Deposit collection

Learn how to collect deposits.

Deposit collection can be enabled when Creating an Application, to protect you if the Resident breaks or violates the terms of the lease or rental agreement. Deposits are optional and you can toggle them on or off with each applicant, allowing room for NoDeposit alternatives. Below is a quick summary of how Deposits work and how you can incorporate them into your rental application journey.

Setting up deposits

To set up a deposit, you must first Create an Application. Then, find Payments on the application and enter the Deposit value. The deposit value is data stored at the Unit level, hence the application could be pre-populated.

Adding a Deposit to the Application.

Deposits are collected after an Application has been confirmed. The applicant must pay the deposit by card, to ensure that failed payments are detected immediately.

Disabling deposits

On Yorlet, deposits are an optional part of the application process. We understand that deposits might not work as part of your business model, hence if you'd rather not collect a one, leave the deposit box blank when Creating an Application.

You can see how much Deposit money your business is holding from the Billing dashboard.

Collecting a deposit for multiple applicants

When dealing with multiple applicants, the deposit payment will be split evenly between everyone. for example, if a deposit is £3000 for a three person property, the three applicants will pay £1,000 each.

Next steps

Now that you've learnt how to accept Deposits, you may also want to learn about collecting Move-in Payments, or move on to related subjects:

Questions?

We're always happy to help with any questions you might have. Search our documentation, contact support, or connect with our sales team.