You can set both by-the-hour and by-the-day pricing for your bookable and flexible spaces. A help doc on hour and day pricing might appear a little unnecessary as it's pretty self-explanatory. Instead the purpose of this article is to cover the underlying logic that powers the Habu booking engine that ensures your members are guaranteed to always pay the best price.
When you're setting up a bookable or flexible space, you have the option to price by the hour, by the day, or both. We'll cover all of these possibilities.
It would be more precise to define hourly pricing as by-the-minute pricing. If you'd only set 'Price per hour', then your member would be charged to the nearest minute for how ever long that booking is.
For example, If they were to book Meeting Room 2 (above) which is priced at $100 per hour for 20 minutes they'd be charged $33.33 calculated as 1/3 of the hour price. 30 minutes would be $50, and 10 hours would be a pricey $1000.
If you set only 'Price per day' then regardless of however long the booking is, your member would be charged a flat rate of $300, whether that's 30 minute or 20 hour booking.
Hour and Day Pricing
When you set both hour and day pricing, Habu always calculates the best and fairest price possible for you members within the parameters that you've set.
If your member had made a 2 hour booking, Habu would calculate the price of that booking by the hour. However, if the booking was for 3 hours 30 mins, Habu would automatically charge according to the day price, because the hour pricing ($350) would exceed the day price ($300).
The calculations going on behind the scene mean that neither you nor your members need to think about the pricing for a booking
We call the underlying calculation behind this the Withers Ratio. This is in honor of Mark Withers, one of our developers, who worked on this and this is a picture of him working on it: