It depends on the management method the student selects at booking. As a homadorma host, you need to be comfortable with both methods.
- In the case of "Self Management”, Homadorma transfers security deposit to the host after the trial week. Ongoing homestay fee payment schedule is negotiated by the student and the homestay host. Homestay fee is paid directly by the student. Homadorma does not set the payment schedule.
- In the case of "Homadorma Management", Homadorma ensures both the host and the student have a clear understanding of the payment schedule. The first payment to the homestay host is the first month homestay fee. The amount is prorated based on the period from the move-in date on the contract to the last date of the month. The future homestay fee payments are made on a monthly basis on the 1st business day of the month. The homestay fee may come directly from the student or from Homadorma. It depends on the payment channel student chooses. Security deposit is converted to last month homestay fee held in the bank account of Homadorma. Last month homestay fee is paid, whichever occurs earlier, in the last month of stay, or when the “Homadorma Management" expires or terminates.
After Homadorma releases the payment, it takes some additional time for the money to get to you. The average processing time for each payout method is 1-2 banking business days.
What's Homadorma payment method?
We pay our hosts by direct deposit. We will ask hosts to provide us with bank account information (e.g., void cheque or direct deposit form issued by the bank) of the host or the spouse after a booking is confirmed.