Setup security deposit / caution on your account
How to setup security deposit / cautions on your vacation rental bookings.
FlatsWire enables managers to set a security / deposit for each property and easily manage payment and refund on bookings. To implement it, you will
- create in your account a generic service that will automatically generate deposit/caution payment and Refund lines for your follow up. You will refine general rules for your account
- on each apartment, adjust the amount of the deposit or desactivate the service if necessary .
(Connected document : Manage Security deposit rental on bookings)
1. Create generic services for caution (short term and long term)
Access the “setting” section of your account. and select “Services” tab.
Click on “Add” to create the new service. The following page opens :
Please note that you do not need to integrate this service in a pricing model to actvate it.
Select type “CAUTION”.
Name it in case you manage different caution level on short term and long term,
- Payments Activated?: Should be set at Yes, it activates the Payment provider for CC on the payment line,
- Is Tax? : Not Applicable for this service.
- Automatically Added?: Should be set at Yes. It will create a payment line from customer and a refund line which are due by default on arrival and departure dates.
- Is optional?: Not applicable for this service yet.
2. Payments Configuration
- Currency: your management currency for the property,
- Split: Not applicable. Should be set as No.
- Split Mode: Not applicable,
- Term (Short term / Long Term / Both / None): define if the service is only applicable for short or long term.
In the bottom part of the page, you will precise the calculation mode of the Security Deposit.
You have 3 possibilities (keep in mind that in step 2 you have specified if this Service applied for short term or Long term, as your rules might be different):
- Default Price: You set a default fix price, that will apply to each booking (on each property),
- Referential Rent: You set the level of deposit at a referential rent (rent level for a given duration). For each property the deposit will adapt to this rule.
- Specific warning : the referential rent is based on the “source price”. Defining 1 month = 1 month on the source price.
- Defining 2 months will result in 2 x 1 month (it can be different from your 2 months rent if you set degressivity).
- Price (in %): You set the deposit at x% of the value due to the Agency (integrating manager price + the distribution margin)
4. Configuration of due dates
In this part, you can precise when you expect the payment and the refund of the caution (when they are generated automatically).
For reception 7 days before checkin, you would set offset at -7
If you are making short and long term booking, you will certainly have different rules. We recommend you generate 2 separate services for long and short term booking.
Particular case :
Long term rental companies might need to integrate the security deposit payment with the payment of the first rent. They will adjust the “Caution” service in a specific manner:
- integrate the service in the pricing model of the properties.
- switch the button “automatically added” to OFF. The service will only be added on properties with the pricing model.
2. Adjust the Caution service for each property
By default the service you just created will be automatically activated for all properties, with the default value. You can adjust it for each property when needed.
Go to the “Administration view” of the apartment, and select “rules“, and access the “Caution” section.
- You can desactivate the caution service for the property by switching “Use caution?” to NO
- You can set a specific fix amount for the short term and/or long term bookings. If you leave it at 0, the system will keep the definition of the service as in the setup.
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