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04/03/2025
Wise words from Mark Caravaggio at inTUNE ☺️
RETAINERS ARE NOT A SCAM
The idea of a “retainer” or “non-refundable deposit” is common in service-based industries, especially when booking wedding or event vendors. It’s meant to secure the vendor’s services for a specific date and prevent others from booking them, which is crucial in businesses that rely on limited availability and high demand.
Here’s a breakdown of the purpose:
1. Retainer as Commitment
A retainer, often called a non-refundable deposit, is a fee paid upfront to secure a vendor’s availability. By paying this fee, the client essentially “holds” the vendor’s time and commitment for a specific date, ensuring no other clients can book them for that period.
2. Holding Dates
For wedding and event vendors, each date is unique and valuable because they can typically only work one event on a given day. By holding a date with a retainer, the vendor is making a commitment to the client, turning down other potential work for that time. If the client cancels, the vendor might struggle to fill that date again, potentially losing revenue.
3. Compensation for Potential Loss
A non-refundable deposit helps the vendor cover lost opportunities and potential business costs if a booking is cancelled. Since the vendor has effectively committed their time and resources, the deposit ensures they’re compensated at least partially if the client backs out.
Why Non-Refundable?
For clients, non-refundable deposits can sometimes feel restrictive or unfair, especially if plans change. However, they’re a protective measure for the vendor, helping ensure their business remains viable even if some bookings fall through.
In essence, a retainer isn’t a scam but rather a way for vendors to guarantee their time and resources are valued and accounted for, given the unpredictable nature of booking-based work.
What are your thoughts on retainers?
