It’s Peerspace planning to start taking security deposit from renters soon?
It has been one of the issues we find renters think it’s complicated when they book. We don’t take credit cards or company checks, only through Venmo, and some production companies don’t use it.
Some of the potential renters changed their mind and didn’t book after we told them about the security deposit.
Please help and make it part of the booking process. Thanks!
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Agree, that would be so great. I charge a sec deposit too and most don’t want to give cash, or can’t get a check in time. I take Venmo and Zelle as well but not CC’s. It’s often a hassle. Then to return them as well. Another platforms holds the same rate as a deposit and is returned once the report is made after.
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Security deposit would be a really great feature to have in the booking. However it would be helpful if the hosts can decide the amount and for which bookings to use it. Ie some of my really small production shoots don’t require a deposit, but larger ones do.
On the topic of security deposits, does anyone collect them?
- How much do you collect?
- How do you collect it (cc hold or check)?
- When do you collect it (before confirming a booking, the day-of, etc.)?
- Any best practices to share?
This article does a good job of explaining Peerspace’s stance on security deposits.
Eager to hear your thoughts!
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Hi Grace, great topic, I am curious as well. I state in my description that a security deposit and additional insurance may be required, but I have only collected deposits a couple of times. Most likely for parties, don’t remember exactly offhand, probably $250.
I have heard of putting a “hold” on a credit card, but when I went to try it was told you have to charge the amount to the card. Is there a way to just place a hold without actually charging the card?
My goal would be to ensure the funds are available if needed but with minimal inconvenience to the guest.
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i charge a $350 security deposit (upon checkin) + I demand a Certificate of Insurance through eventhelper.com (24hrs in advance)
If it is a very small shoot/production or very last minute, I occasionally accept to waive the COI and ask for $500 security deposit. I request deposit through VENMO, and PAYPAL (on PayPal you must select “send to a friend” to avoid fees). I return it to clients about an hour after their checkout, so I can calmly look through the space in detail on my own. I used to do it upon return of the keys but it didn’t allow me enough time to be thorough in checking the space.
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IMPORTANT NOTE:
Venmo is not a legal form of B2B or B2C payment, it is ONLY for private, personal transactions. You may be losing bookings not just because they have to give you a deposit, but because you are asking for it through Venmo which makes you sound like a potential scam.
Venmo is very clear in their user agreement that it is NOT to be used for business transactions and in fact, they offer absolutely NO PROTECTION for any business transaction taking place on their platform (and may ban your use if they find out). Venmo is a Paypal product, and Paypal offers a business option, so if you wish to take deposits for business transactions, you need to use Paypal or another legally acceptable way to take payments. Deposits people pay to you are not protected by either Peerspace or Venmo, and neither are the depositors. They are probably refusing to book with you because you can legally refuse to give them their deposit back and you do not have to have a justifiable reason; Venmo is the electronic equivalent of someone mailing you cash in an envelope.
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Thank you @Christopher_D
Thanks for sharing. I usually just require my guest to purchase a COI through Peerspace.
Thanks for sharing. Great info you shared. I usually just require my guest to purchase a COI through Peerspace. I’m going to incorporate PayPal’s business option.
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Very helpful, Frederica_T!
How do guests purchase COI through Peerspace? I have not seen any mentions of providing COI in Peerspace help articles.
Thanks!
Hello I am a powerhost in NYC and have recently started requiring deposits due to numerous issues with shoots and peer spaces inability to properly hold people accountable.
I have generally set up PayPal, venmo, cash app and have not had it be a deterrent for any shoot of any size thus far. I do $300 which sometimes is twice the price of the shoot itself.
My issue comes when there is a discrepancy or additional cost (i.e. buying masks from me, additional guest fee, damage to something) do we as a host then go back to peerspace? it seems illogical to re-involve peerspace especially when they refuse to take the deposits and make us go off site to manage them why should they then take a cut of something managed off site?
Furthermore if a dispute does arrive does peerspace still mediate an offline security deposit? If so, how so? It seems best that the deposit is something handled between host and guest and both have a full understanding of what it is for and who has authority over it as part of the booking process.
I have the person in charge of the booking fill out a credit card authorization form. Wording on the form confirms that they agree to allow me to charge their card for any damages.
For clients who will not provide a card, I collect $500 cash and hold it until the end where we walk the space and review any issues. I’ve only ever had one person choose this option (rap video).
I’ve never had anyone balk at this, but I mainly deal with professional shoots and weddings.
Oh, and I always get a COI. Any professional photographer or production company will have this. Events can get one off of EventHelper.com
Hi@ JoJo_C
I have all my guests get additional insurance to protect damage property at www.theeventhelper.com and have them send me a copy of the receipt before event. I had one incident in which something was damage and everytjing was covered with no problem.
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Hi Grace,
I want to start charging a security deposit, but don’t like my options (PP, ck, cc hold)…is Peerspace going to roll this out anytime soon? The “Terms and Conditions” is alot to weed through to find Peer Policy on Security deposits. Any suggestions?
Thanks,
Mary
I have my studio listed on a few sites. This is by far the site that gets the most traffic. The 2nd site gets a minimal amount of traffic but operates the same as here regarding deposits and payouts. The 3rd site I’ve never gotten an inquiry through until just this week. I totally forgot I had even listed on their site. When I accepted the booking for $1725, they charged the renter a 33% deposit and paid it out immediately. I got a payment for $569.25 two days later. The rental isn’t until next week. I was shocked. That is very host friendly! Even when I charge deposits on my own it usually not 33%.