Payment Options inc deposit

[downsouth]

Hi, some guidance please

Currently evaluating a new ecommerce initiative baed around the hiring out of a product, the hire period is flexible so based upon a day rate, but i need to also collect a 'refundable deposit' to cover damages, theft, loss etc

What payment handling options do i have in this space?

 

[Nochexman]

At a guess it will depend on the size of the deposit and the period of deferment, which is how long you are going to hold the deposit after the product has been supplied. It is something we do, subject to the above parameters.

 

[downsouth]

Size will be max £500, and envisaged to be returned subject to inspection of returned goods within 7 days

 

[MartinCivil]

Do you have any current payment processing systems in place?

 

[Nochexman]

Size will be max £500, and envisaged to be returned subject to inspection of returned goods within 7 days

Yes, we could do that.

 

[downsouth]

Do you have any current payment processing systems in place?

We don't, so just trying to understand whats out there

 

[TotalWebSolutions]

We have a number of merchants doing this (including some car hire companies). The acquiring bank that supplies the merchant account in connection with our Payment Gateway/Virtual Terminal services just needed to understand the business model to ensure that an increased no. of refunds through the system would not cause a problem. You could also do it as a pre-auth where the funds are 'frozen' but only taken if you process the transaction.