Archives For Security Deposit

They’re familiar, easily available, require little-if-any overhead, and are almost as good as cash when it comes to the hands-on satisfaction of having money in your pocket. But if your vacation rental is still dealing with checks, are you leaving yourself exposed?

"Check Writing" on flickr, by David Goehring (CC BY 2.0)Beyond the fact that travelers strongly prefer to use credit cards, many vacation rental owners have run their businesses using checks for years with no problem.

But as the more unfortunate will tell you, it only takes once. Beyond the misrepresentation of using a lost or stolen checkbook, checks are vulnerable to counterfeiting, alteration and forgery. There’s also the risk of a bounced check – a potentially costly situation, even when it’s not maliciously done. Continue Reading…

Property Damage ProtectionWhether someone trips and breaks a dish over dinner or one of your guests throws a wild party, it’s almost inevitable that at some point, your vacation rental will suffer some damage.

Because of the near-inevitability of this, security deposits are a routine part of rental transactions.

Typically half the rental fee, a security deposit — also called a damage deposit — is typically collected by check or credit card and held until after the guest leaves and you or your housekeeper has had a chance to do a final inspection. Any damage or extra fees (e.g. additional cleaning) can then be deducted against the amount; any remainder is then refunded.

It’s a pretty straightforward process. However, deposits and deductions can also be a source of contention for two reasons: Continue Reading…