Why haven't I received the full amount of my monthly rental price?
Payment for monthly bookings is made on a pro-rated basis. This means that if the Driver started parking this month, or this is their final month of rental, you'll only be paid for the days used.
Example 1: A Driver starts parking on April 9th, you'll be paid for the period 9th-30th April on May 1st.
Example 2: A long-term booking ends on April 9th, you'll be paid for the period 1st-9th April on May 1st.
How is this calculated?
We calculate our pro-rated payments based on the number of days in the month. It makes February a very valuable month, but it's the same way we charge Drivers, so it's only fair!
Example 1: A monthly booking earning you £50 per month starts on May 8th. Since the Driver only parks from 8th-31st, we only charge them and pay you for that period (24 days). So 31 days in May gives you a daily rate of £1.61 (£50/31 days), the Driver parks for 24 days meaning you earn £38.64(£1.61 x 24 days), paid to you on June 1st.
Example 2: Your Driver has been parking with you since 2018, but they're now moving house so no longer need it. You earn £75 per month for the booking and they're moving out on September 6th. 30 days in September gives you a daily rate of £2.50 (£75/30 days), you're only paid for the period 1st-6th September (6 days), so your final month's rent will earn you £15 (£2.50 x 6 days) paid to you on 1st October.
Things to keep in mind:
1. We make one separate payment for each monthly booking, if you have two bookings you can expect to see two separate deposits into your Bank or Paypal account.
2. We pay monthly bookings and short-term bookings separately. Again, if you have a combination of daily and monthly bookings you'll see two separate deposits in your account. On occasion, these are made on different days but will never be later than the first working day of the month. So if you're pleasantly surprised by payment on the last day of the month, please wait until 19:00 pm on the 1st business day to raise any queries.
3. We tend not to pay out for bookings which start in the last few days of the month. The amount is usually under £10 which we don't pay out anyway, plus there's a chance the booking might still be cancelled. A booking starting on the 28th will typically result in a payment of one month + the additional days on the following payment run.
One final note..
This one's nothing to do with us, and we do try to make it clear when selecting your payment method, but just in case you missed it: Paypal charges a small fee (£0.20 + 3.4%) to have your earnings paid through their platform, so if your payment is a couple of pounds out that could be why!
Have a short term booking? Here's why your earnings might be lower than expected.
YourParkingSpace Office Hours
|Monday:||9am - 5pm|
|Tuesday:||9am - 5pm|
|Wednesday:||9am - 5pm|
|Thursday:||9am - 5pm|
|Friday:||9am - 5pm|
|Saturday:||10am - 5pm|
|Sunday:||10am - 5pm|