Pricing - How do we calculate your pricing?
When you list your space with us, until the moment you deactivate your space, you have the ability to set up and amend your pricing. You can choose to do this automatically (we will take care of your pricing) or you can be in control and set your prices manually.
Now this is all set up, you may wonder how we calculate the pricing for your booking. It's not as clear cut as calculating the number of hours, days and weeks. It depends also on when a booking starts and when a booking ends. Don't forget that whilst listing with us is free, you will be charged for withdrawals and monthly bookings. For more information, check the following article. The booking information on your account will show what your earnings are minus these charges
First and foremost, your prices are also seen as caps. What does this mean? For example, if a driver books from 1 pm until 6 pm they would have to pay for 5 hours. However, they may pay the daily rate as that is seen as a cap. So if you set up £1 an hour and your daily price is £4, the driver would pay £4 for those 5 hours as it will not go beyond the £4 for a day. The same applies to weekly and monthly prices. Once they reached that cap, they will not be charged above that.
Important to know is that if you set your monthly price at £100, but your weekly price is only set at £10, the driver will pay £50 a month based on your pricing. Make sure that when drivers book your space on a monthly base, they will have an advantage of doing so. Therefore your monthly pricing should be cheaper than 5 times your weekly pricing.
This is the easy bit. It gets a bit more complicated when bookings overlap multiple days. We want to ensure you get paid accordingly and when bookings overlap multiple days you may find it difficult to rent out your space for the remainder of the hours left on a specific day. Hence why we have the "5 am rule".
The "5 am rule":
Whilst calendar days start and end at 00:00, the billing days for JustPark start and end at 0500 hrs rather than 0000 (0500-0500).
Each time a booking crosses the 5 am line, we round all preceding hours up to a day.
There is one exception to this. We do not do any rounding on a booking that starts and ends on the same calendar day. This is to prevent e.g. a 4 am-5 am booking from being charged at the price of a day.
Let's provide you with some examples, as this would greatly help you calculate how much you should receive on a given booking:
Some examples of same calendar day billing:
- 0600-2300 same day: 17 hours billed
- 0400-0500 same day: 1 hour billed
- 0000-0500 same day: 5 hours billed
- 0000-2300 same day: 23 hours billed
Some examples crossing the line:
- 2300-0500 next day: 1 day billed
- 0500-0500 next day: 1 day billed
- 2300-1000 next day: 1 day 5 hours billed
- 2200-1000 next day: 1 day 5 hours billed
Some examples of crossing the line twice:
- 0000-0500 next day: 2 days billed
- 0400-0600 next day: 2 days 1 hour billed
Let's look at a specific example:
Booking starts 01/01/20 at 02:00 and ends on 03/01/20 at 01:00
- This booking crosses 5 am on the 1st.
- Then crosses 5 am on the second.
- Then we bill for the remaining hours, 5 am on the second to 1 am on the third = 20 hours.
Depending on your daily and weekly charges, we would bill for the cheaper of 2 days 20 hours, 3 days, or a week.