How It Works.
Rentzi users have the opportunity to be an owner, a renter, or both! Rentzi isn’t a classifieds. It’s totally free to join and free to post ads. Rentzi allows people to search for items or services and book them for rent. Rentzi provides a proposed rental agreement between the owner and the renter (or allows them to upload their own), and facilitates a safe and easy payment gateway between both parties.
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Here is some more information …
Fees and charges
Standard charges: Rentzi collects a fee of 10% of the total amount per transaction. The fee is taken from the total amount paid by the renter and deducted before payment is made to the owner. For example, if the total amount paid by the renter is $100, then the total amount paid to the owner will be $90. Rentzi collects $9 plus $1 GST (Total $10). By keeping our fees low, we can continue to ensure renters save money and owners make money more efficiently than commercial hire transactions.
Late fees: If an item is returned late, then Rentzi charges the late fees in accordance with the rental agreement between the two users. This is calculated based on the total value of the item and duration of the late period. Late fees will continue to be charged (up to a maximum of 50% of the value and held by Rentzi until the owner reports that the item has been returned or recovered. Rentzi will then release payment of the late fees to the owner. If the renter disputes this, then it is their responsibility to seek resolve the issue with the owner.
|List an Item||Free|
|Premium listing||$1.99 (incl GST)|
|Rentzi Fee||10% of item total total (incl GST)|
Late fees are calculated by Rentzi, but not charged. For more detail, see ‘late fees’below.
As soon as the agreed rental period ends, regardless of owner and/or renter confirmation of item return, the owner's total of the transaction is paid into their account.
If there is any discrepancy in the return time (either party claims that the item has been returned later than the expected time or not at all), both parties are notified by Rentzi that late fees will be calculated. For rentals by the hour there is a 30 min grace period before late fees are calculated (from the beginning of the late period). For all other rentals there is a 60min grace period. Rentzi then calculates late fees based at 150% of the pro rata hourly rate of the item.
For example, if an item was $1000 per week, and the item was five hours late in being returned, the late fee would be $44.64 ($5.95 per hour x 1.5 x five hours). Late fees are calculated up to a maximum of the Owner's item value (identified when the owner placed the ad).
When both the owner and renter acknowledge that the item has been returned, or when the total item value has been reached, Rentzi sends both the renter and owner the total calculation. It is then the responsibility of owner and renter to finalise this payment (or come to a separate agreement) with each other. Until the issue is resolved, both owner and renter accounts will be temporarily suspended. Current rentals will remain extant, however they are prevented from entering into any other transaction.
Lost, damaged, or stolen goods
Of course, when using a peer to peer rental service, there is always a level of risk. As an owner, your item may be lost, damaged, or stolen. As a renter, the item may not live up to your expectations or needs. Rentzi simply provides a medium for owners and renters to rent things between each other. The Rental agreement and condition report are tools that can be used to facilitate and enhance the quality of the transaction, but they are not a guarantee. Users need to carefully read the terms and conditions and understand that all disputes need to be resolved directly with one another.
If an item is lost, damaged, or stolen, then it is the owner’s responsibility to take action against the renter. The renter’s account will be temporarily suspended until the issue is reported as resolved. If the renter disputes the transaction, then the owner’s account will also be temporarily suspended until the issue is resolved.