How to set up security deposits for your rental products
In the rental industry, security deposits are used to give you insurance that customers return your products in the condition you rented them out or cover the costs of repairs or replacements. Rentle's security deposits are tied to Rentle Payments. You can define whether or not you want to charge a deposit per product as well as the amount of the security deposit.
Note: To reserve deposit automatically with online payment on your online store, you have to enable card payments from Rentle Payments.
Turning on the security deposit
To add deposits for a specific product, go to Products > [select the product for which you want to add the security deposit] > Settings. In the settings tab, you will find a simple toggle under the Deposit section. Simply switch the toggle on and define the sum you want to reserve.
How Rentle's security deposits work
Rentle's security deposits are technically a pre-authorization that Rentle makes on your client's credit card. Rentle doesn't charge the funds from the bank account, we only block the funds temporarily until all your products have been returned in good condition.
Deposits are reserved automatically from the client's credit card 24 hours before the booking starts. The funds will be released immediately after the rental is marked as returned. Thus, before marking an order returned, make sure all your gear is returned and that the condition matches your terms and conditions.
In case you have to charge the whole or part of the deposit amount, go to Bookings > [select the right booking] > Payment overview. Then, on the right side of the page, click Charge. You're then asked to define the charged amount and a short reason for charging the deposit.
Tip: You can use the security deposit feature even without Rentle Payments. In this case, the feature works more as a reminder to you, and you have to reserve the deposit manually in your store.