Taking deposits for rentals
I have a small custom cargo bike/trike business. Currently I build and sell them, but would like to start renting them out as well. I would like to take a security deposit from renters, but am unsure how to proceed.
note: My shop and designs are fairly well developed, but my business is not. I take your cash, I build you a trike. e.g. My LLC was formed exclusively so I could open a bank account, so I could stop asking for personal checks.
- I would like to take deposits with a credit card if possible (though cash is fine too).
- my current "payment processors" are cash, check, paypal and venmo.
- A complicating factor is that rough usage will break parts that are consumables anyway. A wheel rim *will* be damaged if you kick it, but also there is a non-zero probability that a rim will bend at some point anyway.
How can I set up a system that feels professional and trustable to customers, is legally sound, and would fit the current stage of my business development?
Thanks!
Posted Apr 19, 2019, 2:45 PM UTC
There's a number of payment processing options that can combine online services (reserve and pay online, pick up the bike in person?) and P.O.S., such as Square, I recommend ditching paypal and venmo asap (venmo is owned by paypal) as they suck. Search "paypal ripoff report" if you need evidence.
You can probably do what you're looking for with some WordPress plugins on your website, but that isn't to say there's not a better way. That might be the easiest and most cost-effective way tho. You could pull your own site up online in the store to serve as a P.O.S., and if you do that I recommend Stripe for your payment processing. You just need to have a solid internet solution with a redundant backup (a good cellular service could be your backup).