Payments and Deposit
Paying a Security Deposit
We require a minimum security deposit of R3 500.00 before you may drive the car. Your security deposit will vary based on your risk profile.
The security deposit will be shown on the booking page when you pay for your rental and is utilized for any possible damages claims, insurance excesses and fees. When damage is reported, the renter will initially be charged *R5000 at the beginning of the claims process. If the damage is less than R5000-00, the renter will only be charged for the cost of the damage plus an administration fee. *Rental insurance paid only covers renters for amounts above R5000. (E.g. Damage = R8500 – renter liable for R5000 excess.) Renters are responsible for the insurance excess as stated in the insurance policy.
If there is more than one incident of damage recorded on the car, it will be handled as two insurance claims and the renter will be responsible for additional excess amounts or additional charges if the damage is less than R5 000. If the vehicle was used in circumstances that are against RentMyRide’s user policies, the renter will be liable for all additional damage charges.
Please click here to see a detailed explanation of our insurance policy.
This deposit will be reversed 7 working days after you return the car in the same condition that you first rented it.
Depending on your bank and the means of payment, it may take an additional 1 – 10 business days after we release the deposit for the funds to be available in your account due to forex controls or bank to bank transfer times.
This depends on your bank and their terms. The amount may also appear as a reversal on the same day that you made the original purchase through us.
When to pay for your booking
You pay for your trip at the time of booking.
When you click on “Request Booking”, an email and/or sms is sent to the owner saying that you are ‘requesting’ his vehicle for the prescribed times. The owner confirms your booking and an email and/or sms is sent back to you to confirm that the vehicle is available. Once your payment has cleared, the owner and you will receive an email and/or sms that your payment has been received and that the rental request is now changed from ‘pending’ to ‘booked’.
*When the renter makes use of alternative paying methods other than a credit card, the trip will only be marked as ‘booked’ once funds have cleared. This goes for extensions as well.
- Debit Card
- Credit Card
- EFT: Account details
If you incur additional fees (excess kilometre, parking and speeding tickets, damage fees, etc.) we may charge any of the payment methods you have on file. For more information about Fines and Fees, click here.
When do I get paid for renting out my car?
Owner payments, billing cycles, claim payouts, payment issues.
To protect the owner and renter, RentMyRide operates on a billing cycle which runs from the 20th of the previous month to the 20th of the current month and is paid on the 25th of the current month.
There are 3 main reasons why your payment may not be accurate:
- One or more of your bookings over lapped our billing cycle, this means that a booking that was paid on the 15th and started the 19th and ended the 25th is split and the booking days from the 21st to 25th is carried forward to the new billing cycle and paid out in the new month
- One or more of your bookings was not paid by the renter which means that the payment was not generated on the last day of the billing cycle.
- In conjunction with point 2 – if a booking or extension is not paid by the renter before the billing cycle cut-off, only the days in the new billing cycle will be paid.
- The first day and last day of any rental on our marketplace counts as a half day each – totalling 1 day. This is based on the premise of a pick up being at 12 and dropped off at 12 at the end of the rental, even if the car is picked up at 4pm and dropped off at 4pm the first and last day still counts as one day. (It’s the same thing)
To rectify any issues, please contact firstname.lastname@example.org to rectify. Per our terms, it is always the owners responsibility to notify support of non-payment per our terms.
When are claims paid: Claims are generally paid out in a separate payment on the 25th of each month based on the same billing cycle and provided that our policies are met by submitting your fully completed and signed trip checklist to support on the day your car is returned and provided receipts / quotes where applicable with 24hrs.
If this process is delayed and a deposit is returned within the stipulated 7 working days, then RentMyRide cannot be held responsible as stated within our terms.
It is important to note, that where any claims or fees do not show on the statement but are debited or credited from your statement amount, a brief explanation is that if you have no claims or fees, you will be paid the amount stated on your statement. However, if you had a claim for extra mileage, then this is paid in a separate transfer. This similarly applies to an owner fine, for example you cancelled a booking after being paid, your statement will reflect the amount before the fine is deducted and you will see the reduced payment in your bank account.
STATEMENTS: Although we attempt to send out PDF statements every month, we have to do this manually until it has been automated so we cannot always get around to it. Not to worry, you can see all your bookings from your dashboard, which is also your statement of rentals per vehicle.
What is your Refund Policy for cancellations?
What if an owner doesn’t complete the reservation or cancels? Renters are relying on owners to be on time, with a roadworthy car ready to go!
If, as an owner, your car becomes unavailable, we ask that you alert the renter as soon as you become aware of this situation, and at least 72 hours before the start of the reservation. Please also alert us at email@example.com immediately, so that we can cancel the reservation in our system.
Failure of the owner to timely alert the renter and RentMyRide will subject the owner to a minimum R500 fine. If an owner repeatedly cancels reservations that have already been booked by your renters, the vehicle may be removed from the marketplace and an admin fee may be charged to the owner.
Renters may cancel their trip through our site, and the cancellation is effective immediately. The total amount refunded will depend on when the renter cancels the trip, and varies by fee component (Rental Price and Rental Fee, as shown in your invoice):
After the trip has been ‘paid for’: 90% refund.
Less than 24 hours from trip start: no refund
*Full refund and cancellation of rental is possible after viewing the rental vehicle and the rental vehicle is a misrepresentation of the advertised vehicle or the vehicle does not qualify as being in a roadworthy condition by a reputable roadworthy testing centre.
*There are no credits/refunds issued for early return.
When is my deposit refunded
This deposit will be processed 7 working days after you return the car in the same condition that you first rented it.
This was implemented predominantly for the fine administration process by the owner through Trafico. Fines are generally only uploaded to the municipalities’ servers within the first 7 days and allowing time for the owner to obtain quotes for damages, if any.
If you have not received the payment notification or request for banking detail, please contact firstname.lastname@example.org so that we can resolve the issue
South African Renters
Any refund will be processed to your nominated account.
Depending on your bank, it may take a further 1 – 10 business days after we release the deposit for the funds to be available in your account due to forex controls or bank to bank transfer times.
This depends on your bank and their terms. The amount may also appear as a reversal on the same day that you made the original purchase through our website.