Amenity and event deposits are used to cover issues that may occur during a booking, such as damage, additional cleaning, or violations of the terms and conditions you have provided to the resident.
How deposits work
When an amenity or event has a deposit amount configured, no funds are collected, held, or reserved when the resident books. Instead, the resident authorizes their payment method to be charged up to the configured deposit amount if there is a valid reason to collect it after the booking.
Because funds are not held or reserved in advance, payment of the deposit is not guaranteed. When a deposit is collected, the charge may be declined due to insufficient funds, an expired card, or for other reasons determined by the card issuer.
The deposit can be collected for up to 30 days after the booking ends, including if the resident has moved out of the property during that period.
What happens if a resident removes their payment method?
Removing a payment method from the 1VALET app does not cancel an existing deposit authorization.
When making the booking, the resident authorizes their selected payment method to be charged up to the deposit amount for 30 days after the booking ends. If the resident removes that payment method from their saved payment methods during this period, it will no longer appear as a saved payment method in the app, but it may still be used to collect the authorized deposit associated with that booking.
Once the 30-day deposit period has ended, the payment method will be fully removed if the resident previously removed it from their saved payment methods and it is no longer required for another active deposit authorization.
When a deposit can be collected
A deposit can only be collected after a booking is complete.
To collect a deposit on an amenity or event, navigate to the booking in the 1CONNECT Portal, and click the Collect Deposit button.
Deposits are collected when there is a valid reason to charge the resident based on the outcome of the booking (for example, damage or a policy violation).
Deposit collection rules
A deposit can be collected only once per booking.
You cannot collect part of the deposit on one day and collect the remainder later.
Deposits can only be collected up to 30 days after the booking (including after the resident has moved out)
This is intentional, since some issues may take days or weeks to confirm, document, or resolve.
If collecting a deposit long after the booking date, we recommend using discretion and contacting the resident in advance to explain the charge.
Fees and payouts
When a deposit is collected (i.e when you tap the "Collect Deposit" button on the booking), 1VALET service fees and Stripe processing fees apply, just like other transactions processed through 1VALET.
These fees are deducted from the collected amount before the remaining funds are deposited into your Stripe account, and then paid out to your bank account based on your Stripe payout schedule.
Common deposit collection errors
If there is an error while collecting a deposit, the most common causes include:
The resident’s payment method has expired
Insufficient funds
Lost or stolen card
In most of these cases, action will need to be taken outside of 1VALET to collect any funds owed. If there are insufficient funds on the card, you may try to collect the deposit again after discussing this with the resident and ensuring the card has the funds available.
Refunding a deposit
Deposits can be refunded for up to 180 days after they were collected.
If you have any questions or need further clarification, please do not hesitate to contact our Customer Support Team at support@1valet.com.