Vacation Rentals By Owner [VRBO] / payment terms change imposed
VRBO just announced that they will impose, unilaterally and without consultation, dramatically different payment terms to homeowners. They will now keep the payments from the renters until after they check in. This is millions of dollars that renters advance for the rentals that VRBO/Homeway intents to keep, for months and even over a year, free. What is even more egregious abuse is that they offer to ‘advance' the homeowner their own money by charging the owner, for his own money, a 3% a year interest!
Their explanation over the phone is even more aggravating: they claim they hired a ‘payment service' (Yapstone) that imposed these new payment schedule on the homeowners without Expedia/VRBO/HomeAway knowledge, that they are ‘just as surprised' and they plan to develop their own payment system (the same they already have and used for years) in ‘the coming months', adding insult to aggravation.
We delisted our property and although they ceased to perform by the terms of the contract we subscribed to, they insist they will not refund the unused portion of the yearly subscription price we paid for. Amazing how much they feel they can abuse those of us that made VRBO/Homeaway possible in the first place!
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