With the coming release of our new Payment System, we have updated the process of entering your payment information.
Payment information is collected in Step 6 of the Wizard. You have 3 choices when setting up your race:
- Set up the Payment information and enable transactions.
- Setup Later and disable transactions until later.
- Setup Later and enable transactions now (you will need to enter your payment information at some point for us to pay you).
Note that you will be able to send an automatic email inviting another person (perhaps your club treasurer or the finance person on your race committee) to complete the payment information.
Once you start to enter the payment information, there are three sections of information we collect as mandated by the government and the VISA, MasterCard, Discover and AMEX credit card networks. RunSignUp is effectively underwriting you as a “sub-merchant” in the credit card network and must comply with credit card network rules and use various systems and checks to assure limitation of risk for things like fraud and money laundering. This information is also used for filing proper IRS 1099 forms:
Legal Entity – This is the organization behind your race (like Rotary Club, School, Charitable Organization, Race Management Company, etc.) or you as an individual. The information needed includes:
- Legal Entity Type (501C3, Corporation, LLC, Individual, etc.
- Organization Name
- TaxID – Depending on the organization type this would be your 501C3 number, your Social Security number if an individual, or your EIN (they are all 9 digit numbers).
- Select Yes or No to indicate whether this Legal entity has Accepted Credit Cards before. Indicate Yes if this Legal Entity once had or currently has a Merchant account or has been a sub-merchant through RunSignUp’s Direct Payment System or another online registration service.
Legal Entity Principal – This is the person filling in the information above. Preferably someone in your organization who has access to this information and responsibility to make sure funds are used appropriately like your Club Treasurer, VP of Finance or the individual if being organized by a person. The information needed here will include:
- Contact information such as address, email and phone number and birthdate.
- If the Legal Entity is an individual, then you must put in your Social Security Number.
- Organization Type – Either a Charity or not. Only official 501C3 organizations can claim themselves as a charity.
- Contact information of the person who manages the account. This is so we can get in contact with the proper person who manages the payments.
- Choice of Direct Deposit or Checks.
- Bank Routing Number and Account Number.
Here is a video showing the whole process:
See other blogs about managing and updating your Payment Account Information.