How does payment work on your platform?
Do you take security deposits?
When do I get paid?
Thank you for your interest in our business model and how payment and payout works. This is the breakdown on how GetMyBoat handles payments and payouts!
The first thing you should be aware of is our service fee. GetMyBoat takes a 7% service fee for all bookings. If you are an international owner, we tack on an additional 3% transaction fee due to currency conversions. Keep in mind the service fee is based upon the rate you are charging the customer. For example, if you make an offer to a customer for $500, your service fee will be $35 (7% of $500). If you're an international owner, your service fee would be $50 (10% of $500). This fee is deducted upon your payout. Depending on whether you're a domestic or international owner, if a customer accepts your offer of $500 you will be paid out $465 or $450 respectively.
The second thing you should know is that we collect the full payment from the customer immediately. Once a customer approves your offer, GetMyBoat secures the funds in full by charging their credit card at that time. This guarantees your payment post booking and verifies the customer has the funds available for the excursion.
The most important thing for you to know is that payout occurs after a trip is completed. Because we collect the full payment upfront from the customer, it means you don't have to worry about a deposit to "hold" the reservation. We already have the full amount. However, we hold onto the payment until after the trip completes to ensure everything went smoothly and to make sure there are no refunds needed to be issued. Once you confirm the trip was a success, we will issue your payout. Depending on your bank, payouts take 5-10 business days to appear in your account. We issue your payment via bank transfer or via PayPal.
GetMyBoat does not take security deposits upfront but does keep you protected with our incidental coverage limit. We do NOT charge the customer a security deposit upfront. But we do have our incidental coverage limit which very much acts like a security deposit. The incidental coverage limit can be used for minor damages, insurance deductibles, or charges that accrue during a rental like gas fees or cleaning fees. You may set your incidental coverage limit in the pricing section of listing. If you make a valid claim for the incidental coverage post reservation, GetMyBoat has the authorization to charge the customer's credit card for up to that amount but only if a valid claim is filed. This saves the renter from seeing an additional charge for the rental at the time of booking but also provides you security in case something happens during the rental.
Finally, keep in mind we honor your cancellation policy. GetMyBoat allows owners to set their own cancellation policies but it MUST be set clearly and correctly in your GetMyBoat listing. Any fear of a canceled booking can be dismissed if you set your cancellation policy correctly. We will issue you a partial or full payment if a customer cancels within a certain timeframe set by you that you consider fair.
We always want to make sure our boat owners are happy and they give our customers a great experience. Let us know if you need any further clarification on payment or payout by contacting us at email@example.com or calling us at (818) 927-2148.