RecSystems Pricing Guide for Rental Operators

# RecSystems Pricing Guide for Rental Operators RecSystems offers an advanced yet intuitive pricing solution tailored specifically for powersport and equipment rental companies. This guide helps you leverage our system to maximize your revenue, streamline your bookings, and simplify financial management. ## Flexible Pricing to Meet Your Needs RecSystems supports: - **Fixed Pricing:** Simple, consistent pricing for rentals. - **Flexible Pricing:** Different prices based on rental durations and options (hourly, half-day, full-day). - **Dynamic Pricing Rules:** Automatically adjust prices based on dates, seasons, holidays, and demand. - **Location-based Fees:** Easily manage costs associated with different pickup or drop-off locations. ## Easy Price Management Set your prices once and RecSystems does the rest: - **Base Price:** Your standard rental rate. - **Option Pricing:** Offer special rates for specific durations or packages. - **Add-ons:** Additional revenue opportunities with gear rentals or upgrades. - **Automatic Service Fees:** Standard 6% fee calculated automatically. - **Tax Calculations:** Accurate taxes based on your location. ## Offer Attractive Discounts and Promotions Encourage bookings with versatile discount tools: - **Gift Cards:** Customers apply these directly to their total booking. - **Vouchers:** Reduce the rental subtotal, encouraging more frequent rentals. ## Secure Payments & Deposits Simplify your cash flow: - Default deposit of 50% secures bookings. - Remaining balance clearly calculated and collected upon rental. ## Seamless Booking Adjustments Handle changes effortlessly: - RecSystems automatically recalculates pricing for modified bookings. - Clearly see additional charges or refunds for upgrades or downgrades. ## Easy-to-Understand Pricing Display Show customers transparent and attractive pricing: - Flexible pricing displayed as clear ranges or exact amounts. - Automatically adjusts based on customer selections. ## Boost Revenue with Dynamic Price Rules Adapt pricing to your advantage: - Seasonal rates, holiday surcharges, or weekday discounts. - Instantly activate or deactivate special pricing rules. ### Examples: - **Weekend Surcharge:** 15% additional charge for weekend rentals. - **Early Booking Discount:** $20 off for booking at least one month in advance. ## Pricing Made Simple in Action **Example:** - **Daily Boat Rental:** $150/day. - **Three-day Rental:** Automatically calculated to $450 plus fees and taxes, clearly shown to your customers. **Flexible Pricing Example:** - **2-Hour UTV rental:** $50 - **Half-day:** $75 - **Full-day:** $100 Prices update in real-time, displaying clearly for customer convenience. ## Efficient Payment Management - Automatically calculated deposits and balances. - Transparent pricing ensures trust and reduces questions at pickup. ## Get Started Quickly Setting up is straightforward: 1. Define your rental items and base prices. 2. Choose flexible options or fixed pricing. 3. Create dynamic price rules and discounts as needed. 4. Start accepting streamlined bookings immediately. RecSystems simplifies pricing management so you can focus on delivering great customer experiences. For further assistance or customized support, visit us at [RecSystems.com](https://recsystems.com). # Pricing & Revenue Management ## What You'll Learn - Set up base pricing for your rental fleet (5 minutes) - Create dynamic pricing rules to maximize revenue (10 minutes) - Configure seasonal rates and holiday pricing - Implement early bird and last-minute discounts - Apply volume discounts for larger bookings - Use promo codes for marketing campaigns - Track pricing effectiveness with reports ## Overview RecSystems' pricing engine helps you maximize revenue through smart, automated pricing strategies. Whether you need simple fixed rates or complex dynamic pricing that adjusts based on demand, seasonality, and booking patterns, our system handles it all while keeping the customer experience smooth. ## Base Pricing Setup ### Setting Your Foundation Rates Base pricing is the starting point for all calculations. Each unit can have its own pricing through timeslots. 1. **Navigate to Your Fleet** - Go to **Inventory → Fleets** - Select the fleet you want to price 2. **Access Pricing Options** - Click on a unit within the fleet - Select **Availability & Pricing** 3. **Configure Base Rates** - **Hourly Rentals**: Set price per hour - **Daily Rentals**: Set price per day - **Flexible Options**: Set different prices for different durations - 2 hours: $75 - 4 hours: $125 - 8 hours: $200 - Multi-day packages with custom rates ### Understanding Price Components Your customers see a transparent breakdown: - **Base Rental Rate**: Your configured price × duration - **Add-ons**: Optional equipment or services - **Location Fees**: Delivery or special location charges - **Service Fee**: Standard 6% booking fee - **Taxes**: Based on your location settings - **Discounts**: Any applicable price rules or gift cards ## Dynamic Pricing Rules ### Types of Price Modifications RecSystems supports four ways to modify prices: 1. **Fixed Price**: Override to a specific amount - Example: "All pontoon boats $299 on Tuesdays" 2. **Percentage**: Increase or decrease by percentage - Example: "20% off for early bird bookings" - Example: "15% surcharge for holiday weekends" 3. **Additive**: Add a fixed amount - Example: "Add $50 for peak season" - Example: "Add $25 delivery fee for certain zip codes" 4. **Subtractive**: Subtract a fixed amount - Example: "Take $30 off for 3+ day rentals" - Example: "$50 discount for returning customers" ### Creating Your First Price Rule 1. **Navigate to Price Rules** - Go to **Dashboard → Settings → Price Rules** - Click **+ New Price Rule** 2. **Basic Configuration** - **Name**: Give it a descriptive name (customers won't see this) - **Rule Type**: Choose from: - Standard (general pricing adjustments) - Demand-Based (adjust based on availability) - Last-Minute (incentivize short-notice bookings) - Early Bird (reward advance bookings) - Volume Discount (quantity-based pricing) - Promo Code (marketing campaigns) 3. **Set Price Modification** - Choose modification type (fixed, percentage, add, subtract) - Enter the value - Select charge frequency: - One-time (applies once per booking) - Per hour (multiplied by hours) - Per day (multiplied by days) 4. **Define When It Applies** - **Date Range**: When is this rule active? - **Days of Week**: Specific days only? - **Time Range**: Certain hours of the day? - **Booking Window**: How far in advance? - **Duration**: Minimum/maximum rental length? 5. **Choose What It Applies To** - Select specific fleets/units - Choose timeslot types (hourly, daily, flexible) - Set quantity thresholds if needed ### Common Pricing Strategies #### Weekend Premium Pricing - **Name**: "Weekend Surcharge" - **Type**: Percentage - **Value**: +20% - **Days**: Friday, Saturday, Sunday - **Priority**: 2 #### Early Bird Discount - **Name**: "Book 30 Days Early" - **Type**: Percentage - **Value**: -15% - **Booking Window**: 30-365 days before - **Priority**: 3 #### Last-Minute Deals - **Name**: "48 Hour Special" - **Type**: Subtractive - **Value**: -$50 - **Booking Window**: 0-2 days before - **Priority**: 4 #### Multi-Day Discount - **Name**: "3+ Day Discount" - **Type**: Percentage - **Value**: -10% - **Duration**: Minimum 3 days - **Priority**: 5 #### Holiday Pricing - **Name**: "July 4th Week" - **Type**: Additive - **Value**: +$75 per day - **Date Range**: July 1-7 - **Priority**: 1 (highest) ### Understanding Rule Priority When multiple rules could apply: - **Lower numbers = Higher priority** (1 is highest) - **Cumulative rules** stack together - **Non-cumulative rules** only apply the highest priority Example: A booking for July 4th weekend, 3 days, booked 45 days early: 1. Holiday pricing adds $75/day (Priority 1) 2. Weekend surcharge adds 20% (Priority 2) 3. Early bird saves 15% (Priority 3) 4. Multi-day saves 10% (Priority 5) 💡 **Pro Tip**: Test your rules with sample bookings before peak season! ## Promotional Codes ### Creating Promo Codes 1. **Set Up the Code** - Create a price rule with type "Promo Code" - Enter your code (e.g., "SUMMER20") - Configure the discount 2. **Control Usage** - Set date range for validity - Limit to specific fleets - Add minimum booking requirements 3. **Track Performance** - View usage in reports - See revenue impact - Measure conversion rates ### Promo Code Best Practices - Keep codes simple and memorable - Set clear expiration dates - Test before launching campaigns - Monitor for abuse - Track ROI through reports ## Volume Discounts Reward larger bookings automatically: ### Quantity-Based Pricing - **Setup**: Create rule with quantity threshold - **Example**: "5+ units get 15% off" - **Use Cases**: - Corporate events - Large group outings - Tour operators ### Duration-Based Pricing - **Setup**: Set minimum duration requirements - **Example**: "Week-long rentals save 20%" - **Benefits**: - Increased revenue per booking - Better equipment utilization - Reduced turnover costs ## Gift Cards & Vouchers ### Understanding the Difference - **Gift Cards**: Apply to total amount (like cash) - **Vouchers**: Reduce the rental price (like coupons) ### Business Applications - **Gift Cards**: Great for holidays, birthdays - **Vouchers**: Perfect for promotions, compensation See our [Gift Card Management Guide] for detailed setup. ## Location-Based Pricing ### Delivery Fees - Set different prices for different locations - Automatic calculation based on selection - Clear display during booking ### Multi-Location Businesses - Different base rates per location - Location-specific price rules - Consolidated reporting ## Monitoring & Optimization ### Key Metrics to Track 1. **Average Booking Value** - Monitor trends - Compare periods - Identify opportunities 2. **Price Rule Effectiveness** - Which rules drive bookings? - What's the revenue impact? - Are discounts too deep? 3. **Conversion Rates** - How does pricing affect bookings? - A/B test different strategies - Find your sweet spot ### Regular Review Process **Weekly**: Check upcoming special events **Monthly**: Review rule performance **Quarterly**: Analyze pricing strategy **Annually**: Major strategy adjustments ## Common Scenarios ### Scenario: Seasonal Business Model **Challenge**: Marina with 4-month season needs to maximize revenue **Solution**: 1. Higher base rates for peak weeks 2. Early bird discounts for shoulder season 3. Last-minute deals to fill gaps 4. Multi-day incentives ### Scenario: Weekend vs. Weekday **Challenge**: Equipment sits idle Monday-Thursday **Solution**: 1. Lower weekday base rates 2. "Weekday Special" promo codes 3. Corporate account incentives 4. Extended rental discounts ### Scenario: Holiday Premium **Challenge**: High demand but need to manage expectations **Solution**: 1. Clear holiday surcharges 2. Minimum rental durations 3. Earlier booking windows 4. No additional discounts ## Troubleshooting ### Prices Not Calculating Correctly - Check rule priority order - Verify date ranges are active - Ensure units/fleets are selected - Test with preview booking ### Promo Code Not Working - Verify code spelling (case sensitive) - Check expiration date - Confirm fleet/unit selection - Test quantity requirements ### Rules Not Applying - Check all conditions are met - Verify rule is active - Review priority settings - Look for conflicts ## Best Practices ### Pricing Psychology - End prices in 9 or 5 ($199 vs $200) - Show value of longer rentals - Highlight savings clearly - Keep it simple for customers ### Revenue Optimization - Test pricing changes gradually - Monitor competitor rates - Adjust for local events - Use data to guide decisions ### Customer Communication - Display all fees upfront - Explain value clearly - Show savings achieved - Avoid surprise charges ## Related Guides - [Booking Management](../01-daily-operations/) - Process rentals with your pricing - [Reports & Analytics](../07-reference/) - Track pricing performance - [Fleet Setup](../02-inventory-setup/fleet-configuration.md) - Configure base pricing - [Gift Cards] - Additional revenue streams