Setting up security deposits

What are Security Deposits?

A security deposit is a refundable amount held during a rental period to cover potential damages or losses. For rental businesses like bike shops or car rental companies, security deposits provide financial protection while ensuring customer accountability.

Setting Up Security Deposits

Individual Product Setup

1. Navigate to Catalog > Products in your TWICE Commerce admin panel
2. Select the product that requires a security deposit
3. In the product's Settings tab, scroll to the Deposit section
4. Enter the required deposit amount
5. Click Save to apply the changes

Bulk Setup for Multiple Products

For efficiently setting deposits across multiple items:

1. Go to Catalog > Products
2. Select multiple products by checking the boxes next to each item
3. Click Actions > Set Deposit at the bottom of the page
4. Enter the deposit amount to apply to all selected products
5. Click Save to confirm

Best Practices

• Set deposit amounts proportional to the item's value (typically 10-30% of retail value)
• Communicate deposit terms to customers before the rental
• Document item condition before and after rental
• Process deposit returns promptly after confirming no damages

Managing Deposits

When a rental is complete:

• Inspect the returned item
• Release the deposit if no damages (automatically processed within 24 hours)
• In case of damage, document issues and communicate with the customer before charging against the deposit

Important Notes

• To use automatic security deposit processing, you have to set up TWICE Payments or Stripe
• Deposit is reserved 24-hours before the start of the order
• Failed deposit holds will trigger a notification for manual review
• The manual deposit feature in TWICE is only for record-keeping

Related resources

Working with automatic security deposits

Working with manual security deposits

Releasing or charging security deposits

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