Security Desposit through Peerspace

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?

  1. How much do you collect?
  2. How do you collect it (cc hold or check)?
  3. When do you collect it (before confirming a booking, the day-of, etc.)?
  4. Any best practices to share?

This article does a good job of explaining Peerspace’s stance on security deposits.

Eager to hear your thoughts!

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