If you have a section in your Resource settings (under Resources » Edit Resource) called "Price Caps" and "Discounts," then you have a feature active called "Advanced Resource Pricing."

We have entirely re-worked how this feature works to enable you to apply true Price Caps to your resources, which is not currently the case.

This guide will walk you through how the current feature works and what to expect when the new feature becomes available.

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 flat 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.

Currently, Price Caps do not actually apply a proper Price Cap. Instead, it allows you to apply a discounted rate per hour, which means you need to use multiple Price Caps to achieve a true Price Cap.

Additionally, if you set multiple Price Caps and the member books more time passed the last cap you applied, they will be charged the Price Cap rate plus the hourly rate.

For example, say you add a Price Cap for 6 hours to cost €50 and another for 7 hours to cost €50 (as indicated in the above image), but the member books 8 hours.

They will then be charged the last price cap rate of €50, plus the additional hourly rate of €10 for a total of €60.

*Your current features will still work until you deactivate them.

Now you can apply a single price cap to any resource. Adding one will allow members to book the hourly rate up to the Price Cap and a flat rate after that.

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.

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

If you want to limit your members to book a half or full-day for a fixed price, you will be able to! A Fixed Rates feature will be available when the new Price Cap feature is out.

If you would prefer to use Fixed Rates when they are available, the only action you’ll need to take on Price Caps on April 26 is to delete them. You’ll be able to set up Fixed Rates at the same time.

Happy Coworking!