Setup The Refund Reserve
RunSignUp is setup to only issue refunds using funds set aside in the Refund Reserve.
This ensures that refunds are issued only against funds which are settled and available. This is necessary because our two payment platforms handle funds for refunds differently and have different cutoffs for payment processing.
This can be found by navigating to Participants > Participant Management > Refund Reserve.
How to Setup Refund Reserve
If you have enabled Refunds for your Race already under Participants > Participant Management > Refunds & Refund Policy then your Refund Reserve will be set up automatically. By default the Refund Reserve will try to keep 5 x the amount of the most expensive race fee.
If you do not have Refunds enabled and would like to set up Refund Reserve, please enter an amount for the field "Additional Refund Reserve". See screenshots for Current Reserve Information below.
Current Reserve Information
Current Race Refund Reserve: This is the amount you can use to issue refunds. Any leftover amounts will be released to you after Race day.
Approximate Refund Reserve Hold: This amount is the limit of which RunSignUp will auto-transfer transactions processed by your Race to the Refund Reserve in order to meet this Reserve amount. By default, if you have refunds enabled (referral refunds included), this amount is auto-calculated equal to 5x the most expensive event fee. This amount can be increased by entering an amount on the Additional Refund Reserve field.
In the example above, this shows a Current Reserve balance of $100/$100 (Full Refund Reserve Balance). This means the Race Director is able to issue refunds up to $100 while RunSignUp will continually auto-transfer transactions to fill the Reserve to meet the limit of $100.
Additional Refund Reserve: This option allows you to add additional funds to the Approximate Refund Reserve Hold (aka the limit). Using the example above, if I enter $20 to the Additional Refund Reserve, the Approx. Refund Reserve Hold will change to $120. If you would like to remove the additional amount, enter $0.
Reminder: There is a $1 Refund Processing fee per participant who is refunded online. This means that you must plan to have more in your Refund Reserve than the original Amount Paid for each participant that you are refunding.
There are 5 options to add funds to the Refund Reserve:
1) Carryover from Future Registrations
If you have refunds or transfers enabled, this option will automatically be enabled for your convenience - otherwise, this by default, is not enabled. If you would like to enable this option manually, you can do so by navigating to Dashboard -> Participants -> Participant Management -> Refund Reserve -> Enter the appropriate amount under the Additional Refund Reserve field. All settled future transactions will be added to your refund reserve until the entered amount.
2) Add funds via Credit/Debit Card
If you do not have available funds (Balance Owed) and do not expect to receive any further transactions but need funds in the Refund Reserve to issue refunds (Cancelled Races), then the next best option is to add funds to your Refund Reserve via Credit/Debit Card.
Race Dashboard -> Participants > Participant Management > Refund Reserve -> Add to Refund Reserve by Credit Card
Note: This option incurs the standard processing fee as shown here.
3) Transfer Money from Other Races
This option is only available if you own multiple Races that share the same Payment Account. This option can be found by navigating to Dashboard -> Participants -> Participant Management -> Refund Reserve.
Select the appropriate Race that has available refund amount as shown under "Approx. Amount Available" > Enter the amount under "Amount to Transfer > Transfer Money.
Important: This option is only available to users who have access to both the Race and Payment Account.
4) Mail RunSignUp a Check
We can manually add funds to your Refund Reserve once the check clears. This option is not as convenient as the options above but you will be able to avoid the standard processing fee incurred from Credit/Debit card transactions. Please send the check to:
300 Mill St. Suite 200
Moorestown, NJ 08057
Important: Please include a note with the Race name/number and indicate that the funds are for the Refund Reserve.
5) Wire funds to RunSignUp
This option is faster than mailing a check but incurs the standard Wire transfer fee. For more information, contact email@example.com.
RunSignUp charges a $1 Refund Fee for each participant receiving an online refund. This means that you must plan to have more in your Refund Reserve than the original Amount Paid for each participant that you are refunding.
Also, each person within a bulk refund is counted as an individual refund. This means that if you have 10 people in a bulk refund, then the total refund fee will be $10.
Using the example below, if you would like to issue full refunds to 2 registrants that paid $20 each for a total of $40, you will need to add $42 dollar to the refund reserve. If adding the $42 to the reserve via credit/debit card, the total amount included the $3 processing fee will be $45.
Release Part of Refund Reserve
If you have available Current Refund Reserve balance and would like to release X amount before RunSignUp auto-release the reserve on Race day, then you can enter this amount using this option.
Please note that the system will continually refill your Current Refund Reserve balance from future transactions until your Approx. Refund Reserve Hold (aka the limit) is met.