The YORenters Wallet is an online feature that is used as an e-wallet for Security Deposit topups, withdrawals and for withholding amounts that is used for your rental orders.
You can access the Wallet page here when you’re logged in as a Renter.
The Security Deposit acts as an insurance guarantee for Owners when they rent out their Items to other Renters. The Amount will be used to claim for (if any) damages or loss to the Item.
If the Owner finds there to be no issue with the Item upon Order Completion, then the full Withheld Amount is fully refunded back to the Renter.
You can find out more on how the Order Process works on YORenters by reading the related article here.
1. The YORenters Wallet page
Accessible via this link here, the wallet can be accessed only when you’re logged in as a Renter.
From here you will be able to see the Total Amount of funds in your Wallet, as well as any Withheld Amount and your Available Balance in Ringgit Malaysia.
|Total Amount||The Total Amount in your Wallet inclusive of any withheld amount and the available balance.|
|Withheld Amount||The total amount held for all your current orders that have not been completed yet.|
|Available Balance||The total remaining amount available that can be used to make a new order.|
2. Top Up
At your Wallet page, you may begin to top up some funds before proceeding to make your rental order.
A minimum RM10.00 amount is required when making a top up. In addition to your topup amount, a processing fee will be included in your total payable amount. See more on this in point 7 of this article.
Once you’ve made a successful topup, you’ll receive a confirmation receipt to your email containing the full amount paid as reference.
The withheld amount will show when you have made a new order for an item with a Security Deposit attached to it. This will indicate that the security deposit amount will be locked and you can not use it or withdraw it until the order is completed.
To know how much of your wallet balance will be withheld (locked), you can see the amount in the Item Listing or you can view it during checkout under ‘Order Review’.
After a security deposit amount is withheld, it will be kept locked until the order status reaches ‘Order Completed’. When there are no issues raised by any party, the withheld amount will be returned back once Order is Completed to the Renter’s wallet.
Once the amount is returned back to the Wallet you may use it again for another Order, or you can simply withdraw it from the wallet if you wish to do so.
At any time as a Renter, you may request for a withdrawal of your available amount from your Wallet.
Only amounts under Available Balance can be withdrawn. Withheld balances will remain locked until the respective order is completed.
There is no prompt button to request for a withdrawal so you will have to contact our customer helpline channels directly at our ContactUs page. Or you can immediately contact us by selecting the floating livechat button at the bottom right corner of this page. We are duly available for contact from 9AM-6PM on weekdays.
A deduction is only made when there has been a successful dispute raised against the rental order.
Both users will be notified of an open dispute and YORenters will act as intermediary to settle and resolve any disputes that have been raised. That means that you will know of any disputes raised, no hidden or mysterious deductions will be made without you knowing.
Some causes of a deduction can be from late penalties, irrecoverable damages or the loss of an item.
Read more on how disputes work by referring to your Rental Agreement or in the Order Process article here.
It is best to avoid penalties in the first place so that you don’t lose any of your Security Deposit. Read our Tips & Tricks on Avoiding Penalties to learn more.
7. Processing Fee
For every topup made, 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 Top up Amount + RM1 + 6% Digital Tax commission. A calculation example is as follows:
|Top up||RM 50.00|
(RM1 + 3% of Topup) x 6% Digital Tax
|RM 1.00 + RM 1.50 + RM 0.15 = RM 2.65|
|Actual amount to be paid||RM 52.65|
|Final amount deposited in your Wallet||RM 50.00|
Note that the final amount entering your wallet is the requested RM 50.00 and not the total payable amount which includes the processing fee.
Use this calculation method to plan and predict your next top up before your next order.
8. Promotion and Offers
From time to time, YORenters may hold promotions and contests that you may enter where some of the prizes include cash money. Of this cash money as a user you may opt to transfer it directly to your bank account, or may you may prefer to deposit it directly to your security deposit wallet.
Check out any ongoing promotions and contests over here.
If you want to be kept up to date on the latest news and features happening on YORenters.com, you can first register then subscribe to our newsletter, follow our socials on Facebook and Instagram, and check back often on our website so that you don’t miss out on our latest and greatest deals.
The Security Deposit is a necessary feature that acts as a security and assurance measure to protect the rights of all users involved. We may be changing this feature in the near future which may include actual insurance guarantees for items that are verified on the website. Until then, check back often for our latest and upcoming news. We sincerely want you to be on this journey with us.
Was this article helpful? Were some points unclear? Do you need more clarification?
Please do contact us if you have any more questions regarding the Security Deposit function as we’re more than happy to assist you.
You can contact us by emailing us at [email protected][dot]com or by selecting the livechat button at the bottom right corner of this page. We hope we can hear from you soon. Happy renting!