Cobot allows you to add custom rates to your Resources. By default, hourly rates apply to all bookings. Activating *Fixed Rates*, *Discounts,* or *Price Caps* will enable you to apply advance pricing for half and full-day prices and reduced rates for longer bookings.

This guide will cover:

# Fixed Rates

Fixed Rates allow you to add one price regardless of booking duration. This is particularly helpful if you wish to apply a fixed half or full-day booking price to resources.

For example, suppose you set a cap of €50 for a maximum duration of 4 hours. In that case, anyone booking that resource for any amount of time up to 4 hours will be locked in at the €50 rate. Here is how these would be applied:

1 hour | Fixed rate price | €50 |

2 hours | Fixed rate price | €50 |

3 hours | Fixed rate price | €50 |

4 hours | Fixed rate price | €50 |

To turn this on, go to *Resources » 'Edit' » scroll down to the 'Pricing' box » Flip the switch for 'Fixed Rate' » Enter the rate and maximum duration it is to be applied to » Scroll to the bottom of the page and 'Update Resource.'*

You can apply different price customizations for visitors/non-members by using the External Bookings feature and clicking on *'Customize for Public Resource'* below the advance pricing box.

## Multiple Fixed Rates

You can add as many Fixed Rates as you like. Bookings will then be charged the price up to that booking limit. This feature is useful when members are limited to booking only half-day and full-day prices.

For example, suppose you set a cap of €50 for a maximum duration of 4 hours. In that case, anyone booking that resource for any amount of time up to 4 hours will be locked in at the €50 rate.

If you set an additional cap of €100 for a maximum duration of 8 hours, all bookings made from 4 hours and 5 minutes or more will be charged at the €100 rate, up to 8 hours.

1 hour | 4 hour Fixed Rate price | €50 |

2 hours | 4 hour Fixed Rate price | €50 |

3 hours | 4 hour Fixed Rate price | €50 |

4 hours | 4 hour Fixed Rate price | €50 |

5 hours | 8 hour Fixed Rate price | €100 |

6 hours | 8 hour Fixed Rate price | €100 |

7 hours | 8 hour Fixed Rate price | €100 |

8 hours | 8 hour Fixed Rate price | €100 |

You can set multiple fixed rates by going to *Resources » 'Edit' » scroll down to the 'Pricing' box » Flip the switch for 'Fixed Rate' » '+ Add Fixed Rate' » Scroll to the bottom of the page and 'Update Resource.'*

**IMPORTANT NOTES:**

## Limiting Book-ability

Members can create bookings of any length unless you apply '*Available Booking Times*' or '*Booking Duration' limits.*' These can be customized within each resource.

If you **DO NOT** apply an '*Available Booking Times*' or '*Booking Duration' limits*' range, then any bookings made beyond your maximum Fixed Rate range will revert back to the lowest Fixed Rate price.

For example, if your maximum duration is 8 hours for €100 and a member books for 9 hours, they will be charged €150 as the lowest price cap rate is €50 (€100 + €50 = €150).

If you would like your members to book at the hourly rate and then have a reduced rate after a certain number of hours, then apply Discounts instead.

# Discounts

Discounts enable you to give members who make longer bookings a reduced rate. Unlike Fixed Rates, once enabled, members will be charged the hourly rate up until they reach the discount rate. Any bookings after that will have the discounted rate applied.

For example, if you have set your resource to have a €10 per hour rate, but a discounted rate of €8 per hour when 4 or more hours are booked, here is how these prices would be applied:

1 hour | Price/hour rate | €10 |

2 hours | Price/hour rate | €20 |

3 hours | Price/hour rate | €30 |

4 hours | Discount Price/hour rate | €32 |

5 hours | Discount Price/hour rate | €40 |

And so on. To activate this, go to *Resources » 'Edit' » scroll down to the 'Pricing' box » Flip the switch for 'Discounts' » Enter discount rate and minimum duration it is to be applied to » Scroll to the bottom of the page and 'Update Resource.'*

You can apply different price customizations for visitors/non-members by using the External Bookings feature and clicking on *'Customize for Public Resource'* below the advance pricing box.

## Multiple Discounts

You can add as many discounts as you like. When multiple are populated, the new discount will be applied once the minimum hour is reached. This is helpful for when you want to encourage your members to make longer bookings in a resource.

For example, if you have set your resource to have a €10 per hour rate, but a discounted rate of €8 per hour when 4 or more hours are booked, and a further discount rate of €6 per hour when 8 or more hours are booked here is how these prices would be applied:

1 hour | Price/hour rate | €10 |

2 hours | Price/hour rate | €20 |

3 hours | Price/hour rate | €30 |

4 hours | 1st Discount Price/hour rate (€8) | €32 |

5 hours | 1st Discount Price/hour rate (€8) | €40 |

6 hours | 1st Discount Price/hour rate (€8) | €48 |

7 hours | 1st Discount Price/hour rate (€8) | €56 |

8 hours | 2nd Discount Price/hour rate (€6) | €48 |

9 hours | 2nd Discount Price/hour rate (€6) | €54 |

And so on.

To activate this, go to *Resources » 'Edit' » scroll down to the 'Pricing' box » Flip the switch for 'Discounts' » '+ Add Discount' » Scroll to the bottom of the page and 'Update Resource.'*

# Price Caps

A Price Cap allows members to create a booking for an hourly rate up to a set number of hours. Once that cap is reached, the member only pays that fixed rate for any duration after that.

Think of it as a parking garage; you pay a few Euro an hour and then a day rate if you leave your car for more than 8 hours.

For example, a member can book a meeting room for €10 per hour for 5 hours. The total charge for this booking would be €50, at which point a Price Cap is applied. This means the member can continue to make bookings for 6 hours or more but will **never **be charged more than the Price Cap rate of €50.

You only need to add a single Price Cap, and your member will get that price regardless of the number of hours they book.

1 hour | Hourly rate applies | €10 |

2 hours | Hourly rate applies | €20 |

3 hours | Hourly rate applies | €30 |

4 hours | Hourly rate applies | €40 |

5 hours | Hourly rate applies | €50 |

6 hours | Price cap rate | €50 |

7 hours + | Price cap rate | €50 |

To activate this, go to *Resources » 'Edit' » scroll down to the 'Pricing' box » Flip the switch for 'Price Cap' » Enter the duration of time the member should not be charged after » Scroll to the bottom of the page and 'Update Resource.'*

**IMPORTANT NOTES:**

## Limiting Book-ability

Members can create bookings of **any length** unless you apply '*Available Booking Times*' or '*Booking Duration' limits*' to the Resource.

Price Caps are limited to one per Resource.

If you want to limit your members to book a half or full day for a single price, you should apply Fixed Rates instead.

If you would like your members to book at the hourly rate and then have a reduced rate after a certain number of hours, then apply Discounts instead.

Let us know if you have any questions by posting to this guide.

Happy Coworking!