We have added a new report to the Manage Payment Account page. You can find this from your Profile page, or you can find it from a link under the “Payment Account” tab on your individual Race Summary page. The new report appears at the bottom. We will go thru each of these fields individually, and then also look at the quick summary chart at the top of the page.
Before we start, there is one common item that can cause confusion – Settled Funds. Most of our reports are real time, but some of the financial reports have to be done with only the “settled” transactions. This is a term used in the credit card network, which is all “batch” oriented. Typically transactions become marked settled around 10:30 Eastern on weekday mornings. They include transactions thru yesterday. This varies on weekend and holidays. Each column has a tool tip to tell you whether it is using a settled amount or unsettled amount. We can obviously only calculate payments based on settled transactions. We also can not move funds into your reserve until after they are settled.
Hide inoperative button – this will hide a number of past races that have been deleted or never got out of draft mode for those customers who have a long history with us and a number of races to manage.
Date Filter – This allows you to eliminate races from previous years or focus on just a subset of races between now and the end of summer for example.
Start Date – The start date of your event. This may be blank if you have a ticket event or a donation website thru GiveSignup that has no date.
Type – Race is pretty typical, but you will also see Ticket Events and Donation Websites if you are a nonprofit and starting to use GiveSignup.
Name – This gives you a quick link to the race’s Financial Summary page where you can look at more detail.
Status – Operating, Draft, Deleted, etc.
Reserve – This is the current Race Reserve. You see in the tool tip we try to estimate the additional reserve required. For this race since they are operating at the reserve and each new registration is split between the reserve and what is payable, this is based on the reserve requirement of the unsettled transactions in this race. If your race has had a lot of previous registrations that have been paid out and you are well under your reserve requirements, then it will be the entire amount of unsettled funds. At this time, we have a standard 20% reserve requirement pre race, but that is dependent on the race and may change as we learn more. It may also change as a post race reserve. Please see our Payment Policies blog for more details.
Maximum Reserve Hold Date – This is a bit of a misnomer, as the date is the last date of a race if this is before the race. It will be a calculated date based on our Post Race Payment Policies. So on May 15, this date will be set back by at least 8 days post race and more likely ~30 days depending on the day of the week and of course gets reset to 21 days after the latest chargeback.
Required Pre/Post Race Reserve – This is calculated based on the total registration fees accumulated from this race. For the above race, it is the same as the Reserve since they are up to date.
Here is an example of a bad situation:
A race was paid $330,178, and cancelled their race without a very good communication plan to their participants. You will see their Reserve is $0 and their Desired Reserve is $63K. You will also note they owe us $1,843 for chargebacks their participants received back. This is their obligation, and we are pursuing the race director on behalf of their cardholders. You will see the Reserve hold date is 4/29 (if there was a reserve), which is 21 days after their latest chargeback on 4/8.
Required Payment Account Reserve – We require a total across all active races of 50% of each race’s reserve requirement.
In a situation where all races are new and we collect say 20% for each race, then the total across the payment account would be 20%. However, with the sudden introduction of the virus, we had a number of multi-race operators who had been paid substantial funds for future races, but did not have many new registrations coming in to fill them back up to 20% reserve. This allowed a number of those operators to start new virtual races to help build to that 10% payment account reserve, and then begin getting paid 80% of new registrations for the new virtual race.
Note that achieving the overall 10% Payment Account requirement may cause
Payable Amount –
This is the payable amount for what has settled. Remember, you may have transactions that happened today or over a weekend that have not settled. We remove the holdbacks to meet reserve requirements at the individual race or at the payment account level.
This is the current amount of transactions that have completed, but not yet settled. It nets out the amount that will go into holdbacks.
Recent Payments –
These are payments that have already been made to you, typically since you have opened this year’s race registrations. This is a new race on our platform, but recurring races that have been on our platform would show maybe Dec. 1, 2019 as the start of registrations for a race in June, 2020. It is this total, plus the new total that is approximately how much your race has raised and will be paid if there are no chargebacks.
Last Chargeback –
This is the date of the most recent chargeback. It is used particularly post race to delay any payments by 21 days.
Upcoming Payment Details
There is a quick view of your upcoming payment details.
Settled – As we have discussed these are transactions that have settled – typically the next day after about 10:30 AM.
Waiting to be Settled – As the name applies, these are transactions that have not yet settled – they typically settle the next day or after a weekend or holiday, although sometimes it may take a couple of business days.
Amount in Client Holdbacks – This is the amount of money that is in reserves. It is not included in your estimated next payment. A negative number indicates that money is being released from your reserve.
Less Amount to Reserve – This is an additional hold amount required to meet the aggregate required refund reserve amount of all your races, clubs, etc. Negative means it is not being included in reserves or is being released from reserves because of end of a race or other races may have met their reserve requirements.
Estimated Next Payment (Tuesday April 14, 2020) – This is the estimate based on settled and non-settled that should settle by then less reserve requirements. Note, due to timing of releases and settlements, this is not a sum of the above numbers.