What is a caution deposit?
Also called: Caution fee, Security deposit, Damage deposit
A caution deposit is a refundable amount held against damage or loss while a customer uses a space or equipment, returned after the booking if nothing is damaged.
It is not part of the price. It is security, and the customer expects it back. Agree in writing what it covers, how damage is assessed and how quickly it is returned.
Some businesses offer a damage waiver instead or as well: a small non-refundable fee that covers accidental damage.
In Nigeria
“Caution fee” is the term most Nigerian customers use, from property rentals. Saying “caution fee (refundable)” in your listing avoids the question.
How Superspace handles it
In Superspace you can set a caution deposit and a damage waiver per day on equipment you rent out, and see them in the totals when it is checked out. See Check out equipment.
Common questions
What is the difference between a caution fee and a deposit?
A booking deposit is part of the price, paid early. A caution fee is security against damage, held separately and returned if nothing is damaged.