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  3. How do upfront deposits work?

How do upfront deposits work?

Introduction

Often location owners and location users don’t know each other yet when they ‘meet’ on MisterLocation. Upfront deposits are great a way to secure transactions and to make both sides feel comfortable with a transaction, even – or especially – when they’ve never done business with each other before.

What is an upfront deposit?

In case of an upfront deposit, the location user pays (a part of) the price for the booking of the location upfront. The money is not immediately being released to the location owner, but on a later moment.

Who decides whether an upfront deposit needs to be paid? 

The location owner decides for each listing whether or not to ask for an upfront deposit. It is also up to the location owner to decide how high this fee is (as a % of the booking fee).

Who collects and holds the money during the payout delay?

Stripe will hold the money and takes care of the payout.

 

Location owners

Why would I enable upfront deposits?

Enabling upfront deposits through the MisterLocation platform gives you the security that you will receive at least a part of the booking price, also in case of cancellation or no show.

How can I enable upfront deposits?

  1. Go to your location listing
  2. Click on “Edit listing”
  3. Select “Enable upfront deposit” and set the %
  4. Click on “Save listing” (at the bottom of the page)

When will I receive my money in case of an upfront deposit?

You will receive the money of an upfront deposit immediately on your Stripe account after a transaction has been completed. Stripe takes about 7 days to move the money from your Stripe account to your bank account.

 

Updated on August 9, 2018

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