I just did this at Ritz Carlton Half Moon Bay, but I suspect that we differ in some of the details.
I am using points and a cash upgrade to allow friends to stay at the hotel in two months. I went by the hotel and signed the credit card form in person, rather than faxing it in, and explained to the FD my intentions. Everything is noted on the reservation, including their names in the notes section.
It will stay in my name, I will get the points and stay credit and also the bill.
If you want your guests to pay for it with THEIR credit card, then have them check in with your credit card info and move it over on check out. You might even wait until after the points post before you do so.
The Ritz will take care of us, and I have had some experiences in Marriott hotels where I got credit for rooms booked in another name and another credit card - but it happens very seldom.
The credit card used to pay for it is key to you getting credit.
Just how good a friend are your friends?