How does the deposit management of WavySys work?

MangoPay

 

How the payment system of WavySys works, we have already described in a short explanation in the article The payment system of WavySys.


The aim of this article is to introduce you to the payment system and deposit management at WavySys in more detail. We keep hearing that charterers don’t know exactly what the e-wallet is all about or what MangoPay means, let alone what happens to the funds in the background.

Consequently, we explain step by step what happens in the WavySys payment processes when you accept or reject a booking.

Of course, reliability and security are very important to us! We want you to understand this and to take away your fear of digital processes.
Because digital processes have many advantages and are in our case even more reliable and clearer than cash means of payment.

1. Mangopay

Wavy uses the payment provider Mangopay for all financial transactions on the platform.

What is Mangopay?

Mangopay is a digital payment service provider specializing in online marketplaces, crowdfunding, platforms and sharing economy companies.
Mangopay was founded for entrepreneurs and minimizes the effort for payment systems by integrating a whitelabel solution directly into their own system that accepts direct payments in multiple currencies and automatically pays out.

How does Mangopay work?

Mangopay creates individual e-wallets for buyers and sellers in which money is kept safe for as long as necessary.
The end-to-end payment solution is unique in the market due to the E-Money-Issuer license (BaFin license in Germany). It enables companies to accept payments, deposit the funds in trust and pay them out with ease, speed and efficiency.

Why does WavySys use Mangopay?

For the payments of our customers, the security of the payment is especially important to us. Mangopay can provide us with this security because it works with the Payment Card Industry Data Security Standard (PCI DSS) and has been awarded the security certificate of the European Commission.

Our goal was to make payments as user-friendly as possible. In the booking process on Wavy you have, after the successful, unique registration, the possibility to book boats with one click. Mangopay delivers this simplicity to the Wavy platform. 

The punctuality and reliability of payments is one of the most important points for our customers. In order to deliver this timeliness and reliability, Mangopay automates payouts so that each payout is initiated at the agreed time.


Surveys have shown that customers are not satisfied with the current status of deposits, either in cash or by local credit card. They want a safer alternative. That’s why we worked with Mangopay on the digital deposit, which we use as the only platform in the boat sector. For this reason, bookings via the Wavy platform will be preferred to other boat platforms in the future.


The advantages of MangoPay for you:

● You save time: The optimized digital processes of WavySys shorten the booking process.
● You are on the safe side: The managed deposit in the e-wallet is paid directly to the bank. WavySys does not manage money. 
● In case of damage you are secured and the deposit will be retained and paid out. 
● You have no administrative overhead. Automated processes do the work for you!

User Case 1: Charterer accepts booking


You get a booking and accept it. What happens with the payments?


1. pre-authorized PayIn: the renter pays the booking amount from his credit card into the e-wallet of the renter managed by MangoPay (+ payment of the processing fee minus vouchers)

  •  The money is transferred from the Renter’s credit card to the Renter’s e-wallet in the Renter’s currency.
  • MangoPay performs currency conversion if the Renter’s currency is different from the owner’s currency.
  • So, if the lessee has paid in EUR but the owner wants GBP, the money goes to the GBP wallet of the lessor with native Mango conversion.


2. a) Up to 31 days before check-in:

Payment to the landlord: 43.5% of the rent paid goes directly to the owner’s bank account.

b) From the 30th day before check-in: 

Payment: 87% of the rental fee + cleaning fee from the renter’s e-wallet to the owner’s bank account.

3. a) Up to 31 days prior to check-in:

Transfer of 13% of the rental fee: 100% of the service fee will be transferred from the renter’s e-wallet to the owner’s e-wallet.

b) From the 30th day before check-in:

Transfer of 13% of the rental fee: 100% of the service fee will be transferred from the renter’s e-wallet to the renter’s e-wallet.

User Case 2: Charterer cancels the booking


You can’t accept the booking or want to cancel it? No problem! 


1. a) Up to 31 days before check-in:

In case of cancellation no money will be transferred to your e-wallet.

b) From the 30th day before check-in:

The deposit has already been transferred: 
Refund of: 43,5% of the rental price + 13% of the service charges + 100% of the cleaning costs
= 100% of the deposit will be refunded to the tenant. 
The owner will refund the deposit to the renter’s e-wallet. If the currencies of the e-wallets are different, Mango will perform a conversion.

No open claims at WavySys


Every charterer who uses WavySys and its booking and payment processes has the advantage that there are no open claims with confirmed bookings. With the confirmation of a reservation the charterer receives a pre-payment in height of the total amount and can count thus on an extent of utilization. All these functions are part of the demand management of WavySys.

Read our article about receivables management to learn more!


Automated booking and payment processes automate the tenant’s payments to the payment recipient according to a 50/50 rule. WavySys does not manage the money itself, but via digital trust accounts of the payment provider Mangopay. Mangopay cooperates with some very large and global companies and is a serious and secure partner.

 

 

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