- Rent is deducted from the previous months sales.
- If you did not make enough in sales to cover your next months rent then we will send you an invoice to pay.
- Invoices must be paid within 5 days to avoid any late fees.
- If invoice is not paid within 5 days then we will deduct the amount from the credit card on file.
- If the credit card on file gets declined and we are unable to collect rent then the late fee will apply.
- Invoices are usually sent between the 1st -5th of the month. Sometimes this may come later though to your account.
- We do not apply sales from one location to cover another location’s rent that you may owe. Your credit card will be charged for the location that you owe and then you will receive a check at the location where we owe you a payout.
- For further information please send us an email.
HOW RENT IS APPLIED IN RICOCHET
- Since we take the rent out of the previous months sales you will see a charge on your ricochet account on the very last day of the month. This is to pay for the next month. If we charged it on the 1st of each month then rent would come out of the current months sales instead of the previous months.
- Total for payout means what you are being paid out and if it shows a negative then that’s what you owe us. Usually is negative because you didn’t make enough in sales to cover the next months rent so this negative amount is what we charge your credit card on file. When it is posted to your account that means we have received payment.
- This is the way it has always been done but now you can actually see the process in Ricochet.
- If vendor files a chargeback for us charging their card for rent then this may be grounds for automatic termination of your agreement.
- A $50 chargeback fee will be assessed if the vendor files a chargeback. This will cover fees that we have to pay for a chargeback being filed against us. This fee will apply regardless if you cancel the chargeback.
- If your agreement is terminated because of a chargeback then the vendor will forfeit deposit and and money from sales to pay for any amounts owed to Urban Market.
- Once your rent payment has been taken then it will need to be posted manually to your account. This may take us a while to go through and post it so please be patient. This is not an automatic process.