Stripe security deposit workflow

To set up the Stripe security deposit, these three elements are important:

• The capture strategy
• The charging rules (method, rule, and platforms)
• The security deposit amount

Setting up the security deposit

Important elements

The capture strategy

The capture strategy allows you to automate the security deposit request depending on whether you want the guest's credit card to be debited or pre-authorized.

You must choose one of these strategies:

In addition to the strategy, you can also enable the option to always capture the security deposit if the property's risk score is high (i.e., above 60%).

Capture rules

Capture rules tell the system how to charge the security deposit for each reservation.

Here are the three elements to configure:

The security deposit amount

On the property page, go to Edit > Platforms

Add an amount in the Reservation deposit field

N.B.: If the field is empty or set to 0, RentalReady will not generate any deposit requests, even if you have configured the charging rules correctly.

Default settings

When you activate the Stripe integration to automate security deposit collection, RentalReady support will activate the DEPOSIT_REQUEST and DEPOSIT_REQUEST_REMINDER guest notification templates and the following default settings on all your offices:

• Capture strategy = Capture if the reservation is more than 19 days
• Charging method = Stripe
• Charging rule = Always charge a security deposit
• Reservation platforms to exclude from the deposit = Airbnb
• The security deposit amount cannot be set by default

This will apply to all properties you create in the future.

You can contact RentalReady support to change these settings for one or more offices.

You can also override the charging rules for each property (go to Edit > General).

Examples of settings

Here are some examples of settings for charging rules.

1/ If you set your property as follows:

• Method = Stripe
• Rule = Always charge a security deposit
• Platform to exclude = Airbnb

This means that a Stripe deposit will always be requested for all reservations except Airbnb.

2/ If you set up your property as follows:

• Method = Stripe
• Rule = Charge only for high-risk reservations
• Platforms to exclude = Airbnb, Booking

This means that a Stripe deposit will only be requested for high-risk reservations (i.e. with a risk score above 60%), except for Airbnb and Booking.com.

Security deposit request workflow

Once the settings have been configured, here is how the security deposit request works:

1. A new reservation is imported into RentalReady
2. The security deposit request is generated (automatically or manually) with the deposit amount, according to the configured charging rules
3. The Stripe security deposit payment link is generated 7 days before the arrival date (this period can be customized at office level: either 7 or 14 days) and the DEPOSIT_REQUEST notification with the payment link is sent to the guest at that time. The DEPOSIT_REQUEST_REMINDER notification is sent to the guest as long as they have not paid the security deposit.
4. The security deposit is captured or pre-authorized on the guest's credit card according to the capture strategy set up.
5. The SELF_CHECK_IN and/or CHECKIN notifications are sent (only if the security deposit is paid or cancelled).
6. Whether or not you notice any damage when the guest leaves, you can release or capture the security deposit.

N.B.:

• If the security deposit strategy is a pre-authorization, the deposit is automatically released within 14 days after the departure date (this period can be customized at the office level: either 7 or 14 days).
• If the security deposit strategy is a capture, the deposit is never released automatically. If you want to refund the guest, you will have to do so manually.

Pre-authorization validity:

• If you use your own Stripe account, the time frame within which the pre-authorization for the deposit is released depends on your contract with Stripe. In general, once paid, the link is valid for 7 days. The pre-authorisation is automatically renewed 1 day before expiration (you can choose to set 0 to 6 days for each office)
• If you have subscribed to the RentalReady payment system, you benefit from extended validity: 30 days once the pre-authorization has been paid.

N.B.: Please note that this 30-day extension is only available on Visa, Mastercard, American Express, and Discover. Although Cartes Bancaires (CB) are co-branded with Visa or Mastercard, they do not have the same privileges and features. This is why it is not possible to have the extended authorization.