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micaholson

Can I put a hold on funds like car rental agencies does?

My daughter and I are starting a small business for event rentals. We will have each renter sign a damage agreement allowing us to bill their card for the amount needed to repair any damage to the equipment.  Is there a way to place a hold on the card as security until they return the equipment, and then release it?  If not what other suggestions would you have?

I assume that if they have signed a rental agreement, and a signed credit card auth form specifying that we will charge their card for damages, we would be legally allowed to charge them if they broke items, or did not return them...

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VanKalkerFarms Super Seller

Re: Can I put a hold on funds like car rental agencies does?

Square does not currently have a way to place funds on hold on a credit card.  you could use deposits to take a partial payment that is applied to their final purchase.  but it is not advisable to take a payment for a security deposit and then refund it every time as that will cause issues in the long rung for your account.

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