GetRentacar, the top global rental car marketplace, offers no deposit options for car rentals worldwide.
Security deposits have traditionally served as a reliable means for vehicle owners to safeguard themselves against damages or traffic violations when renting out their cars. However, despite its advantages and disadvantages, renters are becoming increasingly hesitant to opt for this option due to concerns over personal information leaks, unsecured payments, and digital fraud. Furthermore, regional laws can result in money being withheld from the renter’s account for an extended period of time, which only adds to their reservations about providing up-front deposits.
In the coming years, GetRentacar anticipates that the short-term car rental industry will adapt to the needs of renters. As part of this adjustment, the company plans to roll out a new payment model that eliminates the practice of freezing a client's funds for the deposit, both during and after the rental period. Based on their data, the platform has found that many customers abandon their rental reservations at the final payment step due to excessive deposit amounts that surpass the rental cost several times over.
GetRentacar is entirely client-focused and strives to offer the best possible conditions. According to Evgeniy Kochetkov, the CEO of the marketplace, the security deposit feature is intended to safeguard owners against potential losses resulting from renters exceeding mileage limits, damaging the vehicle, or incurring traffic violation fines. However, Mr. Kochetkov acknowledges that renters do not wish to have their funds blocked in their accounts while traveling abroad. To address this issue, the platform offers a beneficial solution.
The renter now has the option to either pay an up-front deposit or slightly increase the daily rental price. By adding an extra option to their personal account, customers can now choose to rent without a deposit. Once activated, the financial partner assumes all financial obligations that the deposit would have covered. As the owner, there is no cost to you, as the cost of the option is automatically included in the rental fee.
GetRentacar is considered one of the most innovative and sustainable car rental services, best price guarantee, and a wide choice of vehicles available to rent. It currently operates in over 100 countries across the globe.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
