Holding fees can be enabled when Creating an Application, to encourage an early commitment from your leads, ensuring less time is wasted on applicants who aren't serious about renting with you. Below is a quick summary of how holding fees work and how you can incorporate them into your rental application journey.
To set up a holding fee you must first create an application. Once created, find Payments on the application and enter the value at which you wish to have the holding fee. Holding Fees automatically apply a Credit to the Customers balance, see below for more details.
Once you have finished creating an application, the applicant will be prompted to pay for the holding fee during the application journey. If selected, holding fees must be paid immediately at the beginning of an application journey, before the applicant is able to do a reference or send the application for review.
When an applicant pays a Holding Fee a credit is added to their Customer Balance. Any adjustment to a resident's balance is applied to their next rental invoice. As a result, the Holding Fee amount will automatically be subtracted from the first rental Invoice. You can view the Customer balance on the Residents Card.
Now that you've learnt how to accept Holding Fees, you may also want to learn about collecting Move-in Payments, or move on to related subjects: