COVID-19 Discussion


  • MyVR Employee

    @aaron-ely

    In response to your comment "every refund has been processed and debited from my bank account immediately with no issues", I just wanted to clarify for you and others that Stripe has indicated to us (and we shared earlier in this thread): they're looking at whether your current balance in Stripe is positive or negative, unfortunately not your bank account. So, they say, a sudden spike in refunds turns your Stripe account to the negative and trips their algorithms (it sounds as though you can still get a reserve placed on your account even if you don't actually go to the negative, but that this is the best way to lower the risk of that happening).

    I just got an update from Stripe, which I'll post in a separate message. But they continue to recommend moving your payouts to manual and to put funds back into your Stripe account before you process a lot of refunds.


  • MyVR Employee

    @jonathan-murray

    Hi all -

    I got an update from Stripe. His email is below and here are a few summary bullet points:

    • they continue to recommend moving payouts to manual so you're not automatically and constantly sweeping funds out of your Stripe account
    • they recommend adding funds to your account before you process refunds
    • they created a new tool in your Stripe dashboard to make this easier (but you can also wire them funds)
    • the 25% 'reserve' they are placing on some accounts is something that happens via algorithm and not manually, but the best thing you can do to try to avoid this is the above
    • he didn't give any guidance as to how to remove once it's in place or how long it stays in place, but that it's something they're monitoring

    Here are some earlier updates that I'll recap here as a reminder:

    • they are putting a 'reserve' on some accounts (holding 25% of funds for 28 days) and this stems from either a spike in chargebacks or refunds, which trips their algorithms because they view there being increased risk of their not being able to refund consumers (or delaying the refunds)
    • Stripe is refunding their fees for many users who have a lot of refunds due to COVID-19. You need to reach out to Stripe support to request that.

    Note in the email below that he says "Dashboard > Settings > Bank accounts" as the location for the new "top-up feature" but for my Stripe account it appears to be located here: "Dashboard > Settings > External payout accounts and scheduling".

    Email from our Stripe contact:


    Hi Jonathan,

    So sorry for not getting back to you Friday. The top up feature I mentioned is available to Direct and Standard accounts, and I've confirmed it's available for the account in question. I believe it's available for all your Standard Connect accounts but need to confirm tomorrow.

    Users can access it as follows:
    Log into Dashboard > Settings > Bank accounts and scheduling > Switch to Manual Payouts
    Find option to "Add funds"
    Click "Enable" to be able to send funds to Stripe for refunds
    Send wires or ACH credit transfers to the account and routing number specified including the below details:
    Beneficiary name: Stripe Payments Company
    Beneficiary address: 510 Townsend Street, San Francisco CA 94103
    Account number: Account number in the dashboard
    Routing/Domestic Fedwire number: Routing number in the dashboard
    SWIFT BIC: WFBIUS6S
    Bank name: Wells Fargo Bank, N.A.
    These are virtual bank accounts which enable us to associate incoming funds with individual accounts rather than having to write us to ask us to reconcile funds manually, which means that each account will see a different account and routing number combination.

    Since the determination of adding a reserve is done programmatically, I can't say for sure that avoiding a negative balance will also avoid a reserve. I also unfortunately can't say exactly when the reserve will be lifted, just that we're keeping an eye on the situation and will lift them as soon as we can. Let me know if your users have any trouble finding the prefunding option, and I'll be happy to look into it for them.


  • Leader

    @jonathan-murray I still haven’t found the option or instructions on adding funds. Can you post instructions here?

    Thanks!

    Jenny


  • MyVR Employee

    @jenny-oest

    Hi Jenny, it was earlier in this thread but formatted poorly. Let me clean it up and repost it here:

    "Users can access it as follows:

    • Log into Dashboard > Settings > Bank accounts and scheduling > Switch to Manual Payouts
    • Find option to "Add funds"
    • Click "Enable" to be able to send funds to Stripe for refunds
    • Send wires or ACH credit transfers to the account and routing number specified including the below details:

    Beneficiary name: Stripe Payments Company
    Beneficiary address: 510 Townsend Street, San Francisco CA 94103
    Account number: Account number in the dashboard
    Routing/Domestic Fedwire number: Routing number in the dashboard
    SWIFT BIC: WFBIUS6S
    Bank name: Wells Fargo Bank, N.A.

    These are virtual bank accounts which enable us to associate incoming funds with individual accounts rather than having to write us to ask us to reconcile funds manually, which means that each account will see a different account and routing number combination."

    Note that in the above, he says "Dashboard > Settings > Bank accounts" as the location but in my personal Stripe account, it is here: "Dashboard > Settings > External payout accounts and scheduling". The rest of the instructions should work.

    He did say "Let me know if your users have any trouble finding the prefunding option, and I'll be happy to look into it for them" so if it is by chance NOT there for you, it will be quickest if you email me your Stripe account string (to jmurray@myvr.com) and I'll forward it to him to make sure you actually have access. He sounded to me like he thought everyone should have it.


  • Leader

    @jonathan-murray GOT IT! I misunderstood that to only be for the wire transfers. Thanks!


  • Newcomer

    Has anyone received compensation from Airbnb for the extenuating circumstances fiasco?


  • Explorer

    @alanna-schroeder Great question. Let's keep this thread open.

    TBH, AirBnb dismantled the Property Management Support team what seems ages ago now. We've been receiving after hours calls about non-emergency issues from their off-shored support staff ever since they did that.

    Grateful we have a very responsive account manager with VRBO.


  • Explorer

    @alanna-schroeder Hi Alanna. I just received an email with a credit of 25% of my lost income that is to be applied to future charges from Airbnb.


  • Explorer

    Just a note regarding AirBnb's Host COVID-19 compensation program.

    AirBnb's website reads that they will only be compensating Hosts for guest initiated cancellations.

    However, for the past six weeks, their telephone customer support has been directing the Guests to us for cancellations.

    In other words, they are burdening us with extra work and possibly trying to reduce their financial liability.

    We have been sending the guests back to AirBnb


  • MyVR Employee

    @jonathan-murray

    Hey all - I wanted to share a brief update regarding channel management billing & refunded transactions...

    As you might have seen in our in-product announcement, we ultimately decided not to implement the 25% cap on the usage of booking fee credits. Instead, 100% of your credits will be applied to your channel fee invoice.

    If your credits don't cover your invoice for this month, we will also waive any remaining commission fee charges beyond that. In short, no channel management fees for April and May. Full details (including eligibility) are in today's product announcement - so please check that out.

    We'll also extend that to next month's billing, too (May bookings, which are invoiced on June 1). If you still have credits remaining after June 1 billing, you can apply 100% of them to future invoices. No cap...

    Thanks for bearing with us! We received a small PPP loan and are going to absorb this substantial drop in revenue for a few months in an attempt to share the love and show our support as best as we're able. I know it's not much but hopefully it helps those of you who are struggling financially right now.

    [note: my earlier post with an illustrative example of how these account credits are applied has been updated]


  • MyVR Employee

    @jonathan-murray

    Hey everyone - just following up on this thread, since the May invoices for channel management hit your accounts on June 1.

    You have probably seen your April and May channel management invoice and noticed no fees have been charged. As previously promised, any channel management fees over and above your accrued credits have been waived for these two months. We hope this provided some financial relief for many of you during these difficult times.

    We will return to normal billing starting with your June Channel Management invoice, which will be issued on July 1st. We hope everyone is hanging in there. We are encouraged by the increase in bookings we saw last month across the platform, and June has started strong. We're hopeful business continues to come back for everyone.

    We appreciate your support and if there’s anything we can do to help, please don’t hesitate to reach out.


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