Charge (Immediate Payment)

A Charged Deposit is a payment type where funds are physically deducted from the customer’s account and held by you as collateral. This provides a higher level of security than a temporary hold, as the funds are secured in your account for the duration of the subscription or rental.

How it Works

• Immediate Transaction: Unlike a hold, the deposit amount is fully processed and withdrawn from the customer's payment method.

• Collateral Management: The funds are held as a security bond and can be refunded back to the customer's account based on their account status at the end of the booking.

• Configurable Timing: You can choose to trigger this charge at Booking Confirmation or Booking Activation depending on your specific risk strategy.

Key Benefits

• Guaranteed Liquidity: You have immediate access to the security funds, eliminating the risk of a card hold expiring.

• Risk Mitigation: Holding the cash as collateral ensures you are protected against significant damages or outstanding obligations at the end of the term.

• Automated Workflow: Loopit handles the collection process during the initial application or activation flow, so you don't have to chase manual bond payments.