What is Gecko's Bond Process?
By Suugloria Tun May 03, 2021
Gecko’s bond process is like a deposit to provide security for the item borrowed in case it is damaged. We aim to protect everyone and everything so YOU can have the best experience with Gecko — Stress-free.
Our process to get your bond back 🦎
- The lender creates a listing and sets the bond price.
- When you find an item you want to borrow on Gecko, you pay for the item’s price, which includes the bond.
- The bond is kept as a “pending transaction” in the borrowers account.
- Neither, the borrower nor the lender will have access to the bond, only Gecko, our payment provider (Stripe) and your bank.
- Once the item you have borrowed is returned to the lender, and it is in original condition, the lender will list the item again as “Available” on Gecko.
- The released payment of the bond is not a new transaction! The pending transaction will be released back into your account if there is no damage caused!
- Congrats! Your bond money will be released back into your account!!
Happy Gecko-ing 🦎
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