Specifications for our example are below so you can follow along. Yours will likely be different.
1. Rate is discounted 10%.
2. Discount isn't applied for reservations that book within 7 days of check-in.
3. Deposit is 100% including taxes
4. Guest can book this option on their own online.
Step 1: Create a new Rate Type
Navigate to Settings → Rate Types
Click the New button to create a new rate type. See below for how we setup ours.
1. NAME is arbitrary but is exposed to the guest and in the bill.
2. The DESCRIPTION is offered to the guest as an explanation of what this option is.
3. The MINIMUM (and MAXIMUM) NIGHTS can be configured if you want to only offer this option for certain lengths of stay.
4. The DEPOSIT TYPE is Percent and the amount is 100 because we want to charge the guest everything up-front.
5. We are also going to include TAXES and ITEMS with the deposit.
Step 2: Program Availability and Restrictions
In order for a rate type to be available, it needs to have pricing configured. We don't need to save our changes until we are all done, so let's move forward.
1. Click on Rates & Restrictions in the light blue bar at the top.
2. Click the gray Copy... button on the right.
3. In the popup, set the max date range, 2 years and check every box. See below for ours.
The Copy... popup
1. We're going to use our "Best Available Rate" as the base rate so we don't have to manually program in pricing for our new rate.
2. The date range allows you to copy up to 2 years of information from the above-selected rate type.
3. We're checking every box so we can also import/copy any restrictions that are programmed on our Best Available Rate.
Next, click the Copy button on the bottom right of the popup to perform the copy function.
Step 3: Add the Discount
For our example, we're going to offer a 10% discount to guest's booking this option.
1. Click on Yield Management in the light blue bar at the top.
2. Click the green Add button to create a new rule. For our example, we only need 1. However, if you have existing rules in your Best Available Rate, make sure to add those as well.
3. Create the rule to provide the discount. The rule will take the pricing we copied in our last step and apply a 10% discount. See below for our rule.
Yield Management tab
1. The OCCUPANCY RANGE in our example is set to 0 - 100 because we don't want to limit this option by our occupancy.
2. We've set the BOOKING DATE BETWEEN to 7 with no max. This means that guest's booking in the next 7 days will not have the rate discounted. The Non-Refundable Rate will still be available, but not at a discount. If we wanted to allow guest's to have the discount even if they were booking within the next 7 days, we would simply leave both boxes here blank.
3. The ADJUSTMENT here is negative 10 Percent. Note the minus sign before the 10 to indicate we want the rates programmed in the Rates & Restrictions tab to go down 10 percent.
Now that we are all done we can click the orange Save button on the top right.
Finally we can test. Below is our new rate as seen by prospective guests in the online booking engine. The Non-Refundable Rate option is first because it's the lowest price/night.
If you have any questions, please reach out to ThinkReservations support.