Security deposits play a vital role in various industries, including hospitality, vehicle rentals, and asset usage scenarios. They act as a safeguard against potential damages or cancellations, ensuring businesses are protected while maintaining trust with customers. 

TripWorks solves this with our credit card pre-authorization functionality (aka “Holds”), enabling users to collect and manage security deposits. This article provides an overview of how credit card pre-authorizations work and how to manage them. 

Benefits 

• Streamlined Process: The Pre-Authorization feature streamlines the process of collecting and managing security deposits, reducing administrative burdens and saving time for businesses.
• Enhanced Trust and Security: By implementing this feature, businesses can enhance trust and security for both themselves and their customers. Clear communication and transparent processes regarding security deposits instill confidence and credibility in business operations.
• Reduced Instances of Damages and Disputes: With security deposits in place, businesses can mitigate risks associated with damages, cancellations, and disputes. This proactive approach minimizes potential financial losses and operational disruptions.

Key Functionalities 

• Automatic Release: One of the primary functionalities of this feature is the automatic release of the hold. This occurs after the completion of the booking or within the specified period, streamlining the process and eliminating manual intervention.
• Manual Release Option: While automation is a key aspect, TripWorks also provides a manual release option. This allows users to intervene in cases such as cancellations or disputes, providing flexibility and control over the deposit release process.

Video Walkthrough

Setting Up Your Account for Pre-Authorization

• Inside your Product Catalog, set up a product that represents your security deposit or damage protection 

Creating a Credit Card Hold on a Trip 

• Select an existing trip or create a new trip where you would like to set up a credit card hold
• Add your Security Deposit or Damage Protection product to the trip

• Select Payments > Save/Card hold to set up the hold

• Enter in the credit card details and the hold amount, then select “Save”

Important Note 

The “Hold Amount” should include any fees. For example, the amount shown below in red includes a Security Deposit of $100 + $8 in fees. Therefore, the amount you were enter for your hold should be $108. 

 

• You'll then see the hold initiated on the trip along with the automated expiration date of the hold 

Releasing a Credit Card Hold on a Trip 

• To release a credit card hold before the expiration date, select the backwards arrow 

• You will be asked to confirm the release. Select “Release” to proceed

• One released, you'll see the hold status updated to show release of the funds

Capturing a Credit Card Hold on a Trip 

• To capture a credit card hold, select the dollar sign icon

• Add a note as to why you are capturing the hold and select “Capture” 

• One completed, you'll see the hold status updated to show the funds were captured

Credit card pre-authorizations for security deposits are a valuable tool for businesses across various industries. TripWorks' Pre-Authorization feature enables users to efficiently collect and manage security deposits, enhancing trust, security, and operational efficiency!