Intended Audience: Trip Organizers who are enabling payment plans as a purchase option and want to know how minimum and flexible deposits impact installments.
Article Summary: Learn how trip deposits impact the traveler installment amounts.
Table of Contents:
What is Minimum Deposit?
Minimum Deposit is a required payment for travelers to book and pay for their trip in installments. This deposit is how the traveler who is paying in installments secures their spot on the trip.
💡 Pro Tip: Ensure the deposit you collect can help cover any upfront supplier costs related to reserving the traveler's spot on the trip.
What happens when I set the minimum deposit?
The minimum deposit set for the package is the required amount that all travelers purchasing the package using a payment plan must pay.
Packages with installment plans are required to have a minimum deposit of at least $35. This requirement ensures that the traveler is committed to going on the trip and the organizer can mitigate financial risk.
If the organizer is paying the fee, the Pricing Calculator is activated to ensure the organizer receives the expected deposit amount less fees.
What happens if a traveler pays more than minimum deposit?
If a traveler increases their deposit amount at checkout, then their monthly installment amount will decrease. See example below when the initial deposit is updated.
Example Explained
The minimum deposit for this trip is $220. By default, all travelers paying in installments are required to pay at least $220 to book the trip.
In the second image, the traveler has chosen to pay a $300 initial deposit. As a result, their installment amount is reduced from $165.36 to $152.03.
Have questions? We have answers! 😊
Email us at help@squadtrip.com or send us a message via chat.
Have a feature request would make your life easier? Share it with us on our public feature request board.