Why do I need to pay a deposit as a renter?

Learn more about security deposits.

Monika Barauskaite

Last Update 5 個月前

What is the purpose of the deposit?

The deposit is a security measure taken to protect the equipment being rented. It ensures that any damages or losses incurred during the rental period can be covered.

How much is the deposit, and when is it due?

The deposit amount and due date may vary depending on the equipment being rented. In general the deposit is determined by the value of the equipment being rented, the higher gear value — the higher deposit. We will provide you with the specific deposit details during the booking process.

How can I pay the deposit?

We accept various payment methods for deposits, including credit cards, debit cards, and online payment platforms. We'll provide instructions on how to make the payment securely during checkout.

When will I get my deposit back?

We will refund the deposit (minus 3.5% payment processing fee) as when all of the equipment and accessories are returned and verified by the lender. Deposits will be released two days after the rental has been completed. From there it depends on your payment provider — typically 1-5 business days. 

Are there any deductions from the deposit?

Yes, there is a 3.5% payment processing fee that will be deducted from the deposit. This fee is imposed because we utilize Stripe as our payment service provider, and they charge a fee for holding and processing the payment.

It's important to note that this fee is separate from any deductions made for damages or losses to the rented equipment. The payment processing fee covers the cost associated with securely handling and processing the payment transaction through our chosen payment service provider.

If there are damages or losses to the rented equipment, we may deduct the necessary amount from the deposit to cover the repair or replacement costs. We will communicate with you regarding any deductions made and provide an itemized breakdown if necessary.

What happens if the deposit doesn't cover the full cost of your Own Risk?

In the rare event that the deposit amount doesn't fully cover the Own Risk of your selected Coverage, we may contact you to discuss the additional charges. We will provide a transparent explanation of the situation and work together to find a satisfactory resolution.

Can I opt for Coverage instead of leaving a deposit?

No. Currently, we require a deposit for all new renters. If the Deposit is too high, we recommend you to rent equipment of less value as the deposit is determined by the gear value.

Is the deposit refundable if I cancel my rental?

If you cancel your rental within the specified cancellation period, you are eligible for a refund of your deposit minus the 3.5% Payment Processing Fee.

What should I do if I don't have enough money in my bank account to pay for the deposit?

If you don't have sufficient funds in your bank account to cover the deposit, we recommend exploring alternative payment options or renting equipment of lesser value. Here are a few suggestions:

1. Credit Card: Check if you have an available credit limit on your credit card that can be used to pay the deposit. Credit cards often provide a flexible payment option for such situations.

2. Debit Card or Prepaid Card: Confirm whether your debit card or prepaid card has enough funds to cover the deposit amount. Ensure that the card is eligible for online transactions and has sufficient balance.

3. Borrow from a Friend or Family Member: Consider reaching out to a trusted friend, colleague or family member who might be willing to temporarily lend you the deposit amount. Make sure to discuss repayment terms and maintain transparency in your agreement.

4. Consider renting equipment of lesser value: Deposits are typically calculated based on the value of the gear being rented. By selecting equipment with a lower value, the required deposit amount will be reduced accordingly.

Remember, it's crucial to communicate with our customer support team about your situation. They might be able to offer guidance or suggest alternative solutions to ensure a smooth rental experience.

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