Welcome to our comprehensive guide on Rental Software. In the digital age, where an estimated 2.5 quintillion bytes of data are produced daily, businesses, particularly in the rental industry, increasingly rely on sophisticated software solutions to streamline operations and increase profitability. In fact, according to a recent market research report, the global rental software market is projected to reach $14.37 billion by 2026, growing at a CAGR of 14.6% from 2021. This guide aims to provide you with everything you need to know about harnessing the power of rental software to optimize your business operations.
What is covered:
- What is rental software?
- Experience the Benefits of Rental Software
- How can rental software help your business?
- How to look for the best rental software
- Where to look for it?
- Most Requested Features by Rental Business Owners
- #1. Inventory Management
- #2. Customized Price Calculation for Rental Items
- #3. Accounting (QuickBooks)
- #4. Cloud-Based
- #5. Multi-Location
- #6. The Power of Self-Service Kiosks
- #7. Personalized Email/SMS Alerts
- #8. Idle Mode
- #9. Maintenance Management
- #10. Security
- #11. Mobile App
- #12. Walk-in orders
- #13. Online orders
- #14. Phone orders
- #15. Track Mileage
- #16. Track Gas level
- #17. Payment Processing
- #18. Credit Card Validation
- #19. Attach instant Photo to orders.
- #20. Borrow Items Feature
- #21. Sales items
- #22. Adding Ad-HOC Items On The Fly
- #23. Automated Reservation Confirmation
- #24. Season Pricing
- #25. E-signature
- #26. Barcode scanning
- #27. Role & User Management
- #28. Late Return Management
- #29. Promotions
- #30. Renters Attributes
- #31. Product Attributes
- #32. Item delivery and pickup
- #33. Split Invoicing
- #34. Availability Calendar
- #35. Customer’s ID record
- #36. Multi renters
- #37. Ski DIN Calculation
- #38. Selling Used Rental Assets
- #39. SKU Sales
- #40. Rental item insurance
- #41. Recurring rentals
- #42. Quote/contract management
- #43. Scan driving license
- #44. Analytics Dashboard and Reports
- #45. Customer Relationship Management (CRM)
- #46. Access To Client Portal
What is rental software?
Rental software is a business technology that helps rental companies manage their operations, optimize processes, and deliver top-notch customer service. It’s an effective tool for small and mid-sized businesses in the rental industry, making tracking orders, reservations, tasks, and other important information easier.
With mobile technology now available, equipment rental apps let you access your rental information from anywhere, anytime. Your team can take advantage of powerful dashboards, job management modules, electronic signatures and more – all on the go.
And since most rental software solutions automatically update in real-time, it ensures that changes to the schedule, payments from customers or tasks assigned to employees are instantly visible. This makes for seamless workflows with very little disruption to your daily operations.
Rental software is an invaluable tool for rental companies, and it can provide a significant boost in efficiency and customer satisfaction in the long run. Investing in the right rental software could be what you need to help manage your processes more efficiently.
See How Rentrax Team Can Drive More Sales to Your Rental Business
- Do you want to increase your rental business sales by 30%?
- Are you struggling to manage your inventory and bookings efficiently?
- Is providing a seamless customer experience a top priority for your business?
If you answered yes to these questions, Rentrax is here to help!
Experience the Benefits of Rental Software
Are you worried about losing money when renting items without a proper tracking system? Say goodbye to those concerns with automated rental software! Manage all your customers, contracts, and reservations conveniently from a single platform. In this section, let’s explore the incredible advantages of using rental management software:
A. Lower Operational and Storage Costs
With rental software, your accounting, scheduling, online payments, and booking processes are streamlined, reducing the need for additional labour. Cut down on costs while gaining insights from intuitive dashboards and reporting tools.
Identify underperforming rental inventory, evaluate maintenance expenses, and analyze overall return on investment. Stay informed about rental trends and make informed decisions on transferring, disposing, or selling rental items. Maximize your profitability with these robust features while minimizing your expenses.
B. Increased Accountability of Employees
Boost the efficiency and productivity of your staff by implementing rental software. Keep track of their tasks, schedule assignments, and set deadlines to enhance accountability. Send alerts and notifications to remind them of specific responsibilities, reducing operational inefficiencies.
Monitor individual performance through analytics, gaining valuable insights into their productivity during specific time periods. Empower your team to excel and take your organization to new heights.
C. Streamlined Rental Equipment Processing
Efficiency is the name of the game when it comes to rental software. From the moment an item is delivered, record the information in real-time on the platform. Optimize delivery routes by deciding which customer to serve next, making each delivery seamless and efficient.
Allow employees to make changes to bookings on the go and create equipment condition reports when needed without waiting to be in the office. Experience a streamlined process that saves you precious time and effort.
How can rental software help your business?
With rental software, you can automate your workflows for maximum efficiency. It allows you to keep track of customer inquiries and bookings, manage inventory, store data on customers and employees, record time sheets, and even receive customer payments.
Your team and managers will have access to real-time metrics that help them make faster decisions and improve productivity. You’ll also be able to generate custom reports for customers or clients, giving them more visibility into their rental equipment.
Some of the ways that implementing rental software can help your rental business run more efficiently:
Helping You By “Enhancing the Rental Process for Increased ROI”
To ensure customer conversion, the booking process must be quick and effortless. Precise data plays a vital role in ensuring seamless operations. Managing the rental process becomes challenging without knowing order counts or item availability. Rental software can optimize your operations and boost ROI with these four key features:
✓ Availability Calendar:
Gain visibility into the availability of your rental items weeks in advance. Accessing this information helps with procurement decisions, item rentals, and booking confirmations. With a glance, you can identify which items are available, which are reserved, and when they will be open for future bookings.
✓ Order and Payment Tracking:
Efficient rental software allows tracking orders and payments throughout the entire process. From when an order is booked until it is returned, you can stay connected with customers by sending alerts. Tracking payments is seamless, and financial reports can be generated anytime.
✓ Streamlined Bookings:
When faced with a large volume of orders, bookings are inevitable. Rental software simplifies the booking process, allowing customers to book online if they have a web store. These bookings optimize your rental assets and effortlessly manage complex booking schedules, all with minimal effort on your part.
✓ Online Webstore:
Expand your customer base by providing a user-friendly online platform for browsing and renting items. Tailor the information showcased on your website or the web store to boost brand visibility and enable customers to make online payments, ensuring high-profit margins easily.
Helping You By “Enhancing the Customer Experience for Greater Satisfaction”
Your customers embody the essence of your success. Unfortunately, in the midst of relentless promotional efforts by your competitors, it’s crucial to create an exceptional customer experience to retain their loyalty. Good rental software can boost customer loyalty by:
✓ Dynamic Customer Logs:
By storing, protecting, and organizing customer information provided during reservations, rental software enables personalized follow-ups and targeted ads based on customers’ preferences and history.
✓ Bundles and Promotions:
Generate irresistible discounts, coupons, and exclusive offers for new and existing customers. Use seasonal promotions to revitalize your rental business and re-engage with previous customers through enticing “come back” coupon codes. Combining popular items into discounted bundles can also attract customers and optimize rental opportunities.
✓ Rental Rules:
Tailor your rental business rules within the rental software. Apply specific rules to orders at the right time, such as offering a flat 5% discount on orders exceeding $500 or a small $5 discount for early returns. These customized rules foster customer satisfaction and encourage repeat rentals.
✓ Online Customer Portal:
Streamline the rental process with a user-friendly online customer support portal. This integrated platform allows renters to conveniently reserve, browse, schedule, and make payments using any internet-enabled mobile device. Customers can effortlessly explore your catalogue, check available stock, and compare prices for a seamless rental experience.
Are you looking for ways to improve your rental business?
Book a free consultation with us.
We can help you identify areas of improvement and provide customized solutions to drive more sales to your rental business by:
Optimizing your inventory management
Streamlining the booking process for both you and your customers
Using technology to enhance the customer experience
Helping You By “Unlocking Employee Efficiency and Accountability”
When faced with vast amounts of data presented in charts, graphs, and reports, your employees can operate more efficiently and make informed decisions.
Real-time statistics offer insights into your business’s performance and shed light on your staff’s progress. Both surplus inventory and idle employees incur costs – empower your workforce, boost accountability, and enhance job performance with:
✓ Enhancing Staff Performance:
Give your customers a comprehensive renting experience by optimizing staff performance. Leveraging rental software allows you to analyze individual staff members’ revenue contributions across various time frames. This valuable insight allows you to compare performance and fine-tune your workforce accordingly.
✓ Insightful Reports and Analytics:
Access an intuitive dashboard displaying real-time statistics of your best-selling items, overall business performance, and the number of pending orders. Leverage these easily comprehensible data points to create compelling offers, curate an in-demand product catalogue, and steadily propel your rental business growth.
✓ Streamlined Accounting Integrations:
Equip your business with rental software that seamlessly integrates with leading accounting systems, taking care of all your back-office financial needs. Automate transaction synchronization with apps like QuickBooks or Xero, simplifying financial reporting. Bid farewell to manual data duplication or fragmented systems – everything is seamlessly united in one place.
✓ Empowerment through Mobile Apps:
The standout advantage of rental apps lies in their accessibility from any mobile device. This mobility empowers you to manage and grow your rental business from anywhere. Additionally, utilize the app as a point-of-sale system for in-store orders and to track rental item maintenance cycles. Effortlessly scan barcodes and QR codes with your barcode tracking rental app!
Helping You By “Enhancing the Rental Asset Lifecycle with Tracking and Monitoring”
You can see the power of equipment rental software in efficiently managing your rental assets from start to finish. With software, you can gain comprehensive insights into your key rental inventory, equipment maintenance statistics, key performance indicators, and reservation schedules, ensuring that your equipment is always in the right place at the right time.
✓ Asset Tracking Made Easy
Effortlessly tag and track all your rental assets, enabling you to always stay on top of your stock levels. Employees can quickly view equipment availability for future date ranges with a glance. Additionally, you can easily determine the location of each rental item, enabling you to optimize delivery routes between spots, warehouses, and stores.
✓ Streamline Procurement Management
Leverage real-time reports to make informed decisions on what to purchase, how many to order, and which vendors to choose. By carefully planning your procurement, you can minimize additional costs and even set low stock alerts to ensure you never run out of essential inventory. This way, you can always meet customers’ demands for rentals.
✓ Efficient Services and Maintenance
Simplify the process of managing repairs, cleaning, inspections, and other services required before making your inventory available for rental or booking. By effortlessly moving items on and off their repair status, you can streamline operations and track the profitability of your equipment. This enables you to make informed decisions and write off items without generating revenue.
✓ Enhanced GPS Location Tracking
Visualize the geo-location of every scan with an interactive map, empowering you to quickly identify lost or misplaced items. Each scan is meticulously tracked alongside important data such as IP address and custodian information, significantly reducing the chances of theft and increasing accountability over time.
How to look for the best rental software
Choosing the best rental software for your business entails assessing various factors. It’s not solely about opting for one with an impressive array of features but the one that aligns well with your business needs, budget, and growth plans. Here’s what you need to consider:
- Usability: The software should be user-friendly and intuitive. It should have a clean, easy-to-navigate interface so your team can quickly learn and adapt to it.
- Support: Check the level of customer support. If issues arise, you’ll want to ensure that the software company offers reliable, timely, and efficient support.
- Integration: The software must seamlessly integrate with your existing systems, including accounting, inventory management, and CRM. This helps to streamline your operations and reduce manual work.
- Customization: Your business needs are unique, so the software should have customizable features that can be tailored to meet your specific needs.
- Cost: Make sure the software fits within your budget. Beware of hidden costs such as maintenance, upgrade, or support fees.
- Scalability: As your business grows, you’ll need software that can grow. Opt for a solution accommodating an increasing business volume without compromising performance.
- Free Trial: Lastly, always take advantage of free trials to test the software’s functionality and determine if it’s the right fit for your business before committing. There is no credit card required to sign up for free trials.
Remember, the best rental software is the one that meets your needs today and can adapt to your needs tomorrow.
Where to look for it?
When considering rental software, it’s important to look at different platforms to understand what’s available and to find the one that best suits your business needs. These platforms provide in-depth reviews, user ratings, and detailed feature lists to help you make an informed decision. Here are some places where you can begin your search:
- Google: Start by doing a simple Google search. This often leads to the software’s official website and various review sites.
- G2: This is a peer-to-peer review site with real user reviews. It provides a comprehensive software analysis, including pros, cons, and alternative solutions.
- Software Connect: This site connects buyers with sellers, offering detailed vendor-provided information and user reviews.
- Capterra: Capterra provides detailed software listings, user reviews, and comparison options.
- Software Advice: This site provides detailed software listings, user reviews, and expert advice to help you choose the right software.
- GetApp: GetApp offers software reviews, comparisons, and personalized recommendations based on your business needs.
- Source Forge: Source Forge is a popular directory for business software that includes user reviews and a robust comparison feature.
These resources can be invaluable in helping you choose the right rental software for your business. Remember to consider all aspects, including usability, support, integration, customization, cost, and scalability, as you evaluate your options.
Most Requested Features by Rental Business Owners
Now let’s take a look at some of the most requested features by rental businesses for their inventory and rental management software:
#1. Inventory Management
When managing a rental inventory, the most important thing to consider is how you will categorize your assets. You don’t want to treat all items the same — that can quickly become overwhelming and make it difficult to keep track of everything.
Instead, separate each type of product into its own specific category or group. This will help you organize and efficiently manage your rental inventory and make it simpler to find what you’re looking for when customers come in and ask.
You can also use tags and special filters to help easily search your inventory and identify items in which categories. This will save time in the long run, allowing you to pinpoint exactly what is available or checked out quickly.
There are three ways that inventory can be tracked:
SKU Tracking System
The SKU (Stock Keeping Unit) tracking feature is an indispensable tool in rental software, especially useful for managing high-value items in your inventory. This system assigns a unique identifier to each rental item, allowing for precise tracking of each product’s location, usage, and service needs.
This granular management level enables you to monitor each item’s rental history and current status, effectively reducing the risk of loss or misplacement. The SKU tracking system facilitates smooth operations, ensuring that every item is accounted for, thereby enhancing overall inventory control and customer satisfaction. This is particularly beneficial for rental companies dealing with expensive equipment, where each unit’s careful tracking is crucial to the company’s revenue and profit margins.
Regular Item Tracking Feature
Regular item tracking is another instrumental feature in rental software designed specifically for identical items. It provides a simplified tracking system, particularly useful when dealing with a large volume of similar items, such as a fleet of bikes. This feature lets you know the total number of a specific item, how many are currently rented out, and how many are available in stock.
It eliminates the need for individual tracking, making it a time-efficient solution for rental businesses. Additionally, this feature aids in forecasting inventory needs, ensuring that you maintain an optimal stock level to meet customer demand at any given time. This efficient tracking method significantly contributes to smoother operations, improved customer experience, and increased profitability.
Sales Inventory Feature
The Sales Inventory feature is an integral part of rental software. This functionality makes it easier to track the items you are selling rather than renting out. This feature comes in handy when you need to know when it’s time to restock items or to analyze your sales data.
A clear understanding of how many items were sold during a specific period allows you to plan and order accordingly, ensuring your stock levels are always adequate. Furthermore, it helps identify popular items, enabling you to focus on promoting these more heavily. Streamlining this process through rental software helps improve efficiency and profitability, leading to a smoother operational workflow and enhanced customer satisfaction.
#2. Customized Price Calculation for Rental Items
Enjoy the convenience of setting unique rental prices tailored to your business needs. You can establish hourly, daily, monthly, or seasonal prices and tweak these rates according to various seasons – high, medium or low. Another key feature is the ability to set new pricing instantly or schedule it for a future date without affecting current orders.
The system also allows you to manage upfront reservation fees, stipulate order cancellation fees based on a fixed sum or percentage, and outline delivery costs (including pickup and drop-off) on a fixed or zone basis.
You should be able to structure your pricing in ways including:
Implement a scaled pricing structure with tiered pricing, gradually reducing rates for longer rental durations. This strategy encourages customers to opt for extended rental periods by offering incremental discounts. For instance, if you run a bike rental business, you might set a daily rate of $25 but offer a four-day rental for $85 instead of the standard $100. This approach incentivizes customers to choose longer rentals with you over your competitors.
Fixed Rate Pricing
Fixed-rate pricing is a widely adopted method in the rental business where you set a base price per time period, such as per hour, day, or week. As a customer’s rental duration extends, the total cost also increases linearly.
#3. Accounting (QuickBooks)
Accounting integration is a much-needed feature for rental businesses, as it allows you to sync your rental software with popular accounting tools like QuickBooks. It allows you to export financial data seamlessly, eliminating manual errors and reducing time spent on administrative tasks.
With this integration, you can track expenses, generate automated reports, and accurately record your business’s financial health. Additionally, you can easily reconcile customer payments and refunds, simplifying managing your rental income and expenses.
You can now have full control of your rental store operations from essentially anywhere—whether it’s from the comfort of your home, during your commute, or even on vacation. All you need is a device with an internet connection, and you’re all set.
Swap between your PC, laptop, or tablet effortlessly, as long as it’s connected to the internet. Now, you can monitor your orders, manage stock, and oversee your business operations conveniently and easily wherever you are.
Managing multiple equipment rental stores across various locations can be a challenging task. However, our intuitive rental software makes it a seamless experience. It provides a clear comparison of inventories across your stores, highlighting only the items currently in shortage. Additionally, it offers a snapshot of each store’s monthly revenue, allows easy management of coupons and gives a detailed report of monthly rentals. You can also track newly added inventory items.
- Convenient transfer of items between locations is made possible.
- Catalogues can be shared across stores.
- Freedom to set different or identical pricing and delivery costs for each location is provided.
- Each location can have unique or same currency, timezone, and business hours settings.
- Staff can be added, roles assigned, and permissions set differently or identically for each location.
- Aggregated reports are available for a comprehensive view of business operations.
#6. The Power of Self-Service Kiosks
Picture this: peak rental season, a queue of eager customers, and you’re running a lean team. Sounds challenging, right?
Here’s where our self-service kiosks come to the rescue. They empower your customers to navigate their own rental journey, bypass the wait, and get what they need in a flash. This turbo-charges your service speed and frees up your whole support team to focus on complex queries and tasks.
It’s like having an extra pair of hands without the extra cost. So why not upgrade your customer experience and keep your operations running smoothly with our self-service kiosks?
#7. Personalized Email/SMS Alerts
Enhance your customers’ experience with tailor-made email or SMS updates about their rental orders and exciting promotions. Easily create distinct, customized messages to remind your customers about the commencement of their plans or nudge those who have delayed returns. Want to announce business news or special offers?
Reach out to your entire customer network with a single click using our mass messaging feature. Plus, our integrated SMS Inbox enables customers to communicate with you about rental extensions more effortlessly. Stay connected, stay updated.
#8. Idle Mode
Idle Mode is a feature that allows your software to remain in a low-cost, fully accessible state during the off-peak season. It means if you’re paying, for example, $200 per month for your rental software, you can switch to idle mode in the low season and keep all your inventory and settings at a minimal cost (Like $10 per month).
This option is particularly advantageous for seasonal companies that go dormant for several months yearly. Furthermore, it enables new customers to register in advance, set up their online shop, acclimate to the system at their own pace, and prepare for their active season without any stress.
#9. Maintenance Management
Set up service expectations for your rental equipment contingent on the frequency or length of rentals, and the software will alert you when maintenance is due. Maintain a comprehensive record of all service histories readily accessible.
The platform ensures that the item under maintenance is temporarily removed from inventory to avoid double booking. Your inventory status will be automatically updated once the item is ready.
Analyze and report on maintenance costs to make informed decisions about when to schedule repairs or retire equipment. This feature also tracks rental orders affected by maintenance schedules, keeping customer satisfaction high.
Keeping your data secure is our top priority. Rental software should have advanced security features that ensure all your transactions and data are safe. It should be implemented with Secure Sockets Layer (SSL) certificates, which ensure that all data transferred between the web server and browser remains encrypted and private.
This offers an additional layer of security, protecting your sensitive information from prying eyes. Furthermore, we utilize high-end firewalls as a barrier between your network and any potential cyber threats.
These firewalls monitor and control incoming and outgoing network traffic based on predetermined security rules, protecting your system against malicious attacks.
#11. Mobile App
A good rental software comes with a powerful mobile app designed to further streamline your rental business operations. This tool makes managing your rental business a breeze, whether at your desk or on the go. Here are some key features:
- Order Management: The app allows store owners to track their items’ delivery and return status and place orders on behalf of customers, ensuring a seamless ordering process.
- Item Scanning: With a built-in barcode scanner, you can quickly attach items to an order, reducing the risk of errors and enhancing service speed.
- Delivery and Return: Monitor your items’ delivery and return status in real-time directly from your mobile device.
- Payment Processing: Handle payments securely and efficiently through our integrated payment processing system.
- Real-Time Notifications: Stay in the loop with real-time notifications and alerts, keeping you updated on important events such as new orders, pending deliveries, and overdue returns.
- Attach picture to order: Easily attach pictures to orders for better documentation and record-keeping.
- Waivers: Collect electronic signatures for waivers directly from your mobile device, eliminating the need for paper forms and streamlining your workflow.
The mobile app needs to be user-friendly and intuitive, ensuring you have complete control over your rental business at your fingertips.
#12. Walk-in orders
The ability to take walk-in orders is designed to streamline the process for the business owner and the customer. Here are some key benefits:
- Efficient process: The easy-to-use back-end dashboard makes placing orders a breeze, saving time for your staff and the customer.
- Device flexibility: Whether on a tablet or other device provided by your business, customers can easily place rental orders.
- User-friendly interface: The intuitive order form simplifies the process, allowing anyone to place an order without assistance.
- Self-service kiosks: Setting up tablet stands with the online order form as the default provides a self-service option, freeing up your staff to attend to other tasks.
- Customer retention: Speedily catering to walk-in customers through this system makes you less likely to lose potential customers due to impatience or long wait times. This feature ensures your customers an efficient, smooth, and satisfying experience.
#13. Online orders
The online order is vital to boosting your rental business’s efficiency and reach. It offers:
- 24/7 Accessibility: With round-the-clock functionality, your customers can place rental orders anytime that suits them.
- User-friendly Interface: The ordering process is smooth, intuitive, and can be completed within minutes, offering a high-quality user experience.
- Versatility: Customers can place orders from any device, improving accessibility and convenience.
- Delivery Options: The feature includes a choice for delivery, further enhancing customer service.
- Automatic Confirmation: Customers receive immediate confirmation of their order via text message or email, giving them time and peace of mind.
- Waiver Signatures: The system also accommodates the inclusion of additional renters and facilitates the signing of waivers via email, streamlining the rental process.
#14. Phone orders
This means you can accept phone orders, enhancing your rental business’s versatility. Here’s what you can expect:
- Waiver Signatures: Send waivers to customers electronically, allowing them to sign remotely. This not only speeds up the process but also ensures legal compliance.
- Integrated Payment Section: Collect full or partial payments securely over the phone, simplifying the transaction process.
- Renter’s Attributes Collection: Gather essential details from your renters, such as age, height, weight, driver’s license, and expiry date via email. This ensures you have all the necessary information to manage your rentals effectively.
- Reservation Status: Reservations placed over the phone will be set to pending until the customer agrees to the terms and pays. This feature ensures a structured and systematic order management process.
- Confirmation Email: Upon reservation completion, customers receive a confirmation email as proof of the transaction. This reassures customers and provides a transaction record for future reference.
#15. Track Mileage
This feature is designed to enhance the efficiency of businesses renting out mileage-dependent items like cars, motorcycles, or snowmobiles. It diligently records the odometer readings before and after each rental, accurately measuring the mileage covered.
Consequently, it calculates the cost based on the distance travelled, ensuring a fair and transparent billing process for the business and the customer. This feature simplifies record-keeping and aids in forecasting vehicle maintenance, leading to better fleet management and customer satisfaction.
#16. Track Gas level
This is a fundamental necessity for businesses renting out fuel-dependent items. These features are designed to foster transparency, convenience, and efficient management:
- Fuel Level Recording: The software enables recording of the gas level each time an item is checked out or in. This provides a clear and accurate record, avoiding confusion or disputes later.
- Price Tier Setup: It allows the creation of different price tiers based on gas usage. For instance, you can assign a specific price for the first 100 KM and alter it based on distance. This ensures a fair and flexible billing system.
- Fleet Group Pricing: You can establish different pricing for each fleet group. If you rent items of varying value, like scooters, you can decrease the price for regular items and increase it for high-end products. This feature provides flexibility and caters to the varying needs of your customers.
- Efficient Management: By maintaining precise fuel usage records, this feature simplifies management and aids in forecasting maintenance and planning for fuel supply. This ultimately leads to better fleet management and improved customer satisfaction.
#17. Payment Processing
Payment processing options cater to the diverse needs of your customers and ensure a seamless rental process. Here’s what the payment processing feature offers:
- Multiple Payment Methods: The software supports various payment methods, including debit cards, credit cards, and cash. This diversity provides convenience and ensures a smoother transaction process for your customers.
- Card Present Payments: The system can process in-store payments by manually entering the card number or using a card reader device. This feature enhances the efficiency of your in-store operations.
- Integration with Popular Payment Processors: To provide a seamless payment experience, our rental software is integrated with the most popular payment processors. This ensures a secure and reliable transaction process.
- Real-time Payment Processing: The payment processing feature is designed to process payments promptly. This real-time functionality assures immediate confirmation, thus enhancing the customer experience.
- Secure Transactions: Security is paramount in our payment processing feature. It follows the best practices and complies with regulatory standards to ensure secure and safe transactions.
#18. Credit Card Validation
Suppose you don’t want to charge your customers in advance when they rent items (Maybe cause you don’t know when they’re returning). Then, you must add payment methods to that order to secure your item.
You can validate credit cards and keep them on file so the card can be charged when they’re back. This ensures the security and integrity of your transactions. Here’s what you can expect:
- Cardholder Verification: The software cross-verifies the details provided by the cardholder with those of the issuing bank, confirming the card’s authenticity.
- Data Encryption: To ensure secure transactions, all credit card data is encrypted before being transmitted, reducing the risk of potential data theft.
- Real-time Validation: Credit card validation is done in real-time, which means you can instantly know whether the details provided by the customer are valid. This enhances the efficiency of transactions and improves the overall customer experience.
- Error Notification: If the validation process identifies any error or discrepancy in the credit card details, the system promptly alerts the user, allowing immediate correction.
- Compatibility with Major Card Providers: The software is compatible with all major credit card providers, ensuring comprehensive coverage and versatility for your rental business.
#19. Attach instant Photo to orders.
This is a game-changer feature for businesses looking to maintain the integrity of their rental items. It lets you snap a quick picture of the rented equipment right before delivery, serving as timestamped documentation of its condition. This photo is then seamlessly attached to the relevant order via the mobile app.
This innovative feature, highly requested by rental shop owners, enables a fair and transparent rental process. It ensures that any discrepancies in equipment condition at the time of return can be accurately traced back to the start of the rental period, protecting both your business and your customers.
#20. Borrow Items Feature
In a rental business, managing all inventory elements, even those lent to customers for free is pivotal for efficient operations. The “Borrow Items” feature is specifically designed to address this aspect. It allows businesses to accurately track and manage lent items without charges, such as helmets or locks with bike rentals.
This way, even though these items are offered complimentary services, their inventory is well accounted for, ensuring no loss or discrepancy. This feature is another testament to the comprehensive nature of our rental software, truly designed, keeping every need of a rental business in mind.
#21. Sales items
Maximizing revenue in a rental business involves more than just rentals – it’s also about selling additional items. A robust “Sales Items” feature allows businesses to sell products alongside rental services.
Whether it’s branded merchandise like t-shirts and hats or consumables such as drinks and snacks, this feature enables businesses to add an additional revenue stream. By assigning barcodes to these items, the software ensures effective inventory management and tracking of earnings.
It can also generate separate revenue reports for these sales items, providing detailed insights into this aspect of your business. This feature reinforces the versatility of our rental software, adding another layer to its comprehensive suite of solutions.
#22. Adding Ad-HOC Items On The Fly
This unique feature is a flexible addition to the rental software suite, catering to any unexpected or spontaneous requirements that may arise during the rental process.
Whether adding a custom damage fee to an order or offering a discount as a customer courtesy, the “Ad-Hoc Items” feature facilitates these unique additions easily.
In a dynamic business environment where customer interactions and order circumstances can vary greatly, this feature ensures that the software remains adaptable to all situations. It allows for quick and efficient addition of custom items, which can be saved for future use, enhancing the overall user experience and operational efficiency.
#23. Automated Reservation Confirmation
The “Automated Reservation Confirmation” feature is a valuable tool for rental businesses that receive a high volume of online reservations. With this feature, you can automatically approve these reservations, saving you time and streamlining your operations.
However, if your business model requires manual approval, you can easily switch to this option anytime. This feature caters to the diverse needs of rental businesses, providing a customizable solution that enhances efficiency and convenience.
With this feature, you can ensure prompt confirmation for your customers’ reservations, improving their overall experience and reinforcing your reputation as a reliable rental provider.
#24. Season Pricing
The “Season Pricing” feature of the rental software significantly enhances its dynamic pricing capabilities, thereby empowering businesses with greater financial flexibility and strategic planning:
- Adaptive Pricing: The feature enables businesses to set varied pricing for seasons, such as regular, high, and low seasons. This means the rental prices can be optimized to reflect demand fluctuations throughout the year.
- Special Occasion Pricing: Beyond just seasonal variations, this unique feature also allows for special pricing during weekends or specific occasions. This enables businesses to capitalize on peak times or events, thus maximizing their revenue.
- Automated Invoice Calculation: The system automatically calculates invoices according to the seasonal pricing, ensuring accurate billing. This automation removes the risk of human error and helps maintain efficient operations.
- Business Smoothness: With the Season Pricing feature, businesses can rest assured of smooth day-to-day operations by effectively managing pricing changes inherent to the rental industry. This ensures customer satisfaction and contributes to the business’s profitability.
This is a feature that customers love and represents a significant leap towards digital efficiency and environmental responsibility. It provides an online platform for customers to sign waivers, ensuring a swift, paperless process that reduces the risk of loss or mismanagement of physical documents.
This feature speeds up the rental process and secures all signed waivers electronically, allowing for efficient retrieval and review in case of liability claims. Considering the legal implications of rental agreements, this feature is a vital tool for preserving evidence and maintaining compliance. Hence, integrating an E-signature feature in rental software significantly elevates its utility, making it an indispensable asset for any rental business.
#26. Barcode scanning
Barcode Scanning is a time-saving tool that enhances the efficacy of business operations. It generates unique barcodes for each item, which can be printed and attached to the respective items.
Using a mobile app allows quick and efficient monitoring of rentals, from check-out to return. Not only does this feature expedite order processing by enabling on-the-go scanning, but it also ensures accuracy in item tracking, minimizing the risk of errors.
After the item’s return, a quick scan ensures a hassle-free return to the fleet. Thus, the Barcode Scanning feature adds an element of convenience and precision to the rental process, fortifying the software’s all-rounded capabilities.
#27. Role & User Management
The “Role & User Management” feature in rental management software is instrumental in maintaining a structured and efficient operational flow. This feature offers:
- Role Definition: Allows business owners to define various roles in their rental operations. Each role can be tailored to specific responsibilities and tasks, ensuring a seamless division of labour.
- Access Control: With this feature, it is possible to set the level of access each role or user has to the system. This enhances security and ensures that sensitive business information is only accessible to relevant personnel.
- Employee Assignment: Assigning specific roles to employees helps keep everyone informed of their responsibilities. It also fosters accountability and facilitates performance assessments.
- Performance Tracking: The feature includes monitoring the performance of individual users or roles. This valuable data can inform future business decisions, help identify areas for improvement, and recognize top-performing employees.
By implementing the Role & User Management feature, rental businesses can significantly enhance their operational efficiency and workforce management, improving overall productivity.
#28. Late Return Management
This is a critical component of any rental software to ensure timely returns and fair handling of late returns. By enabling rental businesses to define a grace period and automatically apply charges for late returns, the system ensures adherence to agreed-upon rental terms.
A fixed amount or a percentage of the order can be set as the late return fee, allowing flexibility in how businesses handle these situations. This feature brings a sense of order and predictability to the otherwise complex management of rental returns, simplifying operations and encouraging customers’ adherence to rental terms.
Moreover, it offers a strategic approach to handling late returns, potentially increasing revenue and enhancing customer responsibility.
The “Promotions” feature is a potent tool in the rental software that aids in optimizing marketing efforts. It’s designed to streamline creating and tracking promotional campaigns, helping businesses reach a wider audience and effectively manage their marketing budget. Key aspects of this feature include:
- Coupon Generation: This feature allows the creation of unique coupon codes for each marketer. These can be distributed in businesses such as hotels, boosting visibility and client acquisition.
- Event-Based Promotions: The system gives the flexibility to define promotions for special events and holidays, capitalizing on higher demand during these periods.
- Discount Packages: Businesses can set deals for specific packages or certain amounts of purchases, encouraging larger orders and repeat customers.
- Referral Program: A referral promotion can be set up for customers who bring in new clients, fostering a sense of community and loyalty.
With the Promotions feature, rental businesses can increase their reach and gain insights into the effectiveness of their marketing strategies.
#30. Renters Attributes
The “Renters Attributes” feature enhances customization in rental operations, creating an interactive engagement with customers.
It allows business owners to define specific variables or questions customers need to answer during renting. Such custom data can include age, experience level or user preferences, which can be crucial in assigning the most suitable rental items.
This feature ensures that the customers’ needs are accurately catered to, enriching their overall rental experience. Moreover, the collected data can be valuable for market research and targeted marketing strategies.
#31. Product Attributes
Product Attributes add another layer of granularity and customization to your rental product catalogue. This feature enables you to assign unlimited attributes to each product, rendering inventory management more detailed and informative.
For instance, if your business involves renting wheelchairs, you can define various attributes such as size, colour, manufacturer, weight, etc. These details not only help in neatly organizing your inventory but also assist in providing a more personalized rental service.
Customers can filter and choose products based on specific attributes, making their search process efficient and satisfactory.
#32. Item delivery and pickup
The “Item Delivery & Pickup” feature in rental software significantly enhances logistics and customer convenience in the rental business. This feature provides a structured approach to delivering and collecting rentals, positively impacting operational efficiency and customer satisfaction.
- Zonal Delivery Rates: Businesses can simplify delivery and pickup pricing by defining delivery zones and associated prices, ensuring customer transparency and streamlining logistics planning.
- Postal Code-Based Pricing: The option to set delivery and pickup charges based on postal codes provides granular control, allowing businesses to reflect the logistics cost in their pricing structure accurately.
- Distance-Based Pricing: Charging delivery and pickup fees based on distance travelled enables a fair cost-reflective pricing model, incentivizing customers to rent from closer locations and optimizing business delivery routes.
- Flat Delivery Rate: A flat delivery rate provides simplicity and predictability for customers, enhancing customer satisfaction and loyalty.
By offering businesses flexibility in determining their delivery and pickup charges, the “Item Delivery & Pickup” feature supports creating a delivery and pickup strategy that suits each business’s unique needs and customer base.
#33. Split Invoicing
The “Split Invoicing” feature changes the traditional rental process for group rentals, bringing convenience and flexibility. This powerful feature in our rental software allows multiple individuals in a group to be included in a single order while still providing each with their respective invoices.
This means groups can rent together yet be accountable for their individual items. It also facilitates different return periods for each item, accommodating the varying needs within a group. In essence, the Split Invoicing feature simplifies the financial aspects of the rental process for groups, promoting a fair and efficient system where everyone pays for their share.
#34. Availability Calendar
The Availability Calendar feature is designed to maximize inventory management efficiency and enhance the rental experience for your customers. This dynamic tool provides a clear visual representation of the availability status of your rentals. Here’s why this feature could be a game-changer for your rental business:
- Real-Time Availability: The calendar is updated in real-time, ensuring that customers and staff have access to the most accurate information at all times. This minimizes the risk of overbooking and inventory clashes.
- Ease of Booking: Customers can directly place their orders from the Availability Calendar, making the booking process simple and straightforward. This user-friendly approach can significantly enhance the customer experience.
- Customizable Views: You can set up different calendar views for the shop operator and customers, allowing each to access the most relevant information.
#35. Customer’s ID record
This strategic tool reinforces security and trust in the rental environment. This feature necessitates the submission of a customer’s identification document during the rental process, which in turn serves as a safeguard measure ensuring that the rented items are returned.
The software automatically generates a reminder to return the ID document when the customer returns the rentals. This system mitigates the risk of potential losses for businesses and maintains a reliable record of customer transactions, contributing to a secure and transparent rental ecosystem.
#36. Multi renters
The “Multi-Renters” feature significantly enhances our software’s ease and flexibility for group rentals. This feature caters to groups’ unique needs by allowing different individuals to rent items in a single order while capturing each person’s specific information, such as age, height, and weight.
Each renter’s information is linked to the item they rent, ensuring precise and efficient tracking. This feature proves indispensable to businesses that require granular customer data linked to specific rented items, and it promotes an organized, streamlined rental experience, even when dealing with multiple renters in one order.
#37. Ski DIN Calculation
Owing to this feature, the once-complicated task of looking up DIN numbers for ski binding setups is replaced with a system that calculates the number with increased accuracy.
The process is straightforward – the renter’s age, weight, and height are entered into the system during their initial rental. This data calculates the DIN number, which is then recorded in the order form and attached to the renter’s profile.
This accumulated information expedites the renting process during future visits, making the system incredibly efficient and customer-friendly. This feature underscores the role of technology in facilitating a seamless rental experience and is a testament to the rental software’s commitment to innovation and customer convenience.
#38. Selling Used Rental Assets
This feature brings an all-new dynamic to the lifecycle of rental products. With this feature, assets marked as ‘end-of-life’ don’t just vanish into oblivion; they get a second chance at utility.
It’s all about getting the most out of your inventory! Say goodbye to the worry of unused or outdated inventory and welcome the opportunity to convert depreciation into revenue.
As a business, you can seamlessly retire an item from rental service and place it on sale, all while keeping your stock numbers up-to-date. This feature sparks sustainability and enables customers to purchase used items they’ve grown to love, fostering a stronger bond with your brand. Truly, a win-win situation!
#39. SKU Sales
The “SKU Sales” feature provides a comprehensive solution for inventory management. Imagine tracking each item sold with pinpoint accuracy – that’s the power of SKU Sales!
With this feature, you can maintain an eagle-eyed view over your inventory, ensuring that every sold item is accounted for and your stock figures are always on point. It’s like having a personal inventory wizard at your fingertips, orchestrating a seamless balance between sales and inventory.
#40. Rental item insurance
This feature allows businesses to define their insurance policies and associate them with their rental products as an optional selection.
You can make it an opt-in or opt-out feature, ensuring transparency and flexibility. This offers customers peace of mind, knowing their rental is covered should any unforeseen incidents occur.
It’s a business safety net, protecting your valuable inventory from potential loss. Truly, the “Rental Item Insurance” feature is your trusted companion in the rental journey, paving the way for a confident and secure rental experience!
#41. Recurring rentals
This feature is your go-to solution for long-term rentals where the return date might be a bit fuzzy.
Think heavy machinery or medical equipment rentals – where the duration isn’t always set in stone. No more guesswork or manual follow-ups; with Recurring Rentals, you can easily set up a rental contract that automatically bills the customer every month or week, as per your preference.
The cherry on top? The system sends out invoices after each payment, too. It’s all about putting convenience, automation and efficiency at the forefront of your rental business.
#42. Quote/contract management
This versatile tool takes the guesswork out of your quotation process, ensuring you make a phenomenal first impression with your prospects.
From crafting compelling quotes to seamlessly transitioning them into contracts, this feature does all the heavy lifting. And the cherry on top? Once the contract is signed, it whips a copy straight to your customer and tucks another one safely in their file.
With the “Quote/Contract Management” feature, you’re not just managing quotes and contracts but building lasting professional relationships with your customers.
#43. Scan driving license
Just a quick scan or swipe of the customer’s driver’s license, and voila – all pertinent information is securely stored in the customer’s profile!
This feature is more than just a data collector; it’s your tool for creating a swift, seamless, and personalized customer experience. Say goodbye to lengthy manual data entries and hello to efficiency and accuracy.
#44. Analytics Dashboard and Reports
This tool provides a comprehensive overview of your store’s performance, offering a bird’s-eye view of critical metrics like financial reports, rental time reports, and item usage reports.
This feature guides you through your decision-making process by revealing patterns, trends, and insights in your data, allowing you to optimize performance and boost profitability. You can effortlessly monitor transactions and reconcile discrepancies, making it a vital tool for business transparency and accountability.
#45. Customer Relationship Management (CRM)
The CRM feature consolidates all your customer data in one centralized location, making tracking and analyzing customer behaviour and preferences easy. With this information at your fingertips, you can create personalized marketing campaigns, provide exceptional service, and build meaningful customer relationships.
The CRM integration feature is your key to fostering customer loyalty and retention, generating more revenue and driving business growth. Say hello to a brighter future for your rental business with the “Customer Relationship Management” integration feature!
#46. Access To Client Portal
This gives you complete control over your account details, subscriptions and invoices in a secure online environment. Not only does this empower you with self-service capabilities, but it also offloads routine administrative tasks from your team, resulting in increased efficiency.
It’s about providing a seamless user experience where all interactions are consolidated in one easy-to-navigate portal. This feature embodies a customer-centric approach that prioritizes convenience, transparency and security.