Collecting deposits
Last updated
Last updated
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.
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.
Loopit provides flexibility in how deposits are processed:
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.
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.
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
This configuration will automatically charged any configured deposit during the initial application process.
This configuration will collect the deposit only after the booking has been confirmed.
This configuration will collect the deposit only after the booking has been activated.
