Automatic security deposits in TWICE are designed to streamline the process of securing deposits without the direct charge of funds from your customer's bank account. Instead, TWICE uses a pre-authorization technique on the customer's payment card, temporarily blocking the deposit amount until the transaction is finalized by either releasing or charging the funds post-rental.
Limitations:
Only card payments (credit or debit cards) are accepted for orders with automatic security deposits; other payment methods like online banking, Apple Pay, and Google Pay are not supported at the moment.
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 sent back to the customer.
How Automatic Security Deposits Work:
Notification at Checkout: Customers are informed about the security deposit requirement when they add a product to their order.
Pre-Authorization: Funds are automatically reserved on the customer’s card 24 hours before the order begins. Customers receive an email notification about the deposit reservation.
Managing Deposits in TWICE Admin:
Manual Reservation Option: You can choose to manually reserve the deposit earlier by accessing the order and clicking on the Reserve button under the deposit section in the order view.
Deposit Status: You can monitor the status of the deposit (unreserved or reserved) directly in the order view within your TWICE Admin. Be aware that deposit reservations can fail, for example, if the customer does not have sufficient funds available.
Order Completion and Deposit Return
When an order involving a security deposit ends, a reminder will trigger for your staff to handle the return of the deposit.