Payments & Payout Policy
All payments are processed by Stripe and held in trust by Ruckify until the booking has been completed, then Ruckify will release the funds to the Poster. In order for a Renter to reserve and confirm their booking, the Renter must pay at least 50% of the booking’ total. The percentage amount to be paid is determined by the booking’ start date. If the booking start date is 5 days or less away from the current date, then the Renter will be required to pay 100% of the booking total to confirm and reserve the item(s).
If the booking start date is greater than 5 days from the current date then the Renter is required to only pay 50% of the booking total to confirm and reserve the item(s). The remaining balance will automatically be taken from their account on the date that is 5 days before the booking start date.
If at any point you do receive a full or partial refund from a booking, Ruckify will always reduce the amount of their service fee, and processing fee. Refunds will be determined by the item’s Cancellation Policy on the booking and will be sent from Ruckify.
Depending on your bank, you will see it as a credit on your account within 5 – 10 business days from the time we process the refund. We can only refund the amount back to the credit card used to pay the initial balance, it cannot be transferred to a different card or account.
Ruckify will only release the payout amount to the Poster once the booking has been marked as completed and you have submitted your review of the renter. Depending on your bank the amount may take 3 – 5 business days to reach your account. The Payout Amount will be the booking total amount reduced by the Platform Service Fee, Insurance Amounts, Admin Fees, and any other outstanding amounts the Poster may owe.
Ruckify does reserve the right to reduce your payout amount if you owe any outstanding service or admin fees. Ruckify also reserves the authority to reduce the payout amount if the related booking has any refunds or charges from a cancellation or a dispute.
Ruckify will include the tax (if charged) on the booking on the payout to your account. This will allow you to collect the tax and pay your local government as needed. Please check with a local attorney to see if you are required to do so.
The deposit amount is decided by the Poster and will be processed at the same time as the booking confirmation payment which is 5 days before the booking start date or when the renter pays for the booking total amount. In cases of the deposit, there will be an additional processing fee deducted from the Payout Amount to the Poster and also charged to the Renter. You will be required to pay a deposit admin fee of 1.9% at the time of booking.
Deposits will be refunded back to the Renter 24 hours after the Booking End Date. Depending on your bank it can take anywhere from 5 to 10 business days to reach your account.
Ruckify will ask you to enter your banking information in the payments area of your account. Please be aware that this is the only place and time that Ruckify will ask for your banking information. We will never ask you to send money via email or e-transfer to us or to another member.
By entering in your banking information, Ruckify will be able to automatically directly deposit your payout amounts into the specified account. You will need to provide the following: Bank Country, Name on Account, Routing Number, Account Number, Confirm Account Number.
Ruckify does give the Poster the ability to collect taxes by adding your reference number and tax amount in your settings. The tax amount will be included on your payout amount to give you the opportunity to repay your local government as necessary. It is your obligation to seek council of a certified accountant or attorney to see if you are required to collect taxes or not.
Ruckify will charge tax on the amounts collected from insurance and the platform service fee.
There are no fees to register for the Ruckify Services. However, Ruckify charges fees for each transaction made through the Platform (“Transaction Fees” or “Platform Service Fees”). In particular, Ruckify charges Posters a fee for each completed transaction, the fees will be deducted upon the payout. Ruckify charges the Poster 10% Platform Service Fee which allows us to maintain and improve the Ruckify platform and provide world-class support to our members. Ruckify will also add a 1.9% processing fee for each transaction on a booking that uses deposits. If you rent out an Item as a Poster or rent an Item as a Renter, you agree to pay all Platform Service Fees described herein or otherwise quoted to you at the time of the transaction.
If you do have any questions about payments or payouts, please email us at firstname.lastname@example.org and we will get back to you as soon as we can.