Knowledge base
Security deposit and advance payment
An advance payment or security deposit is money paid before a stay to confirm a booking or cover possible damage.
Deposit and advance payment
An advance payment is part of the stay price paid before arrival to confirm the booking. A security deposit is money held against possible damage or extra costs and returned after the stay when appropriate.
Why is it useful?
Fewer no-shows and late cancellations.
Greater certainty about part of your revenue.
In practice
State in your terms how much the advance payment is, when it is due and under which conditions it will be refunded. EDICE PMS supports advance payments in the Plus and Complete plans.
Related terms
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