Payment method

Payment Process on StudioShare

Creating Listings:

Hosts create listings for their studios on the StudioShare platform. They provide information about the studio, including location, amenities, availability, and rental rates.

Booking Request:

When a guest is interested in booking the host’s studio, they initiate a booking request through the platform. The guest selects desired dates and rental duration.

Host Confirmation:

The host receives a notification of the booking request and has the option to accept or decline it. If the host accepts the request, the booking is confirmed.

Payment Authorization:

Upon booking confirmation, the guest’s payment method is authorized for the total rental amount. The payment is not processed immediately but is reserved for the transaction.

**Rental Period:**

The guest uses the studio during the agreed rental period.

Payment Processing:

After the rental period is completed, payment is processed by the StudioShare platform. This may involve deducting any applicable fees or commissions from the total rental amount.

Host Payout:

Once payment processing is completed, the host receives their payout for the rent. The payout amount is typically the rental amount minus any platform fees or commissions.

Payout Methods:

StudioShare uses Stripe, PayPal, and bank transfer as payment processing systems. Payouts are usually made to the host’s bank account or other preferred payment method. The timing of payouts may vary but is often within a few business days.

Bank Transfer (ACH):

Direct bank transfers (ACH – Automated Clearing House) to the host’s bank account.

Card Payments:

Funds can be refunded directly to the customer’s credit/debit card used for the original payment.

Standard Payouts:

Standard payouts are the default option, transferring funds to the recipient/host’s bank account within a few business days.

Custom Payout Methods:

PayPal:

StudioShare offers PayPal as a payout method. Hosts can link their PayPal account to the platform and receive their payouts electronically. PayPal provides a convenient and widely accepted way to receive payments, which hosts can later transfer to their bank accounts or use for online transactions.

Bank Transfer:

Hosts can choose to receive their payouts via bank transfer. They provide their bank account details to the rental platform, which then transfers the funds directly to their specified bank account. It’s crucial for hosts to ensure they provide correct and updated banking information to avoid delays or issues with payments.

Future Payment Options with Klarna Coming Soon

Invoices and Receipts:

StudioShare can generate invoices and receipts for both hosts and guests, providing a record of the transaction.

Hosts need to review the platform’s payment policies and terms of use to understand any fees, payment processing timelines, and other relevant information related to receiving payouts.

Additionally, hosts should ensure they have provided correct and updated payment information on the platform to avoid delays in receiving their rental income.