A common option offered is a non-refundable or noncancellable rate where in exchange for a discount, the guest agrees to book without the option for a refund in the event of a cancellation. Let's set one up together.
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 seven days of check-in.
3. Deposit is 100% including taxes
4. Guests 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 set up 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 offer this option only 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
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, two years, and check every box. See below for ours.
1. We're going to use our "Best Available Rate" as the base rate, so we don't have to program in pricing for our new rate manually.
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 guests booking this option.
- First, create a Yield Management Plan.
- In the rule line, enter a 0 (zero) in the first box and 100 (one hundred) in the second box under OCCUPANCY. The OCCUPANCY range in our example is set to 0 - 100 because we don't want to limit this option by our occupancy.
- We've set the ADVANCED BOOKING BY to 7 with no max. This means that guests booking in the next seven 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 guests to have the discount even if they were booking within the next seven days, we would simply leave both boxes here blank.
- Enter -10 under the ADJUSTMENT box. Note the hyphen at the beginning to indicate a negative.
- Click Save on the bottom right to save the Yield Management Plan.
6. Next, return the special rate type in Settings > Rate Types.
7. In General Information, select the appropriate Yield Management Plan from the drop-down list.
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.