Hello,
Some our customers had problem with functionality of our component. Main problem was that if anybody book some period, that time period is blocked for other users. But user who blocked that time doesn't have to pay for it. So there is reservation in the system which will be never active and nobody else can reserve that time.
Reservation Expirations should solve this problem. You can set "online payments only" and it means that new reservations are not paid and not active (still available for other users). First user what will pay will reserve that time.
After reservation and Before Booking... There you can set time until when customer have to pay for it.
Disabled should be original mode (how it works before). But there is probably bug, because it hides some payment methods too.