Bookyt Rental Knowledge
A security deposit needs a clear rental workflow
Integrate the security deposit into your operational process, from agreement and proof of payment through to return inspection and completion.
The agreement, amount, payment method, status and receipt are assigned to the correct rental record. At return inspection, your business checks the item's condition and payment status before completing the appropriate process.
In practice
A security deposit needs a clear rental workflow
The agreement, amount, payment method, status and receipt are assigned to the correct rental record. At return inspection, your business checks the item's condition and payment status before completing the appropriate process.
The right payment process depends on the provider, country, agreement, type of security deposit and refund method. Seek professional advice on legal, tax and financial matters.
Workflow checklist: information before booking, assignment to the rental record, status check before handover, return decision, receipt and closing process.
