RentMy – Rental and Sale Pricing Controller

September 30th, 2019 by

RentMy - Rental and sale pricing controller

RentMy - Rental and sale pricing controller. We have powerful pricing options to help you price your rentals for your specific workflow.  RentMy offers several options to price your products in a way that matches your current rental operation.  Choose from any option (by product, if you prefer) to help you accomplish your objective.

To set or adjust the price for a product, visit the Manage Inventory screen. Click on the name of the product.  Once product detail is open, click the Price tab.

Best Rental Software Advanced Rental Price Options Sell Price:  Just like it sounds, enter a value here to offer the product for sale. This is optional; if you don’t want to offer a “for sale” price, just leave this field blank.  RentMy permits you the rent and sell the same product (without having to create multiple SKUs/products). Advance Rental Price Options 2

Rental Options:

Basic Rental Rate:  Use the Basic Rate option when you want to offer an item for rent for an indefinite period of time for one fixed price.  You may set this price to zero if you prefer, and the value you enter into this field is the amount to be charged, regardless of how long the item is rented.  A typical example of how Fixed pricing is used is for businesses or clubs who simply want to track their inventory, rather than profiting from it.

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Standard Rental Rate:  Use the Standard Rate option when you want to offer an item for rent for a set price per term, for example, $10 per day, regardless of the number of days selected. Rental charges are calculated as the price multiplied by the number of periods.  In our example, if the rental term is 4 days, the rental charges = $10 x 4 = $40.  You can set a price for hourly, daily, weekly and/or monthly periods.  And, the term needn’t only be 1 (like 1 day). You can set the term for 3 days for $25, for example.

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Advanced Rental Rate:  The most powerful of the RentMy pricing controls, Flex Rental Rate allows you to establish multiple options for each interval (hour, day, week or month), allows you to establish the number of intervals the price is offered and also allows you to establish a second tier of pricing.

Examples:

  1. Example: $10 per day: To offer an item for $10 per day for the first day and $10 each additional day, populate the duration and range fields in the daily interval with a “1”.  Enter “10” in the amount field. Enter a “10” in the amount field and a “1” in the duration field.  Once you click Submit, RentMy will calculate rental charges as $10 per day x the number of days of the rental period.
  2. Example: $10 for the 1st day, $7.50 each additional day: To offer an item for $10 per day for the first day and $7.50 for each additional day. Populate the duration and range fields in the daily interval with a “1”.  Enter “10” in the amount field, and enter a “7.50” in the amount field and a “1” in the duration field.  Once you click Submit, RentMy will calculate rental charges as $10 per day for the first day + $7.50 per day times each additional day.  In the case of a 3 day rental, for example, rental charges will total $10 + $7.50 x 2) = $25.
  3. Example: $10 per each day for the first 3 days and $5 for each additional day after the third day. Populate the duration field with a value of “1”, populate the range field with a “3”. Enter “10” in the amount field.  Then enter a “5” in the amount field, and enter “1” in the duration field.  Once you click Submit, RentMy will calculate rental charges for a 5-day rental, for example, as: ($10 x 3) + ($5 x 2) = $40
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RentMy will reflect the lowest price based on the rental scheduling inputs by picking the greatest term that will “fit” into the term selected for the rental.

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