The primary benefit is faster payments and better reporting. Once the system is rolled out we also plan on lowering the processing fees on donations to pass along some savings that we are receiving as being tied closer to the credit card network and our rapidly growing volume.
The new payment system will be a combination of our Direct Payments and Manual Payments used today. All customers will have to set up full information, but will still have the choice of daily, weekly or monthly direct deposit or to receive checks on a weekly basis if the amount due is over $200 via Bill.com as you do today.
The plan is to introduce this new payment system only to new races who do not have an existing payment option with us today initially. This step should happen this coming week of March 23rd.
As we get feedback, we will ask some select existing customers to move over and provide us feedback. We expect this to happen in the first weeks of April.
After we have solid feedback from customers, we will begin to roll customers over as they renew races. We would expect this to happen in May.
As part of our transition to being a Payment Facilitator, we will be collecting more information from each customer. This is to comply to federal and credit card network (VISA, MasterCard, AMEX) rules. We have validated our systems with a higher level of PCI security compliance to assure the secure storage of your information.