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.
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.
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.
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.
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.
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: