Deposit
A deposit is a portion of the price paid in advance to hold a date or begin work on a booking. The rest, the balance, is due later, usually before or on the event day. Deposits protect vendors against cancellations and show customers are serious. Terms should be written down.
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About deposit.
Also called: booking deposit, down payment, advance payment, reservation deposit.
Typical deposits are a set share of the total, sized to cover costs a vendor would lose if the customer canceled. The booking terms should say how much, when it is due and whether it is refundable.
A deposit counts toward the total price. It differs from a retainer, which can be a fee for reserving time or services regardless of the final price.
Vendors can collect deposits online at booking to reduce back-and-forth. Our calculator suggests an amount based on your costs.
Customers request a date from your packages and pay a deposit online; the balance can be charged automatically.
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