Deposits vs. Down Payments

September 28th, 2020 by

What's the difference between "Deposits" and "Down Payments"?

The RentMy deposit feature allows you to establish an amount (at the product level) to provide protection in the case of an unexpected event.

Set up deposits on rentals
Configure deposit amounts for each product

The deposit amount is added to the order total, and may be refunded at the end of a rental if the product(s) is returned in the expected condition. RentMy even offers an "authorize only" feature to allow you to ensure the customer has enough funds to cover the cost of the deposit without capturing funds (and paying the associated fees levied by your preferred merchant processor).

Down Payments allows you to establish a minimum amount due from your customers to hold a rental. When down payments are configured, you can collect the balance due on booked orders prior to fulfillment or even after the rental.

To establish the Down Payment amount, visit the Business Settings > Checkout Settings > Settings menu. Enter the percentage or dollar amount needed to "hold" the order.

Establish a down payment amount to hold an order.
Establish the amount due to "hold" a rental

Your customers will have the option to pay only the Down Payment amount or the total amount due.

Using down payments to hold rental orders.
In this example, a 50% down payment is required to hold the order

If the customer opts to pay the Down Payment amount, the order will be reflected as a "Partial Paid" status. You can collect the balance due from the card used to pay the down payment, or you can make other arrangements with your customer and update the order accordingly.