Credit Card Deposit Hold on rented gear ?

[Michael B. McGee]

I've tried a Google search, looked around this forum and couldn't find an answer. I'm wondering how the credit card deposit/hold procedure works when you rent your gear out to someone. obviously, obtaining a certificate of insurance is the better option, but let's just focus on the alternative method. Do I need to setup a business bank account in order to properly place a hold on a renter's card? whether or not you were hired to be on the production, i'd like to hear about your experience with credit card deposits/holds.

thanks,
Mike

 

[Michael B. McGee]

anybody?

 

[Paul Hudson]

Michael, you will need a merchants account to set up holds on cards.

 

[Michael B. McGee]

alright, thanks Paul. that's a start.

 

[Michael B. McGee]

has anyone tried using Paypal for credit card holds?

 

[Tim Joy]

I think you can charge the card, then refund it through paypal without any costs. I have done this on small amounts before.

 

[Michael B. McGee]

I think you can charge the card, then refund it through paypal without any costs. I have done this on small amounts before.

How did you do it? what was your "workflow"?

 

[Tim Joy]

Person made a payment as you normally would for goods/services, then I refunded it later.

 

[Michael B. McGee]

ok, easy enough. i can figure that one out.

thanks.