How Uplisting Automated Security Deposits work
Very simply Automated Security Deposits collect a security deposit from your Booking.com and Homeaway guests. You can enable/disable security deposits and determine the amount you wish to charge for each property.
If a guest does not provide a security deposit (either a payment method is not provided, or the payment method doesn't have sufficient funds), you are alerted via email and can handle the booking as you see fit.
Does Uplisting take full payment or pre-authorise the card?
Both. Pre-authorisation means you don't get charged for the transaction, but can take partial or full payment of the security deposit if required. However, pre-authorisation only lasts for 7 days.
Uplisting smart collection
If a booking is 6 or less days in duration Uplisting will pre-authorise the payment card for the security deposit amount. Why 6 days? Uplisting processes the security deposit 24 hours before check-in.
If a booking is greater than 6 days in duration Uplisting will process the full charge. Stripe charges transaction fees on these payments which is why the system pre-authorises where possible.
Why collect security deposits?
Peace of mind. Airbnb collects a security deposit on your behalf, however, Booking.com and Homeaway (when connected via API/XML) do not. Here are a few benefits:
- 🛡Protection against damage and misuse.
- 🙋♀️Guests feel more responsible. Honest guests aren't discouraged with a reasonable security deposit. It also deters unsuitable guests.
- 🏃♀️Fastest way to collect funds to pay for repairs before your next guest arrives. Insurance may pay out but can take weeks or months.
- 🤖Automated collection. You only get involved if a guest doesn't provide valid payment.
Booking.com guest payment options
Depending on your location and preferences:
- Booking.com takes payment on your behalf, or
- Uplisting takes payments for you via Stripe (or just securely collects credit card information), or
- You manage guest payments manually
The automated security deposit feature works in all 3 scenarios. However, you must have at least one Stripe account (you can have multiple) and connect that Stripe account to Uplisting.
1. Booking.com take guest payments on your behalf, or 3. you manage guest payments manually
This illustration below shows the security deposit collection flow when Booking.com take guest payments for you or you collect payments manually and want to automate the collection of security deposits. The key requirement is the collection of guest payment details.
2. Uplisting takes payments for you via Stripe (or just securely collects credit card information)
The illustration below shows the security payment flow when Booking.com already provide the guest payment details to Uplisting. Similar to 1. above, you must connect a Stripe account on Uplisting for this feature to work.
What else is required?
You must connect at least one Stripe account to your Uplisting account. Click here for instructions on how to do this.