Before we go into detail why requiring a security deposit to rent your studio is important, and should be mandatory, let’s go over a quick list (in no particular order).
- Studio Damage
- Failed Payment Attempts
- On-Site Purchases
Let’s face it–stuff happens. It is inevitable that if you get enough booked sessions, something is eventually going to happen, and you want to be covered as much as possible.
This is probably the biggest reason to charge a security deposit. Creators will arrive to your studio having already paid in full for their session. Then before leaving, they may need purchase more time, an addon. additional services, or something else that they may have already used.
However, when we process the payment, it suddenly fails for whatever unknown reason that it fails.
Security Deposit Cons
Sometimes securing a deposit before a booking may not be ideal. Let’s go over a few reasons why you may not want to charge your studio visitors a deposit.
Creators may not want to pay more than the total cost on the session.
Don’t spend it. Send it back