Rental Booking Portal:
In the vacation rental system, the cancellation policies are formed in general terms and embracing all the but-and-if situations that might arise in the cancellation. The hosts can decide the amount of the cancellation fee, but the duration, including the terms and conditions totally depends on the vacation rental system.
Carefully have a look at the cancellation policies of Airbnb:
Airbnb allows the hosts to choose among three standardized cancellation policies – Flexible, Moderate, and Strict to ensure the protection of both the guests and the hosts.
As per the cancellation policies selected by the hosts, the guests who initiate the cancellation process are refunded back their deposits.
In Flexible Cancellation Policy, full deposit is refunded within a limited period of time.
In Moderate Cancellation Policy, full deposit is refunded within a limited period of time.
In Strict Cancellation Policy, 50% of the deposit is refunded back until 1 week prior to check in.
Apart from this, there are another two Super Strict 30 Days and Super Strict 60 Days cancellation policies which apply to special circumstances and are by invitations only.
In Super Strict 30 Days Cancellation Policy, 50% of the deposit is refunded back until 30 days prior to check in.
In Super Strict 90 Days Cancellation Policy, 50% of the deposit is refunded back until 60 days prior to check in.
There is a Long Term cancellation policy that applies to all the reservations of 28 nights or more.
Considering the long term booking of the accommodation, in this cancellation policy, the first month is non-refundable and a 30 day notice is to be given before cancellation.
It is imperative for the hosts to clearly display the cancellation policy of each listing and reservation on the vacation rental portal for the guests to cancel and review any fee by viewing the travel plans and then clicking ‘Cancel’ on the appropriate listings and reservations.
Hotel Booking System:
Cancellation policy of the individual hotel:
For the cancellation policies defined individually by the hoteliers, the custom inventory method is used. Herein, the portal admin gathers the cancellation policy of all the hotels listed under the portal and cancellation charges is applied respectively.
Cancellation policy of the Hotel Booking Portal:
For the cancellation policies defined dominantly by the portal, the data of every hotel are extracted from the global distribution system and in most cases, the portal itself lays out its generalized cancellation policy that the travelers and the hoteliers have to abide by.