Payment Gateways

Step by step

So being a car rental business owner, you have a website where customers pay for their reservations, rental services, and other charges. What happens is as follows:

Clients come to your website and select the reservation or rental service they need to pay for:

1. The client chooses a method of payment they need to use, e.g., the payment processing company they will pay through PayPal, Stripe, ….
2. The client uses their credit card (or payment processing account) to transfer money from it to your merchant account
3. The money is now into your merchant account, e.g., in your PayPal account
4. You can move the funds from your merchant account to your bank account

And this is how clients’ money go to your bank account. As noted earlier, you may use a bank that offers a merchant account. In that case, you will skip step 4 because the money goes directly to your bank account in step 3. Stripe and PayPal are available by default. If you use another payment processing company, we can add it to your website free of charge.

Fees

In each payment transaction involving credit cards, payment processing companies charge a processing fee which takes a bite out of the total profits. We generally see credit card processing fees stretch anywhere from 2.25% – 3.70% or higher. So if a customer pays you €100 for a rental reservation or service, then €2.25 to €3.70 will go to the payment processing company, and you will get the rest - €96.30 - €97.75. Remember, that being a merchant, you pay these fees, and not the client so calculate them in the prices you charge for your rental services.
With your VEVS website, you will not pay any other fees. We do not collect payment transaction fees!

Risks & Security

Online payments present unique challenges compared to physical in-store payments. Because a physical card isn’t required, and the customer’s identity can be hidden, the chance of facing fraud is higher. Such a fraudulent transaction will most likely result in a Chargeback. It’s important to monitor your car rental payments to predict the possibility of the risk.

Strategies to minimize chargebacks:

• Beware of unusual transaction activity
• Communicate with your customers - Try to resolve a dispute directly with a customer before they consider disputing the charge with their bank.
• Accurate Statement Description - Ensure that your Service Provider allows you to accurately set what appears on your customer's bank statements.
• Proof of purchase and delivery
• Be timely in response to chargebacks

As all transactions are handled by a payment processing company, we at VEVS, do not store credit card details for your customers. However, as there is a communication between your website and the payment processing company we advise you to use an SSL (HTTPS) on your car rental website so that this communication is fully secured. This will also make your customers a bit safer when paying for their reservations and rental services.

With VEVS Car Rental Software you also have the option to select offline payment methods - Bank or Cash. This means that the payments are made manually by the client either in cash or via bank transfer to you by hand or respectfully to your company bank account. No money is transferred electronically via your website!

Don’t waste time anymore, create a car rental website with VEVS and start accepting rental payments online!