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How payments work on Hygglo

This guide explains how payments are processed for both lenders and borrowers, ensuring a clear understanding of the steps involved.

Updated over 2 weeks ago

Payment Process

  1. Payment by the borrowers

    • Once the lender approves a rental request, the borrower must make a payment to confirm the booking.

    • The payment is securely held in a separate account and will not be released until the rental period is complete.

  2. Payout to the lender

    • After the rental period ends, the payout to the lender is initiated.

    • Transfers usually take around 2 banking days to reach the lender's bank account. A preliminary payment date can be viewed in the Hygglo app.


Fees

  • For lenders:

    • Hygglo deducts a 20% service fee from the lenders’s payout on completed rentals.

  • For borrowers:

    • Borrowers pay a booking fee when making their payment for the rental.


Bank details required for payouts

To ensure timely payouts to lenders, Hygglo requires the following bank details:

  • IBAN Number

    • Applicable for Sweden, Denmark and Finland

    • Lenders can find their IBAN by logging into online banking or contacting their bank.

  • Account Number

    • Applicable for Norway.

Providing accurate bank details is essential to avoid delays in payouts.


Card details for rental payment

Once the lender has approved your rental request, you will have the opportunity to make the payment – this is when the item is booked for the desired date. As part of this payment, you will enter your card details.

If you wish to use a different card for future bookings, you can easily add a new one during your next payment. The system will allow you to update your card information before completing the transaction.

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