You need to inform Booking.com as soon as they don’t turn up. I have the payment has taken by them and with a 3 day cancellations policy still get paid by b.com if they don’t turn up.
Once you get used to it being monthly it’s actually a good way of doing it as you know that you will be getting one large chunk of money each month. This also keeps your bank charges down. Hope that helps
I have found that if you contact your guests with a welcom / thank you for booking message and start to build a relationship with them it greatly reduces cancellations. It also makes them feel special and important. I have had very few cancellations, the two I have had have been due to illness and a cancelled plane. Hope that helps