Renting Points - what is best/most secure way to receive payment?

Tollerwalker

canadiandisneymom.blogspo t.com
Joined
Jul 31, 2005
Messages
246
I am renting out points for the first time. I was going to use PayPal to received payment but after looking into it, it is too expensive. For those of you that have rented in the past, how have you collected your $$? I have heard Western Union is sketchy.

Thanks in advance!
Jessica
 
In the past when I rented points, I actually just sent the person a check. Both times I had to send a deposit before they would even attempt to make the reservation. Then once the reservation was confirmed I would send the balance. I had done that three times in total. Now we own at SSR :)
 
You could accept a cashier's check or a personal check. Just make sure it clears before you are stuck with either a bad reservation that you can't cancel, resell or bank those points. Don't accept a final payment any less than 60 days out at a minimum.
 
I am renting out points for the first time. I was going to use PayPal to received payment but after looking into it, it is too expensive. For those of you that have rented in the past, how have you collected your $$? I have heard Western Union is sketchy.

Thanks in advance!
Jessica

That's a tough one. PayPal costs more, but you get your money. Checks are cheaper but are easy to fake. We had a check that went bad several weeks after we deposited it. The bank told us that there is no time limit. :sad2:
 

If planning on receiving a large transaction via paypal (presumably credit card) it is worth opening a premeir paypal account (requires a different e-mail and cc than your personal account). 2.9% for transactions under $3000 is easier to stomach than the 4.9% for a personal paypal account.
 
If the reservation is far out enough that you could easily cancel and re-use the points, I don't see much risk at all to you if you take a cashiers check. You'll know within a week or so if it is counterfeit. If it clears, the money is yours.
 
I assume if you decide to rent your points, you have a written rental agreement to protect both parties.

From the rentee's perspective, what happens if they have an emergency arise, and they have to cancel due to illness? If the rentee was booking through Disney Travel Company, they could purchase travel insurance.
If a member was using their own points, they too could purchase travel insurance..yes in the member's case, insurance only pays $5 per point, but it is better than nothing if you can't use your points before the use year expires..


SO MY QUESTION IS, HOW IS A RENTER OF POINTS PROTECTED IF AN ILLNESS ARISES AND THEY CANNOT TRAVEL? Is there some type of travel insurance that protects against loss due to illenss in a rental agreement when you are renting points?To the best of my knowledge, Disney doesn't offer something like that....

Thanks very much for additional "insight"...

So much easier to "transfer" points, rather than "rent"...Correct me if I'm wrong, but once the transfer is made, all accountability is then placed in the hands of the member who received the transfer...Only problem is, developer points can't be transferred...
 
I assume if you decide to rent your points, you have a written rental agreement to protect both parties.

From the rentee's perspective, what happens if they have an emergency arise, and they have to cancel due to illness? If the rentee was booking through Disney Travel Company, they could purchase travel insurance.
If a member was using their own points, they too could purchase travel insurance..yes in the member's case, insurance only pays $5 per point, but it is better than nothing if you can't use your points before the use year expires..


SO MY QUESTION IS, HOW IS A RENTER OF POINTS PROTECTED IF AN ILLNESS ARISES AND THEY CANNOT TRAVEL? Is there some type of travel insurance that protects against loss due to illenss in a rental agreement when you are renting points?To the best of my knowledge, Disney doesn't offer something like that....

Thanks very much for additional "insight"...

So much easier to "transfer" points, rather than "rent"...Correct me if I'm wrong, but once the transfer is made, all accountability is then placed in the hands of the member who received the transfer...Only problem is, developer points can't be transferred...

AIG had insurance that would have covered the trip. I don't think that I would use them now. :scared1:
 
AIG had insurance that would have covered the trip. I don't think that I would use them now. :scared1:

AIG has our Workman's comp. We have not had a issue. I called our insurance agent. He said, "it was not the insurance side of AIG that had the issues." Anyone on the dis had problems with AIG Insurance? I know they carry a lot of Property Insurance.
I except a personal check for rentals. My rentals are far enough in advance that there is plenty of time for the check to clear. I have used Paypal, but I prefer not to. I have never had a check returned. If I did, I would have pleanty of time to receive a cashiers check or cancel the reservation. I don't use points that are about to expire.

I have never had a renter send me a check before I would make the reservation. I make the reservation, send the contract for them to sign with a check back to me. Why make something harder than it has to be? I have had wonderful families. Never a problem. I don't rent close to a vacation date. Pleanty of time for all to transpire.
 
I notice you reside in Canada, and I am not sure if that will add any time to the cashing of a check in your bank. Also, I am not sure of any contract drawn up in Canada for a U.S. citizen to sign. Were you planning on only renting to Canadians? Just raising the questions as they may be pertinent in your particular situation. Good luck!
 
Thanks all. I rented the points this morning to a DVC member who needed an extension on a current ressie. She will be sending me a check by mail.

Thanks for all the advice!
Jessica
 
...From the rentee's perspective, what happens if they have an emergency arise, and they have to cancel due to illness? ...

For most owners making reservations for non-owners it would be "so sorry, no refunds". Especially if they couldn't make another reservation before the points expired or if they were too late to bank the points or the points had already been banked and could not be banked again.
 
I know the OP already resolved the question, but I thought I would put this out there as a recommendation for PayPal. If the 3% bothers you, as long as you let the renter know, you can then just tack that on to the transaction. In other words, $500 becomes $515. Or in the grand scheme of things, I just don't see where the 3% is too much to pay for piece of mind. Now that is just my opinion. I just completed a rental and PayPal was smooth and seamless. I swear the reservation and the transfer happened at the same exact moment. ;)
 
As a renter I have paid the Paypal transaction fees several times. I felt that because I was already getting a good savings on the points (over CRO) that paying the fees was not a problem. To me the convenience of Paypal vs. going to the bank and then paying to overnight the check was worth the extra cost.

Melissa
 



















DIS Facebook DIS youtube DIS Instagram DIS Pinterest

Back
Top