We lowered the Reserve Holdbacks to 0% effective today. This is a very happy day and another sign of recovery in our endurance community. As you may recall we always had a normal 0% holdback (meaning we pay out when people signup), but instituted a 20% holdback at the beginning of the Pandemic. We have gradually lowered it since then as it became clear that the chargeback risk was declining to pre-pandemic normal levels.
Due to the wide range of settings different events have had over the past two years, you may want to check your reserve setup on your race dashboard. There are various reasons to have a reserve, such as funding Referral Rewards, or wanting to wait until the end of your race to be paid, or special setting that were created during the pandemic to accommodate specific customer situations. So we did not release any existing holdback – but you are free to release those funds directly yourself now. Or they will be paid out when your race ends and we release all funds (typically the Tuesday after the normal weekend race).
The setting to release your reserves now can be found on the Participants -> Participant Management -> Chargeback / Refund Reserve dashboard page (or just type “Reserve” in your search box).
You will see various sections, including your current reserve:
If you have Referral Rewards turned on for example, the field highlighted in yellow might show a $Value that can not be paid out until after an event. Below this information is a field where you can specify how much to release:
This will be released and paid out on your next payment date (most events are on weekly payments that happen on Tuesdays).
This will need to be done on a per event basis.
It has been a very trying time for all of us – event producers, attendees and vendors. In our role, we sit between the attendees and credit card holders and the event producers and try to keep that balance right. It can be frustrating for either side when they are not being paid. In the long run, making sure the participants at your events are taken care of is the key to all of our future (and also a legal requirement :-)).
We thank you for your patience and support over the past two and a half years. Let’s hope we do not go thru another cycle like this in the future.