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Old March 29th, 2010, 05:34 PM   #1
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Credit Card Deposit Hold on rented gear ?

I've tried a Google search, looked around this forum and couldn't find an answer. I'm wondering how the credit card deposit/hold procedure works when you rent your gear out to someone. obviously, obtaining a certificate of insurance is the better option, but let's just focus on the alternative method. Do I need to setup a business bank account in order to properly place a hold on a renter's card? whether or not you were hired to be on the production, i'd like to hear about your experiences with credit card deposits/holds.

thanks,
Mike
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Old March 29th, 2010, 07:33 PM   #2
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Originally Posted by Michael B. McGee View Post
Do I need to setup a business bank account in order to properly place a hold on a renter's card?
You would need a merchant account with a bank or other merchant account provider. You can't do it with PayPal or other personal service. Here is some information about holds: Authorization hold - Wikipedia, the free encyclopedia
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Old April 4th, 2010, 08:14 PM   #3
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any other thoughts on this? how do you guys insure your gear when renters can't supple an insurance cert?
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Old April 5th, 2010, 07:45 AM   #4
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Even showing the insurance cert is no guarantee. If they abscond with your equipment think they're going to file a claim on your behalf with their insurance company?
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Old April 5th, 2010, 08:13 AM   #5
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Producing an insurance for your gear does not protect you if your client wants to run away with your gear. The company I worked for lost $ 100K in gear 2 years ago, they gave us a valid proof of insurance (they used the insurance company we told them to use), charged a 10K security deposit to their credit card. Rather relying on Credit Card or Insurance to protect your gear, I would concentrate on really knowing the person renting your gear. Ask for 3 references, website if they have any. Valid driver's license, passport, etc.

Funny thing,you can't charge them with theft coz you gave them the gear, that is according to the Police. Breach of contract, that is all there is to it. Somehow we were able to upgrade it to Fraud but that was a good 1 week into the case.

True story.
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Old April 5th, 2010, 01:45 PM   #6
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Producing an insurance for your gear does not protect you if your client wants to run away with your gear. The company I worked for lost $ 100K in gear 2 years ago, they gave us a valid proof of insurance (they used the insurance company we told them to use), charged a 10K security deposit to their credit card. Rather relying on Credit Card or Insurance to protect your gear, I would concentrate on really knowing the person renting your gear. Ask for 3 references, website if they have any. Valid driver's license, passport, etc.

Funny thing,you can't charge them with theft coz you gave them the gear, that is according to the Police. Breach of contract, that is all there is to it. Somehow we were able to upgrade it to Fraud but that was a good 1 week into the case.

True story.
Yeah, I remember reading about your story when I was researching this topic. Did they ever get caught or did the gear ever get recovered?
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Old April 7th, 2010, 07:34 AM   #7
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They never got caught. Thinking of it right now, I was wondering that time why they are shooting a Project with 2 different formats (HD/SD) but I figured they must have a reason.

Lesson learned.
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Old May 16th, 2010, 09:20 PM   #8
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Originally Posted by Noel Lising View Post
Funny thing,you can't charge them with theft coz you gave them the gear, that is according to the Police. Breach of contract, that is all there is to it. Somehow we were able to upgrade it to Fraud but that was a good 1 week into the case.

True story.
Unbelievable! So if I rent a car and don't return it that's not theft? That doesn't sound right to me and the police aren't lawyers.
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