Since the launch of the Hubtiger Rental and Demo software, our team has received an overwhelming amount of positive feedback from our community and it has fueled our drive to continually enhance our software.
We understand that some of your customers want extended access to your rental equipment, whether it’s for weeks, months, or even longer. Your requests have not fallen on deaf ears. We’re super excited to introduce our latest update to the Hubtiger rental and demo software – Long-Term Rentals.
With Hubtiger’s long-term rental capabilities, you can cater to a broader range of customers and open doors to new revenue streams. Whether you deal with high-end sports equipment, tools, or any rental inventory, this addition is designed to streamline your workflow, drive returns to your shop, and provide an unforgettable customer experience, giving you the bandwidth to concentrate on what’s most important – scaling your business.
Managing long-term rentals can be complex, but not with Hubtiger. Our easy-to-use software simplifies the booking, tracking, and communication processes, ensuring seamless management of your long-term rental agreements.
Extended Rental Duration
With Hubtiger, you can now offer rental periods that stretch beyond the typical hourly or daily options. This flexibility allows you to accommodate a wider customer base, including specific groups of customers, like students. Consider a scenario where students need specific equipment for an entire semester, whether it be for a project or personal purposes. By providing extended rental periods, you enable educational institutions to offer cost-effective solutions for students without the burden of purchasing expensive equipment.
If you’d like to customise your rental duration times to fit both your and your customer’s needs better you can do so. Additionally, we’ve introduced the ability to adjust rates based on the length of the rental and the equipment involved. This gives you the flexibility to offer discounts for extended rentals or modify pricing during peak periods.
You can now tailor your pricing strategy to accommodate long-term renters. You have the freedom to set competitive rates that attract extended rental agreements while ensuring profitability.
Subscription Based Payments
You can now offer subscription-based payments to your customers for long-term rentals. This feature simplifies their experience and encourages longer rental commitments.
Imagine you run a mobility equipment rental service, offering essential equipment like wheelchairs. Picture a scenario where a customer needs a wheelchair for an extended period, say six months due to a recovery process. By offering subscription-based payments, you can set up automatic, hassle-free billing every month. It’s a win-win, making life easier for both you and your customers.
You have the flexibility to set up these recurring payments over weekly, monthly, or custom periods.
Managing your long-term rentals with Hubtiger
Step 1: Log in to your Rental Platform:
Start by logging into your Hubtiger profile. Head over to the ‘Settings’ tab to kickstart your setup.
Step 2: Choose Your Rental Type:
Under the rental settings, you’ll find two options to choose from:
Fixed-Length Rental: Perfect for rentals with a set duration, such as a day or a week, catering to scenarios like tourists renting a scooter for a week-long adventure.
Flexible Rental: This option is designed for shops offering more versatile rental periods tailored to their unique needs. It’s an ideal choice for shops that rent out heavy machinery to contractors requiring extended equipment rental durations.
Step 3: Set Your Rental Rates:
Once you’ve chosen your rental type, you can specify your rental duration rules, and time unit pricing rules as well as create pricing groups.
Setting the Minimum and Maximum Duration: First, determine your rental durations. For the purpose of this example, we set our minimum rental duration at 5 days and capped it at a maximum of 366 days. Here, you have two options for calculating daily rentals:
- 24-Hour Duration: A one-day rental spans a full 24 hours. For instance, a product is reserved at 10 a.m. today and returned by 10 a.m. tomorrow counts as a single day. Return it later, and an additional day gets added.
- Calendar Day Count: Each day past midnight is a new day. If a customer reserves a product at 10 a.m. but returns it at 10 a.m. the following day, it’s counted as two days.
Define Time-Unit Pricing Rules: Next up, configure your time-unit pricing rules. These allow you to establish day ranges, like 1-10 days or 11-20 days, and set per-day pricing for each range. If you offer a flat daily rate regardless of the rental duration, simply match the min and max settings with your established rental durations. For instance, 5 Days to 366 Days.
Configure Pricing Groups: Lastly, if you’ve chosen the flexible rental type, you’ll need to create pricing groups linked to specific rental products or accessories. Set the daily rate for each time-unit pricing rule you’ve established. For example, you could price 1-20 days at $100 per day, and offer a slightly discounted rate of $95 per day for the 21-30 days tier.
Once you have enabled long-term rentals, your customers can easily select their rental item, set the duration, and specify pick-up and return details when booking a rental from your website. Take a look at our demo widget to see it in action.
How To Set Up Subscription Payments in Hubtiger
Step 1: Enable Long Term Payments:
To set up recurring rental payments, ensure you’ve enabled long-term rentals following the steps above. Once that’s set, navigate to ‘Settings’ in your Hubtiger Rentals portal. Within ‘Settings’, click on ‘Long Term Payments Configuration’ and toggle on the option for long term payment options.
Step 2: Specify Your Minimum Rental Period and Billing Frequency:
To enable these payments, start by specifying your minimum rental period e.g., a minimum of 1 week. Next, you can adjust your payment frequency. You can also specify a minimum initial payment as well as provide your customers with the choice of either recurring payments or paying the full amount upfront.
Step 3: Complete the Setup:
After saving your settings, you’ll be able to see the payments for any confirmed bookings under the ‘Quote’ on the booking card. Here, you’ll find an overview of both past and upcoming long-term payments as well as any failed payments.
See How Hubtiger Works For Your Rental Shop
Whether you’re an existing Hubtiger user looking to set up long-term rentals or new to Hubtiger and curious about how our rental software can benefit your shop, we’ve got you covered. Book a demo, and our experienced team will walk you through the process, answering all your questions along the way.