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Introduction to Security Deposits in TWICE
Introduction to Security Deposits in TWICE

Understanding Security Deposits as a Risk Management Tool

Updated over a week ago

Security deposits are an essential feature in TWICE that serves as a risk management tool to protect your business from potential losses due to damaged items or late returns. TWICE enables you to set up security deposits at the product level, offering two methods to manage these deposits effectively.

Note: Security deposits are available on the Discover, Build, and Advance plans.

Types of Security Deposits

Manual Security Deposits

  • No Fund Reservation by TWICE: Similar to manual payment methods, manual security deposits are managed externally and manually. This means you handle the reservation of funds outside of TWICE, e.g. in cash.

  • Communication at Booking: You can inform customers at the point of booking that a deposit will be required e.g. upon pick-up.

  • Order Tracking: TWICE’s order view allows you to track any reserved deposits and reminds you to return them upon the completion of the rental or service.

Manage Manual Security Deposits

Automatic Security Deposits

  • Integrated with Online Payments: Automatic security deposits are directly integrated with online payments, leveraging TWICE Payments and Stripe.

  • Fund Pre-Authorization: Automatically pre-authorize the defined security deposit amount from the customer’s payment card before the booking begins.

  • Time Limits on Pre-Authorization: Pre-authorized deposits via TWICE Payments are limited to 28 days. via Stripe authorization holds are limited to 7 days on Mastercards and 5 days on VISA cards. After these periods, the deposit is automatically canceled and returned to the customer.

Manage Automatic Security Deposits

Both manual and automatic security deposit options enhance your ability to communicate deposit requirements clearly at the time of booking, promoting transparency and trust. Additionally, the status of all deposits is continually accessible to staff when managing individual orders, which facilitates improved oversight and customer service.

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