Credit card allows you to temporarily block available funds on the credit card of the customer for the duration of your order.
This is super helpful for securing a security deposit for your rental order while being able to easily release it back to the customer without incurring a transaction charge.
How it works
There are many instances where a credit card authorization is helpful when processing payments for rental orders.
For example: When the order is picked up, you authorize the total of both the order and the deposit amount. When you get your items back in good shape, you release the deposit amount back to the customer, and retain the charge for the order amount only. charge for the order only.
💡Note: Stripe authorizations must be captured (charged) within 7 days.
That means that a rental should be returned within 7 days after you authorized the credit card.
1. Authorize a credit card hold
When looking at an order, click Add payment and choose Credit card as a payment method.
Fill in the amount you want to hold and the credit card information.
Set the toggle switch to Authorize.
Click Authorize.
💡Note: Each authorization may be captured only once. If you capture less than the authorization amount, you cannot capture the remainder at a later stage.
2. Release an authorization hold
Authorization holds can be released manually from your Stripe dashboard.
1. Find the payment intent in the payments overview page, and refund the payment.
You're all set!
You have now successfully learned how to authorize and capture credit card holds in Booqable.