Only if you subscribed to RentalReady payment system
Triple split allows RentalReady payment system to proceed to mission linked to a reservation payout to a third part.
Workflow
When a reservation includes a mission, RentalReady automatically determines to whom the payout should be sent based on the following criterias:
1. To the agent assigned to the cleaning mission: if the assigned agent has the split enabled
2. To the agency assigned to the cleaning mission (or agency of the agent assigned to the cleaning mission): if the agent has no split enabled, but their agency has
3. To the property manager (or owner depending on the property configuration): if neither has split enabled
Once the recipient has been determined, the payment is charged to the property manager, who will also be shown as the sender on the associated payment receipt.
N.B.: Triple split applies on all mission types (check-in/check-out/cleaning/extra) linked to a reservation. For cleaning missions, the part sent to the agent/agency is the cleaning package set up at property level. The difference between this amount and invoiced cleaning fees will be sent to property manager.
Configure triple split
- Agent/Agency passport or ID (front and back), not expired, in JPEG or PNG format & colour (driving license, residence permit, etc. are not accepted)
- IBAN and BIC/SWIFT code (for French market)
- Account Number and Sort code (for UK market)
N.B.: If you don’t have all the information above, you won’t be able to validate KYC
Step 1. Set up the mission price
Automatically
You can set up the agent earnings for each mission type.
On the property, click on Edit and go to the Platform tab
In the Reservation parameters, add price for Check-in and Check-out. The amount is fix and including VAT.
For cleaning mission price, please refer to this article: Cleaning fees
For the distribution of cleaning fees, you can:
- Select the split fee source: invoiced cleaning fee (default) or platform cleaning fee
- Select the remainder destination: Property Manager (default) or Owner
N.B.: it's at office level, you must contact RentalReady support to update that
Manually
When you manually create a mission, don't forget to add agent earnings in the Mission price.
Step 2. Enable the payment split for the cleaning agent/agency
In the main menu, click on Users > Agents
Search for the agent and/or agency
In the last column Actions, click on ... > Edit
Add a bank account and passport/ID file
Go to the Payment split section
Activate the payment split for this agent
Once done, don't forget to submit the form at the end of the page
Step 3. Monitor KYC
Once split is enabled, make sure to verify KYC of the agent/agencies.
Check this article for more information: KYC
F.A.Q.
What happens if a reservation is refunded after split was processed?
Same current logic is applied to triple split: a resolution is created that you will have to close.
Eventually, agent/agency balances will also be reflected.
Why is a payout missing for the agent/agency?
Here are possible reasons:
- Reservation is not paid yet by guest
- Split is disabled at agent and agency level
- Agent is not assigned to the cleaning mission
- Stripe KYC is not verified