Frequently Asked Questions About Renting Your Boat Through MyDayBoat.com
You say that I get direct client contact, yet I go through your site. How does this work?
MyDayBoat lists your boat on our site for free, and when the sale is made, we will take care of the financial transactions so that all you need to worry about is taking care of the client and making sure they have a great day on the water. MyDayBoat has a unique messaging functionality that allows you to chat directly with the client to answer all of their questions.
How do I get paid? Aren't I taking a risk if you are holding the money due to me?
We pay you as soon as the client boards your boat, you will recieve it the day of the charter or at worst case the next day. We in all cases will have debited the client's credit card, so you know that the money is being held for you and is not your responsiblity to collect.
How do the security deposits work - do you take care of that for me?
If you list a manadatory security deposit, we will pre-authorize it on the client's credit card at the time of booking, but will not debit it when you approve the sale. If there is breakage due to the client and you notify us of a dispute, we will then take the money from the client's credit card and hold it until there is a resolution, at which time we will pay you what has been agreed and refund the remainder (if any) to the client. We do not get involved in arbitrating disputes, as all marinas have dispute resolution procedures that are available. But we do provide you with security that the money will be there if there is a dispute.
You can elect to do this yourself, by taking a down payment or credit card impression from the client when they arrive in port. In this case you should state clearly in the rules how this will work, but do not list the amount of the security deposit in the additional expense items for your boat.
How much commission do you take on each sale?
All suppliers who sign up in the first year will be on a 7.5% commission schedule. We deduct this from the client payment and pay you the remaining 92.5%. This is the lowest commission in the industry, half or more of the normal commission you normally pay to brokers.
Will I need to pay income taxes on my earnings?
Owners in the U.S. who earn $600 or more will need to fill out a W-9 form. MyDayBoat does not withhold taxes, and owners are responsible for making quarterly tax payments. International owners are responsible for reporting their earnings to the appropriate tax authorities.
For further information
If you have any further questions about chartering your boat, we recommend you speak with the local marine authorities, as regulations vary depending on localities and can be complex. Happy Chartering!