A common option offered is a non-refundable or noncancellable rate where in exchange for a discount, the guest agrees to book without the option for a refund in the event of a cancellation. Let's set one up together.
Specifications for our example are below so you can follow along. Yours will likely be different.
1. Rate is discounted 10%.
2. Discount is available for all reservations.
3. Deposit is 100% including taxes
4. Guests can book this option on their own online.
Step 1: Create a new Rate Type
Navigate to Settings → Rate Types
Click the New button to create a new rate type. See below for how we set up ours.
1. NAME: Give the Rate Type a NAME. The name is arbitrary but will appear to your guests.
2. DESCRIPTION DISPLAYED IN THE BOOKING ENGINE: The description here will educate your guests on what this rate is. This box supports simple HTML formatting. 
3. RATE QUALIFIERS: This rate is available to All guests on the booking engine. The MINIMUM (and MAXIMUM) NIGHTS can be configured if you want to offer this option only for certain lengths of stay. All room types are included in this rate type. 
4. PRICING: Select the second option, "Derive rates and restrictions from another rate type." In the drop-down box which appears, choose the base rate to derive rates and restrictions from.
In this example, the Best Available Rate is the rate type from which the Non-Refundable Rate is derived from. Any changes made to the Best Available Rate will automatically update the Non-Refundable Rate.
5. PRICING ADJUSTMENT: If applicable, choose an adjustment. In this example, the Non-Refundable rate is a 10% discount off the Best Available Rate. The adjustment is set to "Subtract," the value is "10," and the type of adjustment is "Percent."
Select a Yield Management Plan if necessary. 
6. DEPOSITS: The DEPOSIT TYPE is percent, and the amount is 100 because we want to charge the guest everything up-front. We are also going to include TAXES and ITEMS with the deposit.
Since the rates and restrictions are derived from an existing rate type in your account, there is no further action required! However, the rate type will have the same prices, minimum restrictions, maximum restrictions, closed restrictions, and stop sells as the rate it is derived from.
If you want to control rates, restrictions, or availability uniquely for this rate type, then select "Set rates and restrictions manually" under Pricing.
Related: Copy Your Rates and Restrictions from One Rate Type to Another
Related: How to Set Room Prices
Finally, we can test. Below is our new rate, as seen by prospective guests in the online booking engine. The Non-Refundable Rate option is first because it's the lowest price/night.
If you have any questions, please reach out to ThinkReservations support.