How to Manage your Payment Account
This guide will teach you how to Manage your Payment Account as well as list definitions for the terms used. Here is a list of options available to you on the Manage Payment Account page:
- View Upcoming Payment Detail
- View Payment Status
- Edit Payment Account
- Edit Legal Entity
- Add/remove Payment Account owners
- Change Fund Release Frequency
- Set Funds Holding (Advanced Payment Account only)
- Add additional email address for payment notifications
The Manage Payment Account page allows you to manage your payment account like updating legal entity and payment information.
This can be found from the Profile page, navigate to Payment Accounts > Manage.
Alternatively, you can find this page from your Race Dashboard > Financial > Payment Accounts
On the next screen, you should see a list of your Payment Accounts and Legal Entity. On the Payment Account chart, you can Manage a Payment Account by clicking on the link "Manage" for the appropriate Payment Account.
Using the example above, there are two Payment Accounts listed under Phil's RunSignUp account. Phil is able to manage either of the Payment Accounts by clicking on the Manage link marked by the red arrows.
Manage Payment Account
This is the name of your Payment Account. This is for internal use only and will not affect your business/organization/individual’s payments. You can change the name by clicking Edit Payment Account > Payment Account Name.
Note: Changing this will NOT change the name of your legal entity. If you would like to change the legal entity name, please contact firstname.lastname@example.org.
- Quick Start - Check or Direct Deposit (Processed by Braintree)
- Advanced Payment - Check or Direct Deposit (Processed by Worldpay)
- The Legal Entity name associated with the Payment Account. This name will be used to report all earnings collected by the Race(s) on the payment account.
- Click on the legal entity link in order to update your legal entity information.
- If you are not able to edit the legal entity, this means that the merchant bank was able to verify your Legal Entity matches with the Tax ID. If you would like to update this, please contact email@example.com.
- Name of your merchant account and the merchant bank. This is for internal use only.
- Not available for Quick Start - Check (Processed by Braintree)
Merchant Category Code
- Merchant Category Code. This is for internal use only.
Funds Sent To
- This section shows either the Bank account or the Checking address depending on your account type.
- Note: Bank information not available on Quick Start - Direct Deposit (Processed by Braintree Marketplace)
Upcoming Payment Details
You can view the estimated next payment date and completed/pending amounts here:
Settled Amount Waiting to Be Paid
- This amount is cleared by the merchant bank. It is ready to be paid out to you. Using the example above, $701 of transactions were completed and ready to be paid.
Waiting to Be Settled and Paid
- This amount is pending to be cleared by the merchant bank. Using the example above, $105 of transactions that are pending to be cleared by the banks.
Estimated Next Payment
- This shows the estimated amount that will be paid and the date of the payment. This amount is the total of (Settled amounts + Pending amounts).
Note: This feature is not available on Quick Start - Check payment accounts.
For an explanation of what is a settled transaction, please see the FAQ below this article.
By default, payments are released weekly - every Tuesday. If you would like to change the funds release frequency, click on the “Change Frequency” link shown below:
There are different funds release frequency options depending on your Payment Account Type:
- Quick Start
The options of Weekly, Monthly.
- The options of Weekly, Monthly.
Funds Holding Settings
Payments will be held and not paid out according to the date OR amount selected. You can access this by clicking the link “Change Hold Settings”.
Funds Holding Settings
- Hold Funds Until
- All funds collected by this Payment Account will be placed on a Payment Hold until the set date. After this date, you will begin to receive payments as scheduled.
- If a date is set, this will override the Minimum Hold Amount settings.
- Minimum Hold Amount
- You are able to set a specific funds holding amount here. For example, if $100 was set as a Minimum Hold Amount and you raised $1000, only $900 will be distributed to you whereas the $100 will be withheld until you manually enter $0 for Minimum Hold Amount.
- If a date is set on Hold Funds Until, the Minimum Hold Amount will NOT apply. For example, if you set a Date AND a minimum amount, ALL funds will be withheld until the set date.
Note: (This option is only available for Advanced payment accounts).
Alternatively, you can hold payments for your Race by navigating to Financial > Summary > Payments tab > Hold Payments (Green button).
By default, Payment Account Owner(s) will receive payment notification emails which includes details of the transactions that makes up the payment. If you would like to have other emails receive these payment notifications, you can add additional emails by clicking on the link “Change E-mail Settings”.
This chart shows the list of owner(s) for this payment account and their access level.
You can add additional Account Owners by clicking Add Access. You can remove Account Owners by clicking on the "X" next to the email. See screenshot below for reference:
There are two access levels available:
- Full access to the payment account. Owners at this level are able to view/manage the payment account.
- Limited access to the payment account. Owners are able to select the payment account for their Race but are not allowed to make changes to the payment account.
The list of all Race(s), Club(s) and/or Charity currently being used by the payment account. Click the specific link to access its respective Dashboard.
If you would like to add a Race to this payment account, navigate to the “Payments” step of the race wizard and select it from the list of payment accounts.
Race Dashboard > Race > Race Wizard > Payments Tab > Payment Account Drop-down Menu. For more information, refer to Set Up Now > Select a Payment Account guide here.
The list of payments collected from your Race(s) paid to you according to its payment method. Click on the specific Transfer ID link for more details on that payment.
- Status of your direct deposit payments can be found here.
- The status will NOT show whether the check is cleared or not cleared. Completed Status means that the check has been successfully sent out to you. If you need information regarding your check, please contact firstname.lastname@example.org with the 5-6 digit Invoice # located on the front of the check.
Update your Payment account information including: Internal name, organization type, primary contact and payment method.
- You are able to edit the payment information but are NOT able to switch between check and direct deposit. In order to change the payment method, you will need to create a new payment account.
- You are able to edit the payment information and able to switch between check and direct deposit.
Frequently Asked Questions
Q: What is a Pending/Completed transaction?
A: A pending transaction is when a credit/debit card has been swiped/entered, and the transaction is still waiting on the bank to transfer funds from one bank account to the other bank account. When you charge a transaction using your credit card, the transaction will show on your bank statement as "pending". This pending charge is not credited until the transaction as been "settled" or completed.
Q: Do I need to enter the Minimum Hold Amount in order to hold funds under Funds Holding?
A: You are able to set a Hold Funds Until date without entering a Minimum Hold Amount. This will automatically hold all the funds collected until the set date. If you would like to hold a specific amount, then you can enter an amount under Minimum Hold Amount. However, if a date is set, the minimum hold amount will not apply.
Q: I'm not able to access the Payment Account but I have Race Dashboard access. How can I access the Payment Account?
A: For security purposes, only Payment Account owners are able to access the Payment Account. If you are trying to access someone else's payment account, please contact the Payment Account owner directly to request access (completed outside of RunSignUp). The Payment Account owner contact email will be displayed on the red error message when accessing someone else's payment account.
Q: How do I process transactions under a different legal entity?
A: You will need to create a new payment account for the new legal entity. New payment account can be created on the Race Wizard (Payments Tab) which can be found via Race Dashboard > Race > Race Wizard > Payments > Create New Account. For information on how to set up payments, see here.
Please refer to our Director's Financial FAQ for more questions.