Cancellation policy
A cancellation policy defines what happens when a guest cancels: how late they can do it, and how much they get back. Policies usually range from flexible — a full refund up to a day or two before — to strict, with little or no refund.
The right policy balances two risks: too strict and you lose bookings to cautious guests; too loose and you carry the cost of last-minute holes in the calendar. Whatever you choose, showing it clearly at checkout prevents disputes later.