The 'Cancellation Policy' is a really useful feature where you can create your own cancellation policy regarding online bookings.
To create one:
1. Go to 'Setup'.
2. Click on 'Settings'.
3. Select 'Cancellation Policy'
4. Here you can create your own 'Cancellation Policy' by clicking on located on the upper right side.
5. Once you've clicked on the '+ New Policy' button you can proceed to fill out the information as 'Action' and 'Notice'.
6. After you're done with the details click on 'Create Policy' for the policy to go live.
*Note: You can have only 1 policy at a time.