How do I take a deposit through GetMyBoat?
It's important to know that GetMyBoat does not charge customers a typical security deposit nor do we collect one on your behalf. We have the Incidental Coverage Limit that largely acts as a deposit. Why don't we take deposits? Because...
Most of the time, deposits are used for the following:
- Reserving a watercraft and making sure a customer is serious
- Holding a deposit in case there are any issues during the rental
- Making sure you get something if a customer cancels
Because GetMyBoat charges the renter in full at the time of your offer being approved, there's no need to "hold" a deposit. We already have charged the customer the full amount for the trip and are essentially holding it for you.
Because we already have the funds, if the customer cancels you can still be paid out a portion of the booking price per the terms of your cancellation policy. Make sure your cancellation policy is up to date and very transparent to customers so they know what the conditions may be if they choose to cancel. You may update your cancellation policy under the "pricing" section of your watercraft listing.
Finally, for any damages or post-rental charges you would typically use a deposit for, we have the Incidental Coverage Limit instead. The Incidental Coverage Limit works very much like a deposit. We do not charge it before the trip but if anything occurs during the rental, you can file a claim for the Incidental Coverage post-rental.
You set the amount of your Incidental Coverage Limit in your listing under the "pricing" section and in the field that is still called "Deposit". Per our terms of service, GetMyBoat has the right to charge the customer's credit card up to the amount you have listed for the incidental coverage if a valid claim is filed. To file a claim, you just need to contact us within 48 hours of the trip ending and provide any requested documentation that may be needed to validate the claim. Once validated, we'll issue the amount requested either along with your booking payout or as a separate payout a few days later.
We always try to resolve any claims on the incidental coverage limit within one week, though some cases do take longer.