On-platform deposits to improve your subscription billing and payments process

March 9, 2022

When it comes to handling security deposits, we understand the manual effort required and the record keeping processes involved. We are proud to announce that we have moved all security deposits onto the platform to help you manage and refund security deposits more efficiently. For security deposits collected after 1st March, you will now be able to:

  • apply security deposits against any outstanding invoices
  • claim security deposits if a subscriber is in arrears or has an outstanding invoice outside of Loopit
  • refund your subscriber's security deposit without needing to make manual payments to your customers outside Loopit

You can access these new updates in the Payments table under "Invoices and Payments" against each subscriber. In order to apply, claim or refund a security deposit, the subscription needs to be Cancelled or Ended.

Please note that these options will only be available on security deposits collected after 1st March. Anything before this date will need to be handled with existing processes.

Applying Security Deposits Against Outstanding Invoices

With our new feature, you can now apply security deposits as a way to pay against an outstanding invoice. This makes it easier for your business to process any outstanding fees or charges with the security deposit.

Loopit allows you to select an amount from the security deposit to apply to the unpaid invoice. If you already have an existing unpaid invoice, then it'll be available to select under the drop down menu under "Select Outstanding Invoice".

However, if you need to generate a new unpaid invoice for one-time charges such as cleaning fees or toll charges, you can raise it under the 'Charges' tab.

Claiming Security Deposits

Loopit makes it easier for your business to recover any potential lost revenue. Our new update provides you with the ability to claim the security deposit as a way of recovering any owing payments from a subscriber who is in arrears or has forfeited their security deposit due to a breach of terms.

To claim a security deposit, simply select an amount you want to claim and submit the claim. All claims for security deposit will be processed at the end of each month.

Refunding Security Deposits

The ability to refund security deposits allows your business to reduce accounting and administrative overheads by closing the loop on customer accounts and payments. Managing all refunds on-platform will help make record keeping a uniform and efficient process, ultimately providing your business with a single source of truth.

Rather than managing manual payments to your customers outside of Loopit, you can now process all security deposit refunds in Loopit when a subscription is either "Cancelled" or "Ended".

Loopit enables you to either refund security deposits either partially or in full.

This new update alsoallows for a more seamless refunding process for your subscriber, where all security deposit refunds will be processed and returned against the original payment method. Refunds will take 5-10+ business days to appear in the subscriber's account. To help keep your team on the same page, we've also provided a section for you to insert any relevant notes regarding the security deposit refund.

As always, if you have any feedback feel free to let us know at support@loopit.co or via the Feedback tool on the platform!

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