Set up Payments

Set up Payments

To get paid on RunSignup, Race Directors need to create a payment account with our merchant bank, Adyen, which comes at no setup cost. 

This process is similar to opening a retail banking account, requiring both personal and business information to ensure funds are sent to a legitimate person or business. You won’t need to open a new bank account. When someone registers for your race, the funds are held in your Payment Account with our merchant bank.

Curious about what a Payment Facilitator is and why we need certain information from you to set up your Payment Account? Check out our Payment Facilitator FAQ.

TABLE OF CONTENTS

• Getting Started
• Who Are You
  • Add Someone Else
• Set up the Legal Entity
  • Your Relationship to the organization
  • Business Associations
  • Business Lines
• Terms of Service
• How Would You Like to get paid? 
• Account Verification
• Submit Now
• What is the Status of my Account?
• Other Payment Options
• Additional Payment Information

Getting Started

To start, you can either access the Payment Setup via the Race Wizard (Race Dashboard > Race > Race Wizard) and click on Step 6 Payments tab:

Or you can get there by navigating to the Financial section of the Race Dashboard and clicking the Payment Setup link.

While you can chose to setup your payment method later, it is recommended that you enter in your payment method as soon as possible.

You will begin setting up your Payment Account now by clicking on the orange button "Create New Payment Account". 

You will need the following information before you start:

1. Basic Legal Entity Information: The legal entity can be yourself (for a sole proprietorship), a business, a non-profit organization, a school, etc. You will need the legal name of the business, address, and tax ID (SSN for individuals or EIN for non-individuals).
2. Payment Information: You will need to provide us with information on where to pay you (e.g. your bank routing and account numbers).
3. Control Owners: You are required by law to provide information for any person that owns at least 25% of the business. The information required includes their social security number. If you know it, you can enter it below. If you do not, you can request that they enter their own information. However, you must use the “Save Progress” option and can only click the “Create New Payment Account” option once all control owners have entered their information.
4. You must agree to Ayden's Terms of Service Agreement. 

Who Are You

By federal law, before you set up a payment account, we need some information about the preparer or the person who is filling out the application in order to verify the legal entity and the individual setting up the account. 

If your name is not available in the drop-down menu, please click on the link “here” > Leave Site > Add Someone Else > Fill out the required information.

Add Someone Else

Fill out the required information. Federal law mandates that any monetary transactions processed online through a payment processor like Adyen and paid to the receiver must comply with KYC (Know Your Customer) laws. This requires personal information from both the legal entity and the individual setting up the account. Providing incorrect details can delay the approval of the payment account.

Set up the Legal Entity

The next step is to set up the legal entity for your payment account. 

The Legal Entity is who gets paid. Select if you are a business, non-profit, or something else. 

• Individual or Sole proprietorship
• Business (Corporations excluding 501c)
• Business (LLC)
• Business (Partnership)
• 501c or Other Non-Profit Organizations
• Public Schools and Other Government Entities

You will need the legal name of the business, address, and tax ID (SSN for individuals or EIN for non-individuals).

If you want the transactions to be processed under your own name (Individual Payment Account), then the social security number for the individual will be required. If you want the transactions to be processed under a business or a non-profit, then the full EIN (Employer Identification Number) will be required - this is not the same as the Tax Exemption Number.

Important: All earnings are reported to the IRS under this legal entity type.

Your Relationship to the organization

Indicate whether you are a control person and/or the authorized signer for the organization by checking the boxes. If you are neither the control person nor the authorized signer, you may skip this step and proceed to the next step, “Business Association.” 

If you check the box indicating that you are the control person and/or authorized signer, you will need to answer several required questions.

1. Job Title - Formal label that identifies a person's role within an organization

2. Organization Name - Legal Entity name exactly as registered with IRS

3. Organization EIN - Employer Identification Number issued by the IRS

4. Years in Business - Total amount of time a company or organization has been operating since its official founding or start date.

5. Special Charity Rates

6. Phone Number

7. Street Address - Only a physical address can be entered for the organization location—PO Boxes are not permitted.

8. Principal place of business (Optional) - The main location where a company conducts its core operations and makes strategic decisions.

9. Business Association (Optional) - If you are the control person, then you can skip this part.

Business Associations

If you're not the control person or the authorized signer, you need to fill out this section of the application. You have two options:

Add a Control Person or an Authorized Signatory

1. You can choose a person from the drop-down menu, but if no options are available, you’ll need to select “Enter New Associated Person Information” and provide the control person’s personal details. If you don’t have this information, you can choose “Send an Invite to Someone Else,” which will send an email with instructions for the control person to complete their personal details. This step must be done before we can approve your account.
2. Important: If you choose only the Authorized Signatory, please note that a control person must be included in the application. This can be either you (the preparer) or the Business Association Person. The process cannot continue if an authorized signatory is listed without a control person.

Business Lines

Select the business line that most closely describes your business.

1. Religious Organizations - Structured groups of individuals united by shared beliefs, practices, and values centered around religion e.g. Church.
2. Other Grantmaking and Giving - Charitable activities that involve distributing funds or resources to support causes.

Terms of Service

Review the Terms of Service (legally binding agreements between RunSignup and its users) and check the box “I agree….” at the bottom to proceed.

How Would You Like to get paid? 

1. Direct Deposit
   1. When selecting direct deposit, you must specify the type of bank account to which your race funds will be deposited. Additionally, you need to designate a payee for scenarios where RunSignUp cannot process certain transactions via direct deposit, such as issuing a refund reserve balance check. By default, funds are disbursed through direct deposit every Tuesday by the end of the day. Please allow up to three business days for the funds to appear on your bank statement. You can check the status of the direct deposit on your Manage Payment Account Page under "View Payments."
2. Check
   1. By default, checks are issued every Tuesday at the end of the day. Please allow up to 10 business days for the check to arrive. For check status inquiries, contact finance@runsignup.com. Note: There is a $10.00 check fee. Checks are issued weekly when the balance is at least $1,000 or the oldest transaction is 30 days old.

Account Verification

Your account will be verified as we review your information. A prompt with a 30-second countdown will appear, and we suggest waiting a few minutes. You'll also see an Account Status that highlights any corrections needed before approval.

• Accept Payment - Able to process payments from customers.

• Transfer Funds - Able to transfer funds within RunSignup.

• Send Money - Able to transfer funds directly to your bank account.

• KYC Checks - Know Your Customer checks to confirm that customers are who they claim to be.

The example below highlights issues with Send Money and KYC Checks. This indicates that the customer’s bank account verification failed, requiring them to upload a bank document for verification. An email from our Finance team will outline what’s needed for the KYC Checks. You can speed up the process by reaching out to finance@runsignup.com. 

Submit Now

Once you've resolved the issues as best as you can, click the green button labeled "Submit Now" followed by "Submit Anyway" to send your account for review by our Finance team. If everything checks out, you'll receive an email confirming the payment account is approved. If there are any problems, the Finance team will contact you via email for further details.

What is the Status of my Account?

The Race Dashboard will display either a blue or red banner based on your payment account status. A blue banner indicates your account is pending verification, which can take up to 48 hours, and no action is required. A red banner means there are issues with your account that need attention. Click on "Update Your Information" to check and resolve the issue. Common issues include:

• Bank Verification - Upload a bank document for verification.
• Review of Data - Ensure your legal entity information is up to date, and then click “Confirm Account Data”.
• KYC Checks - Provide the Finance team with the requested information. 

Other Payment Options

• Use an Existing Payment Account: If you already have a payment account set up with our processor, Adyen, you can choose to Use Existing Payment Account and choose the account you would like to assign to the race.

• Send Setup Instructions by Email: If you are creating an event for another person or entity and would like to send them instructions to set up the payment account themselves. The individual will receive a link to Set up the Payment Account for the Race. If they already have a RunSignUp account, they will log in and go straight to the payment account setup. If they are not a user, they will need to register so we can maintain security.
• Set up Later: If you do not have the information necessary at the moment to completely set up a new payment account.
• Test Mode: Use this Option if you just want to to test registration without actually accepting credit card payments. 
• Volunteer and Free Event Mode: Use this if your race only has volunteer or free events. When you are ready to accept transactions, you an set up your payment information on this page.

Additional Payment Information

Please refer to our Payment Account FAQs here.

For a guide on how to Manage your Payment Account, see here.

For Bank verification troubleshooting, see here.

For any assistance with your Payment Account setup, feel free to reach out to finance@runsignup.com.