Collecting deposits

Deposits are an important part of managing risk and ensuring security when offering car subscriptions and rentals. Loopit allows you to configure, collect, and manage deposits with flexibility. This guide will walk you through how to set up and manage deposits within the Loopit platform.

Configuring Deposits

1

Navigate to Settings

• Log in to your Loopit account.

• Go to the Settings menu.

2

Select Packages

• Click on Packages to manage the subscription or rental plans available to customers.

• Choose the package you want to associate a deposit with.

3

Set Deposit Amount and Type

• Scroll down to the Charges and Deposits section.

• Click on Deposits to access the deposit configuration settings.

• You can define multiple deposit types, but most providers will typically have a single Security Deposit.

• Specify the deposit amount (e.g., $500) and choose how it is handled.

Choosing How Deposits Are Charged

Loopit provides flexibility in how deposits are processed:

1

Hold Payment vs. Charge

• A Hold Payment places a temporary authorization on the customer’s payment method without actually withdrawing the funds. For example, you may place a $500 hold that lasts for seven days.

• A Charged Deposit deducts the deposit amount from the customer’s account, which can be refunded later based on their account status.

2

Deposit Timing

• Deposits can be collected at the time of booking, before vehicle pickup, or on the start date of the subscription/rental.

• This flexibility allows businesses to align deposits with their risk management strategy.

Choosing When Deposits Are Charged

It is possible to have your customers pay a deposit as part of the booking application process, or at the time of activation, in order to secure their vehicle.

When configuring a new deposit charge type against a package, you can choose between two options:

• Booking Confirmation

  • The deposit will be processed upon successful submission of the booking application

• Booking Activation

  • The deposit will be processed when the booking is activated

Collect Deposit On Application

This configuration will automatically charged any configured deposit during the initial application process.

1

Set Collect Deposit On

• Click on Packages to manage the subscription or rental plans available to customers.

• Choose the package you want to configure the deposit for.

• Select Deposits from the Charges and Deposits section

• Set the applicable deposit type to Collect Deposit On: Booking Confirmation

2

Configure Website Booking Settings

• Go to Settings, then select Booking Rules

• Select the Program Type that you want to configure deposit collection for

• From the Website tab, ensure Collect Deposit is selected

Collect Deposit on Confirmation

This configuration will collect the deposit only after the booking has been confirmed.

1

Set Collect Deposit On

• Click on Packages to manage the subscription or rental plans available to customers.

• Choose the package you want to configure the deposit for.

• Select Deposits from the Charges and Deposits section

• Set the applicable deposit type to Collect Deposit On: Booking Confirmation

2

Confirm the Booking

The deposit will now be charged once the booking is confirmed.

Collect Deposit on Activation

This configuration will collect the deposit only after the booking has been activated.

1

Set Collect Deposit On

• Click on Packages to manage the subscription or rental plans available to customers.

• Choose the package you want to configure the deposit for.

• Select Deposits from the Charges and Deposits section

• Set the applicable deposit type to Collect Deposit On: Booking Activation

2

Activate the Booking

The deposit will now be charged once the booking is activated.