Payment System Updates Coming

Finance UpdateWe rolled out our new payment system a couple of months ago based on our new role as a Payment Facilitator. This brought a number of benefits to new races such as faster payments, better reporting, better refund processing, better statements to runners signing up for your race on their credit card bill, etc. But there has been a downside in terms of ease of use and on-boarding.

Over the next two weeks we will be rolling out a new version of our payment system that should address the negative feedback we have heard on the new system. The highlight is that we will have a “Quick Start” option and an “Advanced” option. NOTE: Existing customers need not do anything and can renew and add races to their existing payment accounts.

Quick Start
We will have two modes of Quick Start:

  • Set Up Now
    • We ask you for the minimum amount of information necessary to satisfy credit card processing rules to set up your payment account
    • You can choose to make payments to yourself or to a business, charity or other non-profit entity
    • You can choose to receive either direct deposit (preferred) or check payments and can receive your payments weekly or monthly based on our current
  • Set Up Later
    • Our innovative Quick Start payment system allows you to set up your race now, begin taking registrations now and come back later to give us the instructions on how to make payment

Advanced Payment Option
RunSignUp offers an Advanced Payment Option for accounts that want additional payment benefits including:

  • Funds availability typically 1 day faster than Quick Start Payment
  • More detailed financial reporting
  • Payment frequency up to daily
  • The Advanced Payment Option require a little more information than a Quick Start set up to satisfy IRS and credit card processing rules
  • If you are a 501c(3) charity we will present you with the choice to set up the Advanced Payment Option at the time you set up your payment account
  • Any other individual, business or non-profit entity who wants the additional benefits can move to the Advanced Payment Option at any time

We are totally redesigning the user interface to be simpler. We will also make it simple to upgrade from the Quick Start to the Advanced.

We expect that large races will want to move to the Advanced Payments mode. We also expect to be announcing additional advantages with the Advanced Payments methodology once we roll it out and have good feedback.

Leave a Reply

Leave a Reply

%d bloggers like this: