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Is there a way to change Deposit to Retainer?
I do not sell products, but rather services. Per my lawyer, it is STRONGLY encouraged to use the term "Retainer" vs "Deposits" due to the language nature.
Deposit = Placing a payment for a future service, specifically the SERVICE.
Retainer = I am being retained for services.
In a court of law, if a client comes back and wants a full refund, a DEPOSIT has less strength than a RETAINER. Just want to know how to change the term in square. Paypal, it allowed me to call it whatever I wanted.
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Hi @JaredWade and welcome to the Seller Community! You cannot change the name of a deposit, but you can create the item name as a "retainer for services" or something that your lawyer would approve of. Another thing you can do is attach a contract, or any file, to your invoice for your customers to sign.
Let me know if you have any other questions. 🙂
Community Moderator, Square
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Hi Ashley, Square and Jared, I also have input on this issue. The problem with creating an item such as "Retainer for Services" is that I like the ability to have the client pay the retainer only or the full balance if they choose. Creating a specific item as a stop-gap measure for a system deficiency doesn't allow clients to that option. Thanks!
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I'm in the same boat! For legal reasons, I absolutely NEED to be able to have my wording changed to "retainer" because I'm also a photographer and the retainer is a percentage of the total contract amount that is withheld even if future services are cancelled/changed, because it's the fee to retain me/my time for a specific date/time.