The basics
Space booking software
Space booking software is a system that lets customers see when a room, studio or venue is free, book it for a set time and pay, while the owner manages bookings, payments and customers in one place.
Bookable space
A bookable space is a room or venue that people rent for a set period, usually by the hour, such as a photo or podcast studio, an event hall, a meeting room or a rehearsal room.
Booking page
A booking page is a public web page where customers see a business's spaces, prices and availability and book and pay without messaging the owner.
Live availability
Live availability means customers see the times a space is actually free, updated as bookings come in, instead of asking the owner and waiting for a reply.
Bookings
Instant book
Instant book is a setting where a booking is confirmed automatically as soon as the customer pays, without the owner approving it first.
Booking request
A booking request is a booking that waits for the owner to accept or decline it before it is confirmed, usually with a deadline for the owner to respond.
Double booking
A double booking happens when two customers are booked into the same space for overlapping times, usually because bookings were taken in more than one place.
Minimum booking length
A minimum booking length is the shortest time a customer can book a space for, such as two hours, set so that short bookings still cover the cost of opening and cleaning.
Blocked time
Blocked time is a period marked as unavailable on a space's calendar, for maintenance, a private event or a holiday, without changing its normal operating hours.
Walk-in booking
A walk-in booking is a booking made in person at the space or over the phone, entered by the owner or staff rather than by the customer online.
Booking reminder
A booking reminder is a message sent to a customer before their booking, usually a day ahead, to confirm the time and place and reduce no-shows.
No-show
A no-show is a customer who books a space and does not turn up and does not cancel, leaving the time unused and, if unpaid, unearned.
Cancellation policy
A cancellation policy sets how much a customer gets back if they cancel a booking, depending on how far ahead of the start time they cancel.
Pricing
Hourly rate
An hourly rate is the price a space charges for each hour it is booked, multiplied by the length of the booking to give the base price before extras.
Peak pricing
Peak pricing is charging a higher hourly rate, often with a longer minimum booking, on the days or times when demand for a space is highest, such as weekends.
Add-ons
Add-ons are extras a customer can pay for on top of the space itself, such as a lighting kit, a projector, an engineer or extra cleaning, priced as part of the booking.
Booking commission
A booking commission is a percentage of each booking that a platform keeps, as opposed to a flat subscription fee that stays the same however much you book.
Payments
Booking deposit
A booking deposit is part of the price paid in advance to hold a booking, with the balance due later; some spaces instead take the full price when the customer books.
Caution deposit
A caution deposit is a refundable amount held against damage or loss while a customer uses a space or equipment, returned after the booking if nothing is damaged.
Payment link
A payment link is a web address that opens a checkout for a set amount, so a customer can pay online from their own phone or computer.
Virtual account
A virtual account is a bank account number created for a single payment or customer, so that a bank transfer into it can be matched automatically to what it is paying for.
Payment reconciliation
Payment reconciliation is matching each payment received to the booking or invoice it is for, so you know what has been paid, by whom and what is still owed.
Payout
A payout is the transfer of money a business has earned through a booking or payment platform into its own bank account.
Running the space
Point of sale (POS)
A point of sale (POS) for a space is where staff create a booking on a customer's behalf, at the front desk, on the phone or from a chat, and take payment for it.
Utilisation rate
Utilisation rate is the share of a space's open hours that were booked in a period, shown as a percentage: booked hours divided by available hours.
KYC (identity verification)
KYC, short for know your customer, is the identity check a payment or booking platform runs on a business before it can accept payments and receive payouts.
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