FAQ – Posting items for rent on ParTAG
From the viewpoint of the customer/renter
- Simply follow the instructions on your Rental Agreement, which either state for you to return the item to the pick up location, or be present for the Vendor/Owner to pick up the rental. The Vendor/Owner will initiate the app process of closing out the rental transaction.
- Once the Vendor/Owner has finalized any additional charges, you will receive a Final Rental Agreement which you must approve in order for the contract to end. No new charges will be levied on you without your expressed consent through this Final Rental Agreement close out process.
From the viewpoint of the Vendor/Owner, follow these steps to complete the rental transaction and end the agreement.
- Pick up or receive your rental item and make sure every piece/part is accounted for and that there is no damage beyond wear and tear. After closing the contract, you will not get another chance to clear up any claims with the customer through the app.
- Select the Reservation from your Reservation Module. Scroll down to select the button “End Rental”
- See the screenshot below. If everything went well and there are no additional charges, select “Close Out No Changes” and the Rental Agreement will be ended with no additional charges to the Customer/Renter.
- The app will display the final Rental Agreement for your approval. Select to approve it.
- The app will display the final Rental Agreement to the Customer/Renter which she must approve in order for the contract to end.
- If the rental item was returned late and you would like to assess late fees at the same rate as the per day rental, you may do so by adjusting the dates in the close out form.
- If you must apply delivery, cleaning, or other charges not included in the rental fee, you may add those in the Manual Adjustment field of the close out form.
- If you have assessed damages that you wish to charge the customer/renter for, you have two choices as to how to do that. Follow this link for an in depth explanation.
- Finally, select “Update charges” and the Final Rental Agreement, which contains a final tally of all previous and new charges are displayed to you for your approval. Select to approve these charges.
- The Customer/Renter then receives the same tally and also must approve them in order for charges to be run. Any additional charges are shown against the deposit and any balance of deposit funds are returned back to the Customer/Renter. Once both parties have agreed to the Final Rental Agreement, the contract has ended.
- This Tutorial also describes how to end your rental contract.
The purchase price and model year are required for every public post of a rental item. You must provide a value that is non-zero. The customer/renter does not see “Purchase Price” and is never under the assumption that there is an option to purchase the rental items. These two pieces of information are used by the platform in the following ways:
- The Purchase Price and Model Year together establish the rental’s Replacement Value (see separate FAQ about how this is calculated). Once the Replacement Value is calculated, the Customer/Renter sees this value when she fills out the rental reservation form and in the Rental Agreement (see screenshot below, and “Replacement Value” beneath the item name). By acknowledging this value, she agrees that while the rental item is in her possession, she is liable for the full Replacement Value in a worst case scenario. But she also understands that this is her maximum liability, and no more.
- The Replacement Value is used to establish the refundable deposit which is charged to the customer/renter at the start of the rental period. The pending charge is 20% of the Replacement Value, which serves to hold the credit card open in case future charges of damages or loss need to be made. The pending refundable deposit is cancelled once the item is returned and the Owner/Vendor closes out the rental transaction.
– Model name and year
– Dimensions, colors, and physical attributes
– Peripheral or auxiliary items that come with your rentable
– Any additional fees, such as delivery, cleaning, set-up, etc.
Watch this video for a quick tutorial on what steps to take when you drop off your rentable, or when the Renter arrives to pick it up.
1. Go to the Reservations Module and select the particular reservation you wish to start. Scroll to the bottom to select “Start Rental Now”
2. You will receive a binding Rental Agreement between you and the Renter. Agree to the terms and provide the Renter with any additional requirements in writing at this time if the Rental Agreement template does not meet your needs. The Renter will receive his own version of the Rental Agreement to approve, which will be sent to his Notifications inbox.
3. Once both parties have agreed to the Terms, the Rental Period (Rental Transaction) has begun. Both the Renter and Owner should see the item in their respective Libraries.
You’re all set. The Renter can now enjoy the item!
Watch the short video below to see what to do when the Renter returns the item.
ParTAG cannot provide business advice, so we recommend that you consult with a professional. If you are an individual and intend to earn revenue from renting out your personal property on ParTAG, you can accept payments through Stripe and would be considered a sole proprietor business. You can fill out the Stripe new account form under the “sole proprietor” designation. When prompted for a business website, Stripe allows you to input any of your social media accounts, such as facebook, instagram, or pinterest. All other information Stripe requires, such as name, mailing address, etc, must match the information corresponding to the bank accounts linked to receive payment.
1. Try to make contact with the Renter, if you haven’t do so already. Try emailing and calling. Typically the Renter is having a personal problem that is preventing him or her from prioritizing the return of your Item.
2. If you are unable to make contact through email or phone, “Report a problem” through the app (see below), which sends a note to ParTAG and the Renter to contact you. A ParTAG associate will contact you shortly to help facilitate the return of your Item.
3. If you believe the Renter has stolen your item, report the theft to your local Police and keep a copy of the Police Report.
4. If after 3 days of the Renter being delinquent in returning your Item (3 days after the end of the Reservation Rental Period), you may “Report a Problem”, and the ParTAG app will provide you prompts to run a loss/theft charge to the Renter. ParTAG will contact you to request a copy of your Police Report and proof of ownership and value of the Item.
5. If the Renter does not agree with your charge of theft because he or she has returned the item, the Renter may dispute the charge with Stripe and/or his credit card company. If Stripe, the Credit Card company, or the Renter requests copies of the Owner’s policy report, we will provide it.
6. If the Renter returns the item, you can reverse the charge through your Stripe dashboard.
Report a Problem:
1. From the Library Module, select the Item that has not been returned.
2. From the detail page, in the upper right corner is a menu icon; select that to see options including “Report a Problem”
If you believe that your Item’s replacement value should be calculated differently, you have the opportunity to request a different replacement value when you upload the item to the platform. You will receive a pop up box where you can report a different replacement value. ParTAG will be alerted to your request and will contact you about your item and its value.
Generally, rental of personal property qualifies for use taxes by the State. The exact percentage of tax may depend on the county in which the transaction took place. Use or sales taxes are NOT collected additionally to the rental fees levied to the Renter. Any rental income you receive will likely be subject to use taxes by the State annually.
If you are a renter, you will not see any additional sales or use taxes levied on top of the rental fee.
If you are an owner or rental business, ParTAG will not collect taxes from the Renter on your behalf for each transaction. Any applicable taxes that you are responsible to pay to local, state, or federal tax collectors would be considered as a portion of your gross rental sales. We recommend you consult with a tax professional to understand your tax liability.
How can I edit my listing?
How do I view or change the details of my item, like its name, description, and rental price?
To edit your listing, go to your Library and select the Item to view its details. From this screen, select any of the details to edit them.
How do I rent out my stuff?
How do I add more photos to my post?
Do I need a Stripe account to post items?
Watch this short tutorial for how to post items for rent on ParTAG
The first step to renting out your items is to add the Item to your Library.
- From the Library module, select the ‘Add’ icon to add the Item to your Library. ParTAG will direct you to snap a photo and then ask for some details. You can add more photos after the Item is inside your Library by selecting to view the Item details and selecting the camera icon by the photo.
- If your item is Private, you can skip filling in all the requested details.
- If you’d like your Item to be searchable in the Public Marketplace, then select ‘Public’. If you select Public, you will need to provide some minimum details, such as an Item name, rental price, purchase price, and model year. For best search results, provide a good name, description, and search tags so people can find your Item easily.
- Select how you’d like the items to change hands: by pick up or delivery. If you leave this blank, ParTAG defaults this preference to delivery to the Renter.
- Review these details and add more photos by selecting the Item in your Library module. To change any of these details, simply select the detail you want to change.
- Finally, before you can actually complete a rental transaction on ParTAG, you will need to connect your Stripe account to the ParTAG Platform. Stripe then connects rental payments to your bank account. Connect your Stripe account to ParTAG through Settings, Stripe Merchant Dashboard (find Settings in the Sidebar menu). If you do not have a Stripe account, you can sign up for one at www.stripe.com.