The Ultimate Guide to Rental Inventory Management in 2020
Great rental management is possible only with successful inventory management. Here's our guide to managing and tracking rental inventory in...
Credit cards are great. They are the most widely used online payment method in the world with billions of cards in circulation. The concept is simple. Customers get a line of credit, and usually at the end of the month, they pay back the amount in one go. Most of the world’s leading credit card brands even provide additional security, buyer’s protection, and insurances. With credit cards being as popular as they are, accepting them as a rental business is a smart move.
But without the right tools, that’s easier said than done. Storing credit card details requires several rigorous compliance and security procedures, for example. Every server that stores sensitive data needs to be PCI compliant, and that’s just one of many requirements. Luckily, you don’t have to worry about that. Booqable integrates with Stripe and PayPal, today’s most popular payment providers, to give you a full payments suite for your rental business. Let’s take a look at the options for accepting payments with Booqable.
Okay, the first payments feature doesn’t require any integration at all. Whenever you receive payment outside of Booqable, you can manually add that transaction to an invoice. Consider doing this for bank transfers and cash payments, for example. By bringing them into Booqable, you’re able to get a clear picture of paid and outstanding invoices, even if you don’t accept payments through one of the integrations.
Hooked up your Stripe account? Excellent. Stripe gives you access to some incredible functionality in Booqable, like charging and refunding credit cards. Whether a customer wants to pay in-person or handle a transaction over the phone, you can create a charge right away—saving the need to use external apps.
The first step in creating a charge is selecting the right invoice (or none if you don’t have any) and entering the amount and damage deposit, which is optional. Next, choose a stored card on file, or fill in the credit card information and boom, charge successful. Need to issue a refund? You can refund previous card payments either in whole or partially.
You can even use our Stripe integration to authorize credit card holds, which is extremely useful for almost any rental business. Authorizations temporarily block funds without actually taking any money, which makes them perfect for damage deposits. After you block these funds, you still need to decide whether to capture the authorization or let things slide. To illustrate: At pickup, you could authorize a combination of the order and damage deposit amount. When you get your items back in adequate shape, you capture the order charge only. It’s worth noting that authorizations must be captured within seven days.
There’s another convenient option for getting paid. Say you’re tired of chasing customers and reminding them of outstanding invoices. That’s where payment requests can accelerate the process. Whenever you need, you can create a payment link for any order or invoice, copy the link to your clipboard, and use it in a message, which could be an email, text message, WhatsApp and other online channels). After clicking the link, customers can pay using one of the payment methods you have enabled in your payment settings.
Using Booqable as your rental software means you can add a shopping cart and checkout to your site to accept online reservations. Check out our WordPress rental plugin, for example. With the payment integrations enabled, you can conveniently accept payments at checkout. Whether you use Stripe and PayPal separately or together, all payments are synced with your orders, helping you keep track more efficiently.
Note: Want to read more about creating a website for your rental business? Check out our six tips for building a successful rental website.
Here’s how online payments work with Stripe: Connecting your Stripe account means you can accept all major credit cards, along with local payment methods such as iDEAL, Bancontact, P24, and Alipay. You can switch them on and off to your liking, depending on the gateways you want to offer. Adding your PayPal account allows your customers to pay using a credit/debit card and their PayPal account—adding yet another payment method to your arsenal.
Using the integrations available in Booqable is key to a streamlined payment process for your rental business. With these features, you can make payments more convenient for your customers and your team. You’ll be able to charge and refund credit cards, send payment links, authorize holds, and accept payments on your website—and track these payments with your orders and invoices.