Use Down Payments To Hold Rentals & Improve Conversions

August 24th, 2020 by

Unlike traditional eCommerce transactions, rentals have a variety of options for serving customers and collecting payment.

Where a regular sale simply involves offering products at a price, the customer pays the price and the transaction is completed.

Rentals, however, have several transactions types:

Offer rental and customer pays in full to reserve the item(s)

Offer rental and customer pays a down payment to reserve the item(s) and the balance due is collected before (or after) the rental period

Offer the rental for a stated price and require a refundable down payment to secure the item.

Offer the rental for a stated price but authorize the customer's credit card for an amount above the rental item (to compensate the business in case of loss/theft/damage.

Regardless of which option your business chooses, RentMy has the tools to support you.

To establish a down payment amount to "hold" a reservation (without requiring payment in full), visit the Business Settings > Checkout Options > Settings menu.

Rental down payments to hold a reservation

If you wish to require a fixed percentage of the rental total to hold the reservation, enter the desired percentage in the "Booking" field. For example, if you require a 25% down payment to hold the booking, enter 25 in the Booking field. You may also establish a fixed dollar amount (be sure to toggle the "Fixed amount" field.

To test your settings, click the "Submit" button and visit your Online Store. When you reach the payment screen, you will see the option for customers to pay in full and to pay the minimum amount you established.