Deposits and bonds play a crucial role in the booking and payment process within Hirepos. This document aims to clarify the three main scenarios involving deposits and bonds to ensure a smooth transaction process for both the company and the customer.

A holding deposit, for example, a $200 deposit, is paid in advance of a $1000 hire. The remaining balance of $800 is paid when the hire commences. This type of deposit secures the booking and ensures commitment from the customer.

In this scenario, a $500 security deposit is paid in addition to the $1000 hire at the time the hire commences. The security deposit is refunded once all goods are returned in good order. This deposit serves as a form of insurance against any potential damages or losses.

For a bond scenario, a $1000 hire requires a $500 bond to be paid in advance. The bond is refunded once all goods are returned in good condition. Unlike deposits, bonds are paid well in advance of the hire commencing.

When a booking involves a bond, the customer is notified in advance to make the payment. For instance, if the booking amount is $1000, the $500 bond amount is added to the booking, resulting in a total of $1500 displayed on the Booking PDF document. This ensures that the customer is aware of the total payment required to secure the hire well in advance.

Deposits can serve as partial payments, such as holding deposits, or as a partial deposit for security when the full hire payment upfront is not required. On the other hand, bonds are typically used for immediate hires where the customer pays upon collection or delivery. Bonds are paid well in advance to guarantee the commitment of the customer.

It is essential to differentiate between deposits and bonds to streamline the payment process and provide clarity to both the company and the customer. By understanding these scenarios, Hirepos users can effectively manage bookings and payments, ensuring a seamless experience for all parties involved.