Security deposit amount
How does the security deposit work?
If your RV is returned and you need to utilize the security deposit, be sure to collect or manage the security deposit within 7 days. You can manage this from your reservation page by selecting the 'Manage Security Deposit' button on the top
Note: If you don’t do anything, the deposit money gets automatically released to your renter 7 days after the return date on the reservation.
More on managing the security deposit
Be communicative and transparent with your guest so they know exactly what’s happening with their deposit. Here are your options:
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Hold security deposit: Holding the security deposit will result in the deposit being held and re authorized indefinitely until you go back in and release it
- for Outdoorsy bookings held security deposits are released after 30 days
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Claim the entire security deposit: A claim turns the deposit authorization into a charge, and you will be paid out the entire deposit amount, minus processing fees.
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Release part of the security deposit: Allows you to release part of the deposit, a box will appear for you to enter the desired released amount. Once you select release part of security deposit, that will be released to the guest and they will then be charged for the difference. Keep in mind that you will not be able to further manage the deposit after this action is taken.
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Release the entire Security Deposit: The entire deposit is released to customer immediately, without waiting for the 7 day period to expire.
What if I need to charge more than the security deposit covers?
You’ll need documentation of all the additional charges, including the signed RV Return Form. Go to your dashboard and select Manage Deposit on the specific booking to claim the full security deposit. Clarify with the guest why you need to charge an additional amount. Once the guests confirms, charge the guests directly for the 'excess' amount due (by following steps below)
Adding a line item to process payment
If there are variable add-ons costs or fees that need to be charged once your guest returns, follow the steps below:
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Go to the reservation page on your dashboard
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Select the applicable reservation
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Select Edit
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Add the add-ons/line items to the reservation and save
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Select the Make payment button on the reservation to charge the customer's credit card
How does the security deposit apply to the deductible?
- In the event of a covered damage claim:
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claim the security deposit amount needed to cover the insurance deductible.
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when the claim is settled by the insurance claims team, the payout to your bank will be for the settlement amount minus your deductible.
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the amount you claimed from the security deposit covers the deductible amount, combined with the claim payout with the deductible withheld, you will have the total claim settlement amount.
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- For example:
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a vehicle has a $1,000 deductible based on its replacement value
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the security deposit on that vehicle & reservation is $1000
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the total damage & claim amount is $3000
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you claim $1,000 from Security Deposit
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the payout from the insurance claim is $2,000 (claim amount minus your deductible)
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the security deposit claimed amount + the insurance payout = $3000 for the repairs
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