Am I able to take a security deposit on a commerce site?

I want to offer gear rentals on my website. To do this I will be letting people take out items from my stock to use and then bring them back.

They will be pre-paying for the time they will use the item, but I am also wanting to take a security deposit or damage deposit in the case they don't return the items or they return them in a damage condition.

I will be getting people to sign a gear rental agreement prior at the time of payment, to agree to the terms and conditions of rental. 

Is there some way I can take this security deposit, and then refund it once they have returned the gear? 

Cheers