Hold (Temporary Authorisation)

A Hold Payment (often referred to as a "Security Hold") is a temporary authorisation placed on a customer’s payment method. Unlike a charged deposit, this method ensures funds are available without actually withdrawing them from the customer's account.

How it Works

• Authorisation: Loopit places a temporary hold on the specified amount (e.g., $500) at the time of booking or activation.

• Duration: These holds typically last for a set period, such as seven days, before they expire.

• Usage: This type of deposit is ideal for covering potential damage excesses, traffic fines, or minor incidentals while ensuring the customer is not out-of-pocket for the full amount upfront.

Key Benefits

• Asset Protection: You verify that the customer has the necessary funds available before they take possession of the vehicle.

• Customer Experience: Since the funds aren't physically deducted, it reduces the immediate financial impact on the subscriber.

• Flexibility: You can choose to collect the hold at the time of Booking Confirmation, Booking Activation, or on the Start Date.