Each owner decides what he/she wants to accept for payment, by displaying their payment policies and methods of receiving payment on their unit listing site. An easy way for a host to accept credit cards for rental payments is to sign up for PayPal.
If you decide to use PayPal, the first step is to go to www.PayPal.com and sign up with your personal information.
Once the company has verified your credit card and address (usually done by charging $0.02 to your credit card and upon receiving a bill, you enter the code # after PayPal’s name on you credit card statement), you can then send and receive money to anyone with an email address who has registered with PayPal.
TO SEND FUNDS, click “Send Money”. You can send money using a credit card or funds already in your PayPal Account. You can choose the currency of your payment. PayPal sends the recipient an email to let him/her know you’ve paid, so he/she can claim the money in PayPal.
TO ACCEPT PAYMENT, login to your PayPal account and payments will automatically appear in your account. You can then transfer it to your bank account or credit card.
For further details, fees and instructions, please view PayPal’s website: www.PayPal.com
Please note, however, that PayPal does not support vacation rental payments. You can certainly use it as an owner to accept rental payments but in case of a dispute you will most likely loose. Please see this article for details.
Fact is, however, that even with this slight risk, a lot of owners use PayPal for their transactions.