Last updated: June 21, 2018
By using Lendaland Platform, you agree to abide by these guidelines and all other Lendaland policies. We reserve the right to apply our payment terms as outlined in this policy.
Lendaland has chosen a simple and easy to understand payment structure. For each transaction that occurs through the Lendaland platform, Lendaland reserves 10% of the entire transaction for its brokerage fee which includes transaction costs for processing payments, making it easier for you.
Payment processing is facilitated through Stripe (or other provider), an online payment platform that handles processing of credit and debit cards. Payments are made by providing entering credit card information at the online website form. Lendaland receives only payment confirmation, and never receives the full credit/debit card information.
At the time of booking, the customer provides a valid credit card which is used for billing throughout the lifecycle of an event:
After approval of booking by the Host:
IF: The Event is more than 14 days in the future and over $2,500 in aggregate transaction cost, the card is charged 50% of the aggregate cost. The remaining 50% of the aggregate cost will be collected at 14 days before the Event.
IF: The Event is 14 days or less in the future or under $2,500 in aggregate transaction cost, the card is charged 100% of the aggregate cost.
Lendaland receives that entire payment into our account. Lendaland will hold that payment through the reservation period, defined as the time in which the payment is received for the Event until the Event has been completed. Once the Event has been completed, a period of three days passes for the possibility of any dispute. If there are no issues, three days after the Event, 90% of the entire transaction cost will be sent to the Host’s linked account.
The Host must provide a payout method through the https://lendaland.com/myaccount page prior to a property becoming visible on the Lendaland Website. This payout method allows:
Direct deposit into checking account.
Direct deposit into debit card account.
Payout intervals are automated and managed by Lendaland (customer cannot manually receive payout ahead of the aforementioned three day window).
The remaining 10% of the transaction is retained by Lendaland for providing its services.