How does Payment Work on YORenters? How much are we paying and what are we paying for?


On each occasion that a transaction is created between the Renter and Owner for the rental of an item that is made available through YORenters.com

In every item listing, you will be given information on costs and charges that you may or may not have heard of before. Your checkout screen may overwhelm you with all the different types of costs there, which is why this article will help guide you along on what each cost and charge represents.

This article is a quick glancing summary on the associated costs, charges, and payments made when renting and renting out. For a more in-depth and detailed explanation, please refer to the Terms of Use and if you have an active order, your Rental Agreement in your Order page.

How does Payment Work on YORenters? How much are we paying and what are we paying for?


1. The Item Listing

The Item Listing is the Owner’s very own product advertisement page. From here, all product information and usage would be clearly and definitively explained. Although, the most vital information any public user would want to see here, is without a doubt the rental price tag and security deposit of the item.

The Owner gets to decide how their Item Listing pops out to their audience, by snapping some amazing product images, by being creative with description writing, and by putting a competitive daily rental rate and security deposit amount that no sane man, woman or troglodyte can refuse. The Renter has the easy part. Like it? Chop, Rent and Acclaim it!


2. Daily Rate & Minimum Charge

Ever seen those big daunting numbers on that item listing you’ve set your eyes on? The daily rate is the exact cost of rent that you’ll be paying for every single day you rent that item. Want that item for 7 days and it costs RM2.00 per day? That’s RM14.00 total rental cost for you, before those other pesky fees of course. There won’t be recurring payments over a period of time, so the whole package that you’ll have to pay will be paid off entirely on that first checkout screen.

How does Payment Work on YORenters? How much are we paying and what are we paying for?

The Minimum Charge may sound ominous, but I assure you it's not! For every order any Renter will make, a minimum charge will be required so that the respective Owner won’t be making a loss, since the initial shipping is paid by the Owner. You don’t want to be renting out something for RM1.00 per day for a rental period of 1 day and pay shipping for RM10.00, now would you? Quick maths - 10 minus 1 is 9. Now that’s what I call an amateur move!


3. Security Deposit

Now this is where renting is an entirely different form of transactional creature than straight out buying something. On that item listing, you might notice another numerical figure with the ‘Security Deposit’ words emblazoned beside it. That’s the amount required that needs to sit in your Wallet before any order can be done. If the item needs RM30.00, then you’ll need an available RM30.00 to be sitting in your Wallet for the order to come through. And that amount is entirely refundable at the end of your rental, so you don’t lose out really. Unless…

How does Payment Work on YORenters? How much are we paying and what are we paying for?

The security deposit is there to protect the Owner from any damages or loss to their item. This is a rental marketplace, so we’re exchanging our prized possessions with other like-minded individuals in the community, so rare occurrences of mismanagement might occur. This is where that initial security deposit comes and swoops in to save the day! A dispute is raised, and any amount up to the total security deposit can be claimed by the Owner against the Renter. So treat those items like you would want others to treat yours!

How does Payment Work on YORenters? How much are we paying and what are we paying for?

A disclaimer though, the wallet is only used for holding and withdrawing security deposits. You can’t actually use the funds inside to pay for your rental orders. The wallet is easily accessible and if there are available funds, you can freely make a withdrawal at any time you so please.

Any top ups into the Wallet will be incurred a non-refundable processing fee, courtesy of our third party payment gateway service providers. So don’t say we didn’t warn ya!
Example - how a top up would typically look like:

Top up RM 500.00
Processing Fees:
(RM1 + 3% of the deposit amount) X 6% Digital Tax
RM 1.00 + 15.00 + RM 0.96
RM 16.96
Actual amount to be paid RM 516.96
Final amount deposited in your wallet RM 500.00

4. Checkout

Finally, you’ve set your eyes on your item, you put the number of days you want to rent it and are now on the Checkout Screen. Do note that you can’t actually proceed to this page if you don’t have the required security deposit amount or you don’t have a registered shipping address. Add a new address and set it to become your registered shipping address.

How does Payment Work on YORenters? How much are we paying and what are we paying for?

From this point onwards, you’ll have the choice to pick your preferred shipping courier (and the associated costs), your preferred payment method, and you’ll be able to view your Security Deposit balance as well as your Order Summary. The costs associated under your Order Summary is what will be explained to you here in this article.


5. Shipping Fee

Your order, your choice. At the checkout screen, you’ll be able to pick from a set of options of your preferred shipping courier choice. The choices and costs that appear on screen will be dependent on your shipping address, so be sure to readily set your preferred shipping address before you proceed.

How does Payment Work on YORenters? How much are we paying and what are we paying for?

Do be mindful, that you’ll have to send your package to the respective collection courier post office of your choice. If you picked poslaju then you’ll have to drop off your package at a poslaju dropoff point or a distributed shipping centre like Mail Boxes Etc (MBE) and others like it. The shipments arranged by the Owner and the Renter will be different and dependent on the respective User’s choice.


6. Transaction Fee

How does Payment Work on YORenters? How much are we paying and what are we paying for?

For the service provided, a service fee in the form of a transaction fee will be payable during checkout and will be a percentage of the total rental price. Although, promo codes can be used wherein you’ll be able to waive all or some of the attributed transaction fee. A 6% Service Tax is also included in the transaction fee.

From the example snippet above, the fee calculated is as so:

Subtotal RM 30.00
Transaction Fee (10% of total rental price) 10% X RM 30.00 = RM 3.00

7. Payment Screen

You’ve chosen your item, you’ve set your rental period, your security deposit has been placed, you’ve chosen your shipping choice, and now you’re ready to bring out the heat. The payment screen shown, courtesy of our third party service provider will bring you to a secure payment gateway where you’ll be able to make your payment in a fast, secure and simple way.

How does Payment Work on YORenters? How much are we paying and what are we paying for?

For your personal safety and ease of mind, we won’t be keeping your payment card details on the server. This may be inconvenient, trust us, we know. But we opted for this method as our main concern is your personal security. We’re working around the clock on building a more robust system for the platform, so it may not be too far away for that added dimension of protection we’re truly seeking.


8. Processing Fee

How does Payment Work on YORenters? How much are we paying and what are we paying for?

For every payment made on YORenters, a processing fee will be charged as a service fee for the services provided by our third party payment gateway processor.

The amount is calculated as 3% x [Total Rental Price + Shipping Fee + Transaction Fee] + RM1 plus 6% Digital Tax commission. A calculation sample is as follows:

Payment RM 500.00
Processing Fees:
(RM1 + 3% of the deposit amount) X 6% Digital Tax
RM 1.00 + 15.00 + RM 0.96
RM 16.96
Total amount to be paid RM 516.96

9. Promotions

All of these costs in their accumulated form may come at you thick and fast but don’t you worry, we’ll be throwing out promotions, vouchers, promo codes, referrals and the like, just as fast! Check them out over here.

How does Payment Work on YORenters? How much are we paying and what are we paying for?

Using a promo code may deplete and take out some or all of the applicable fees to a certain payment. So first register then subscribe to our newsletter, follow our socials, and check back often on our website to not miss out on our latest, greatest deals to be had!


These costs may be a bit much initially, but we want to be as transparent with you, the user as much as possible as to what and how much you’re paying for every single transaction created on the YORenters platform.

To summarize, a normal day of renting on YORenters.com would go like this,

1) Pick an item, pick the number of rental days.

Rental Rate RM 2.00 per day
Number of Days 15 days
Required Security Deposit RM 20.00

2) Top up Security Deposit: Security Deposit + Processing Fee

Required Security Deposit RM 20.00
Processing Fees:
(RM1 + 3% of the deposit amount) X 6% Digital Tax
RM 1.00 + RM 0.60 + RM 0.096
RM 1.70
Paid amount RM 21.70
Final amount RM 20.00

3) Pay for Rental: Rental Price + Transaction Fee + Shipping Fee + Processing Fee

Rental Price Subtotal
Rental Rate X Number of Days
RM 2.00 X 15 days RM 30.00
Transaction Fees
Subtotal X 10%
RM 30.00 X 10% RM 3.00
Shipping Fees (Renter's Choice) RM 12.00
Processing Fees:
(RM1 + 3% of paid amount) X 6% Digital Tax
RM 1.00 + [(RM 30.00 + RM 3.00 + RM 12.00) X 3%] X 1.06 RM 2.49
Total RM 47.49

4) Done.

And that's pretty much it.

Alternatively, check out How it Works to rent out as a Renter by clicking here.


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