Nomad Stays is rolling out a new 'Full Payment' system where nomads pay for their booking in full at the time of booking.
(The original and standard model sees a nomad paying a booking fee only to create a booking and then paying the Stay direclty for the balanace of the booking.)
Full Payment is expected to be offered to selected Stays that meet a range of criteria.
Criteria for Full Payment System (beta)
Operator Information Completed
Bank Accounts in Same Name as Operator
Bank Account Located in Unrestricted Approved Countries using an Approved Currency
KYC / KYB Checks Completed
Acceptable Cancellation Policy
1. Operator Information Completed
All necessary Operator information will be required to be completed including the name of the trading entity, authorised business directors, official addresses and phone numbers, dates of birth etc, as is required in the jurisidicitoin of your Stay business.
2. Bank Accounts in Same Name as Operator
The Bank Account you wish us to pay into will need to be in the same name as the Operator. Payments won't be made to 3rd parties until strong security measures and systems have been developed.
This requirement is to avoid the misdirection of funds that has seen other platforms suffer from hackers changing Stay account details.
3. Bank Account in Approved Country using an Approved Currency
To transfer monies into your bank account your account will need to be located in one of the approved countries and one of the approved currencies.
The approved list is a combination of countries permitted by our companies to operate in, and those countries supported by our banking partners.
4. KYC / KYB Checks Completed
Many countries have mandatory Know Your Customer and Know Your Business requirements for transactions about a certain amount in size. (eg USD $10,000, A$10,000 and €10,000).
You will need to meet the KYC or KYB legal requirements to be eligibile for payments about the statutory amount set by government and banks.
5. Acceptable Cancellation Policy
You will be required to have set a Cancellation Policy that offers a level of trust to a Nomad client.
Nomad Stays is considering a minimum Cancellation Policy equivalent to our Flexible Policy. Flexible Policies like our standard are more likely to meet international legal requirements such as the EU Package Travel Directive.
If this minimum is chosen then Stays using Limited Cancellations will not be eligible for the Full Payment System.