- Deposit Protection Scheme (DPS)
- Tenancy Deposit Scheme (TDS)
- Mydeposits
- Insured deposit: With an insured deposit, you retain the deposit in your own account or a designated client account. The deposit protection scheme provides insurance to cover any potential losses, and you are responsible for repaying the deposit to the tenant at the end of the tenancy.
- Custodial deposit: With a custodial deposit, you transfer the deposit to a deposit protection scheme for safekeeping throughout the tenancy. The deposit scheme holds the deposit, and at the end of the tenancy, the scheme handles the return of the deposit to the tenant.
Automatic deposit registration
Yorlet supports automatic deposit registration with the DPS-custodial and TDS-insured scheme, making it seamless and lightning-fast to register deposits.Connecting DPS to your account
To start using DPS custodial in your Yorlet account, you need to create a DPS account. Then, navigate to your account Settings > Leasing > Deposits > Deposit Integrations > DPS and select Connect Account. You will need to add your Member ID, Client ID, and Client secret. You may have to contact DPS support to get these credentials.Once your account is connected, you can add additional controls to your automatic deposit registration process:- Enable automatic deposit registration: Automatic deposit registration is enabled by default, but you can turn it off for specific applications.
- Require approval before the automatic deposit is sent to the provider: This adds an additional manual step to approve the automatic deposit.