How it Works
Equiprr is a peer-to-peer tool rental marketplace enabling tool listers and tool renters to connect over a secure, common platform. For a marketplace to work, it must provide value to both parties to the transaction. For Equiprr, that value is as follows:
- Tool providers are able to extract additional value out of their tools by renting them out when they are not being used. This could be businesses who own tools to conduct their trade during the week but want to make some extra income by renting their tools out on the weekend. Or they may be private parties who own tools and would like to offset the cost of the tools by renting them out to others.
- Tool renters are able to find tools in closer proximity, with greater flexibility, and at significantly lower cost than renting at traditional equipment rental outlets.
Below is a brief description that walks through the process of transacting on Equiprr.
Listing Equipment
Tool providers need to create an account before they are able to list equipment. They list their tools, specifying details such as description, daily rental rate, delivery options, images, and availability. Note: Tool providers must submit their bank details through their account profile in order to create a Stripe account. Their listings will not show up on the platform until they have done so (details below).
Renting Equipment
Tool renters need to create an account before they are able to rent equipment. They browse or search for the tool they would like to rent. When they have identified the tool they would like to rent, they specify the days they would like to rent the equipment, select the delivery method from available options, and then checkout. They will pay for the rental using credit or debit cards through secure Stripe processing. Credit / debit details are NOT stored on Equiprr. They are passed directly through to Stripe, who will then process the transaction.
Tool renters need to create an account before they are able to rent equipment. They browse or search for the tool they would like to rent. When they have identified the tool they would like to rent, they specify the days they would like to rent the equipment, select the delivery method from available options, and then checkout. They will pay for the rental using credit or debit cards through secure Stripe processing. Credit / debit details are NOT stored on Equiprr. They are passed directly through to Stripe, who will then process the transaction.
Stripe Transaction
Tool providers create a Stripe account connected to Equiprr when they enter their bank details. Stripe handles all transaction details and money flow from charging the credit card, holding the security deposit, and depositing the rental fee (less Equiprr's commission and sales tax) into the lister's bank account.
Tool providers create a Stripe account connected to Equiprr when they enter their bank details. Stripe handles all transaction details and money flow from charging the credit card, holding the security deposit, and depositing the rental fee (less Equiprr's commission and sales tax) into the lister's bank account.