Race Reserve Requirement lowered to 5%

We are pleased to announce that our standard race reserve requirement is dropping to 5% from 10%, with a payment account requirement of 2.5% of race registration transactions. Donations continue to have no reserve requirements and are paid out directly. Note the reserve requirement can vary depending on our underwriting process and chargeback experience. For […]

Race Reserve Requirement Drops from 20% to 10%

We are happy to announce that we are dropping our standard race reserve requirement from 20% to 10%, and the overall payment account reserve requirement from 10% to 5% effective immediately. You should see these new numbers appear in the various race financial reports and payment account reports. This drop is due to analyzing the […]

Understanding the Financial Summary Page

Races have a Financial Summary page that has drawn more attention than usual. Let’s take a look at a simple use case to understand the basics. We will also take a look at the Payment Account, which is where you can see your estimated next payment. Transactions: $62,836.27 – This line is the total transactions […]

RunSignup Making Updates to Prepare for New Sales Tax Functionality

Believe it or not, sales tax is even more complicated than the above graphic with nearly 10,000 total jurisdictions and different rules for races, memberships, nonprofit events, and merchandise across those jurisdictions. About a year ago the US Supreme Court struck down a 1992 landmark decision (Quill Corporation vs. North Dakota) that had previously barred […]

Daily Payment Delay

Our Processor for Advanced Payment accounts (Vantiv, now Worldpay) had an incident impacting transaction settlement and the funding instruction reports for Tuesday 11/27/2018 that resulted in us being unable to execute funding instructions for transactions processed on that date. This caused a skipped payment on 11/28/2018 for daily payment customers. Payments resumed as normal on […]

Sales Tax & Your Race

Yesterday the US Supreme Court struck down a 1992 landmark decision (Quill Corporation vs. North Dakota) that had previously barred states from seeking sales tax from businesses unless they have a physical presence in the state. The 1992 decision had allowed online ecommerce businesses to thrive by not having to comply with the myriad and […]

Updated Payment Account Requirements

As part of our ongoing efforts to improve our financial and security processes, we are instituting additional controls on new payment accounts. This involves collecting additional information on owners and requiring information be entered by individuals with significant control over the entity. As we have discussed, we are part of the banking network, and require […]

Risk Management & Underwriting

As we wrote about last month we have seen more races cancelled in the past year by operators who have had financial difficulties or just decided it was easier to walk away from the responsibility of the race. We also continue to guard against fraudsters who want to use our site illegally. Without proper safeguards […]

U.S. Registration Market Analysis – March 2018

We do a US Registration Market Analysis every 6 months: September 2015 March, 2016 September, 2016 March, 2017 September, 2018 We try to make it better with your feedback (so feel free to send suggestions or corrections to bob.bickel at runsignup.com). We do this as part of our own internal market evaluation processes, but share […]

Registration Company Viability

The closing of RaceIt in November may prove to be the canary in the mine for registration companies in the declining race registration business. There are now rumors of another failing registration company, and there could be more coming. The real harm comes to the races, with a number of fairly large races being owed […]

Why RunSignUp Asks for Payment Account Information

As a Payment Facilitator, we have a responsibility to the banking industry and the credit card networks to do background checks on any race who is processing money thru our site. This is to try to prevent things like money laundering, or bad businesses who will not fulfill the obligations of what they are selling […]

The Risks of Declining Registrations

There was a recent article on Bloomberg News suggesting that the next financial crisis could start in Silicon Valley and “Fintech”. Fintech is a broad term, but touches all races who use online registration with the movement of over $1 Billion per year thru the 100 or so race registration systems. Here are some of […]

RunSignUp Quick Hits…Features Even Advanced Users May Missed

Over the next few days, we’ll be sharing a host of resources from our 3rd annual RunSignUp Symposium. First up: some blog links to features you may have missed. Even our most advanced users often have a hard time keeping up with all our updates (2,000+ in 2015); RunSignUp Sales Lead Bryan Jenkins picked a […]

What is a Current Ratio and if I am a Race Director why should I care?

The current ratio is a liquidity ratio that measures a company’s ability to pay off its short-term liabilities with its current assets. In simple terms how much money the registration company has in the bank vs. what they owe races. It is calculated by dividing current assets (cash and accounts or race payments receivable) on […]

New Race Financial Reports

We have done a major overhaul on our Financial Reports. The Summary page now gives a quick overview with 3 tabs to drill down on: Transactions – these are focused on the individual transactions that have been processed on behalf of your race. Payments – These are a list of all the payments that have […]

Clarifying Daily Reports and Payment Reports

A common financial question we get is that some reports don’t seem to reconcile with one another.  In particular, that some participant or transaction reports don’t reconcile with payment reports. There is a reason for this.  Payments follow a settlement calendar that is dictated by the banks and credit card processing companies.  Settlements typically cut […]

New Summary Details Financial Report

You may have noticed a new button on the Financial Summary page on your dashboard (we will be redesigning that page soon to consolidate all the reporting options). It is labeled “View Detailed Summary”. The report below shows an example of a race with many different options like registration, coupons, store items, add-ons, donations, etc. […]

1099K Forms

In the next week, we will be mailing 1099K forms to some of our customers. As stated in http://www.irs.gov/uac/General-FAQs-on-New-Payment-Card-Reporting-Requirements, these are informational forms that are required by the government.  The form looks like the one on the right. Note that RunSignUp is our company’s trade name – our legal name is Bickel Advisory Services, LLC. Internal […]

Partner Financial Reports

One of the major features of RunSignUp is the ability for us to have Partners who help race directors with using the system. Our biggest set of partners are Timers, who use us for multiple races and enjoy the ability for them and the race director to collaboratively work on the race. This means things […]

Financial Reporting for Races – Complete Guide

The Financial Summary page contains both a high level snapshot of the finances for your race, as well as a number of ways to drill down into the data.  We also try to provide Spreadsheet downloads that are helpful for reconciling. This blog post will cover everything from top to bottom. Here is a video, […]

Moving to Direct Payments

Our new Direct Payments system has become the preferred method for race payments.  It gets the money into your bank account quicker, is more automated, and it is the direction the credit card industry is guiding the online registration business. See RunSignUp Payment Details for full instructions on how to set this up for your race […]

New Donation Reports

With the recent release of the new Financial System, we have made a number of enhancements to the Donations Reports. Simplified Summary Simplified Multi-Charity Report Analysis of donation range Powerful Searching Comprehensive Reporting CSV Download Now it is simple to create reports to the multiple charities your race may be helping to raise money for […]

Add-Ons Accounting

Add-Ons are treated as a separate type of item in RunSignUp Financial Reports. That is the $144 item on the right. Also, note that Add-Ons are non-refundable (unlike Store items).  This is one of the attractive things about Add-Ons from a race director’s perspective. Race Directors can allow runners to modify their Add-Ons (set this […]

Credit Card Validation Improvements

We recently updated our Credit Card Validation.  This means if a runner enters an incorrect number of digits or they do not conform to the industry standard Luhn check, we can give them an error message quicker. One of the cool little tricks we added is to highlight which credit card is being entered based […]

Financial Reports and Payments Update

Financials Update RunSignUp has always been known as the fastest payment processor for races.  We have been making some very important changes to the financials system to provide better information to race directors, timers and partners.  The new financial reports allow you to drill down into each payment to the individual runner or donor to […]

WordPress