business.... I suppose some that have a tight money situation might want to get paid in advance, but since one always has to pay (an interest fee) to get paid in advance, it is likely to be done only for those situations where someone really needs cash soon. And my hope is that people aren't in a situation like that too often.
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Post by CC on Aug 3, 2016 11:56:46 GMT
Imagine all the problems down the line....what a quagmire!
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Post by keith on Aug 3, 2016 16:55:22 GMT
This sounds a lot like www.trydailypay.com/ which is popular amongst uber drivers who can't manage to wait less than a week to get their money. Whereas Daily Pay charges $1 per daily advance, Payfully is much more expensive: I think there's a huge risk for hosts getting paid in advance. Depending on their cancellation policy, the host may be on the hook to return substantial sums of money--less the advance fee, I'm guessing. The fee of 3-9% seems high, but it's technically a 'secured loan' of sorts. My real questions is, while many of us do this for extra money which we need, are finances so in disarray that you could afford to walk away from 3-9% of your income because you can't wait until the guest arrives to get paid? I think there is definitely a market for this, but my advice would be to use is sparingly to get through a rough patch and try to organize your finances/expenses to be more in line with your revenue.
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Post by High Priestess on Aug 3, 2016 16:59:03 GMT
I agree, Keith about the need to use this sparingly, if at all.
In fact my view is that people who can't wait until their guest arrives to get paid, don't sound like they are the best candidates to be hosting, because this suggests they aren't financially stable. And Airbnb hosting isn't a good business for those in such straits. I do see though that due to unforseen circumstances or emergencies, there may be some hosts who find that they are in need of a payday loan of sorts. This could be useful for such situations. But I would hope such situations are really rare and far between.
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Post by lambada on Aug 3, 2016 19:56:09 GMT
When I used to advertise on VRBO/Homeaway and Flipkey, I did receive the rent much in advance, even if the reservation was for the next year. In fact this is one of the reasons why the VRBO/Homeaway/Flipkey hosts are not interested in listing with Airbnb. I like Airbnb's 2-way review system and I don't mind not getting the pay 24 hour after guests check in.
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Post by High Priestess on Aug 3, 2016 20:10:07 GMT
Yes, and whenever I rent to someone direct, not through Airbnb, they are paying me half the reservation cost up front, in order to hold the room.
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Post by Payfully on Sept 6, 2016 18:48:34 GMT
Hello everyone,
Thank you all for your comments, your feedback is very valuable to us.
I want to share with you that our current users have many different profiles, they aren't all financially unstable as a lot of people might believe.
Some of our users have Airbnb income as their primary income (large amount) and sometimes they need the money in advance to pay their bills on time, to pay their school fees, to book a trip or simply to pay for the Airbnb Property Management on time. There are a lot of property managers that charge at the moment of the booking and not when Airbnb pays the host.
We have all type of users, from someone renting a room in New York and needed the advance to buy a new bed for the next guest to someone in Miami renting a big mansion with 10 rooms and needed the advance for maintenance of his place.
Cancellations can happen, however, according to Airbnb only 6% of the bookings worldwide get canceled. If one they happens that we advance the money to the host and the booking gets canceled, we would give the host 60 days to repay the money or the chance to pay us back with a future reservation. We would of course waive all fees. We also advise our users to have a strict cancelation policy.
TryDailyPay is a similar service for Uber drivers. Their fee seems "cheaper" because Uber's payments are lower than Airbnb's payments. Payfully is a factoring service and our factoring "rates" represent a percentage discount in a sales transaction, not an interest rate on a loan.
Some of our users host for business. They have told us that they request the advance payment in order to re-invest it in their properties. This allows them to raise the price per night and earn more in their future bookings.
Thanks,
Daniela
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Post by helgaparis on Sept 7, 2016 7:27:15 GMT
Working long years in trade and export/import, securing a payment or paying for advance payout seems a normal transaction to me. The percentage seems a bit high though. Does ithe percentage depend on the time? If 6 % of bookings are cancelled, and if you accept newer hosts too, who would have more need to invest into furniture or pay basic charges, you have quite a risk to cover. I'd consider 2 % normal for my risk. Even though theoretically I could not get a bank credit on the association I use to run my business, I already talked my bank into not acting on an overdraw or to raise the credit card limit for an investment not yet secured. Easier, if I have pending payments to show them. To avoid that bother, I'd accept 3 % cost grouchily.
On the other side, I negociated once an investment securing insurance for the French market, the customers (small craftsmen) paying off the credit by a leasing contract. This was for either 6 or 12 K€, 10 years ago. I got an agreement for France for 6% per year (plus a one time file establishing fee) for our customers, even those rejected by our usual partners. I remember that my collegues were wishing that they could get such a deal for their markets too.
So I guess it's approbriate for high risk money, but it will leave you with mostly high risk clients (and fools, who are a risk too).
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Post by kimkettle on Jan 10, 2017 18:33:25 GMT
Hello Everyone, I am Daniela Martinez, co-founder at Payfully.coWe are a Brooklyn based start-up that helps Airbnb hosts to receive money from their reservations as soon as they happen. This means you don't have to wait for the guest to check-in to receive your payment. I invite everyone to try our service and get the money for your future reservations now! You can now request your money up front to cover your expenses, travels, house improvements and services. Please visit our website and sign up to request your first advance : www.payfully.co If you have any feedback for us, we would love to hear it! Thanks Deborah Daniela SaveSave
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Post by kimkettle on Jan 10, 2017 18:37:26 GMT
Hi there Daniela, Here are some questions I have. I am interested in using your service as, like you said, I have run into some problems with home repairs that need immediate attention.
I've been reading the fine print "Terms and Conditions" of this company and it's pretty lengthy document they make you sign (which I haven't yet). My concern is that they have the "payfully fee" that they show you upfront next to all your upcoing bookings ($15-45 per $500 they advance you) but then there is a section called "Service Fees" that they do not mention except in the fine print...which does not state "how much" the service fee is...only that they take it on the day they collect from your bank account.
Also, there is a section called "Reimbursement Expenses" where they say "Seller" (me) shall pay all costs and expenses incurred by "Purchaser" (them) .... all filing fees, filing taxes or search fees, wire transfer fees, ACH fees UCC filing and search fees... Anyway, I'm not quite sure what all that means but, would really like to speak to someone on the phone instead of reading confusing jargon in a multi-page contract that looks scary and binding saying they can take money out of your bank account basically whenever they want...by these terms you sign. I understand returned check fees and such are our responsibility but, what are these "filing taxes fees" and such that we would be paying of yours?
Thanks, KK
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Post by High Priestess on Jan 11, 2017 3:23:03 GMT
Hi Kim I'm going to tag Daniela so this may help her respond to you.... Payfully and Daniela
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Post by kimkettle on Jan 14, 2017 17:41:48 GMT
Thank you! I'm still learning the ropes on this forum.
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Post by High Priestess on Jan 15, 2017 1:40:13 GMT
I think Daniela of Payfully didn't set up her account to get notified if someone responds to her post...so...she's not responding...
Reminder to everyone...if you want to get notified about responses to your posts you need to set your account so you get notified. The default setting is that you don't get notified. Go to your account/notifications
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