Bonds & Deposits explained

There are three scenarios for deposits and bonds.

Deposit (holding deposit)
e.g. $200 deposit paid in advance of a $1000 hire, with the $800 balance paid when the hire commences.

Deposit (security deposit)
e.g. $500 security deposit is paid in addition to the $1000 hire, on the spot when the hire commences. The $500 security deposit is refunded once all goods are returned in good order.

Bond
e.g. $1000 hire + $500 bond paid in advance.
A bond is paid in addition to the hire, well in advance of the hire commencing. The bond is refunded once all goods are returned in good order.

In the Bond scenario, the booking is sent to the customer for payment well in advance of the hire. As the booking is $1000 in the above example, the $500 Bond amount is populated on the Booking so that it can be displayed as a total of $1500 on the Booking PDF document, so the customer knows a $1500 payment must be made to secure the hire well in advance.

Deposits can be used for partial payments (holding deposits) in advance, or a partial deposit for security if you do not require the full hire payment upfront. Deposits used as an overpayment (security deposit) are used for immediate hires where the customer pays on collection/delivery, as opposed to Bonds that are paid well in advance of the hire commencing.