Set up a Payment Account

Modified on 09 April

TABLE OF CONTENTS

How To Setup a Payment Account

In order to get paid on RunSignup, Race Directors must create a payment account with our merchant bank. No setup cost is required.

This is essentially the same as setting up a retail banking account where they will also require personal and business information. This ensures funds are being sent to a real person/bonafide business. You do not open a new account at a bank. When someone registers for your Race, the funds will be held on your Payment Account with our merchant bank.

Want more information on what a Payment Facilitator is, and what type of information we need from you (and why) for you to set up your Payment Account? Read our Payment Facilitator FAQ.

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 here:

Or by navigating to the Financial section of the Race Dashboard and clicking the Payment Setup link here:

The first section of Payment Setup is to define your payment method. 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 Account".

Setting Up Your Payment Method

You will need the following information before you start.

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).
Payment Information: You will need to provide us with information on where to pay you (e.g. your bank routing and account numbers).
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.
You must agree to the Payment Account Agreement.

Once you have all the information that you need to set up your payment account you will create an Account Nickname. This is a short description that will allow you to easily identify this payment account if you have multiple.

Info about your legal entity: The Legal Entity is who gets paid. Select if you are a business, non-profit, or something else.

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.

Setting up Payments to Yourself

This is an Individual (Personal) Payment Account type. You will be processing transactions under your legal name and SSN.

Important: If you are a Sole Proprietor of a business, it is recommended for you to select the Business Entity option, not the "Yourself" option. This way, you are able to select "Individual or Sole Proprietorship" under the Business Type.

When you select the "Yourself" option, your personal information entered in the prior area is used as your payment information. If you need to change anything, do so above in the "Verify Personal Information" section above.

Tell us about yourself

The personal information for this individual should be someone with significant responsibility to control, manage, or direct a legal entity customer, including an executive officer or senior manager (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer); or any other individual who regularly performs similar functions. We will require the name, address, date of birth and full social security number for this individual. You can be assured that we will store this information safely and securely.

If you do not fit the description of an "Officer", then select the option to "Set Up Later" where you will be able to enter the email address of the appropriate individual who is considered an officer for the organization/business.

If you are setting up the payment account for a government legal entity type, then you are exempt from entering "Owner" information as government entities do not have a controlling owner. However, government entity types must provide personal information for an authorized representative since payment accounts must be associated with a person.

Setting up Payments to a Business Entity

This is a For-Profit Business Payment Account type. You will be processing transactions under the business legal name and EIN.

Business Information

When entering the Business name and (EIN) Tax ID, please enter the legal business name and EIN as registered with the IRS.

Important: Only physical address is able to be entered for the business location - PO Boxes are not allowed.

If you are looking to understand what an EIN is, see the IRS article here.

If you lost or misplaced your EIN, see the IRS article here.

If you do not have an EIN but would like to apply for an EIN, see the IRS article here.

Tell us about the Control Person

The control person is someone with fiscal authority within your business. You must provide information on one control person. The beneficial owner is someone with 25%or more ownership of this business. If there is nobody with at least 25% ownership, you should not add any owners. You will need to add information for all owners with at least 25% ownership.

Applying as an Officer

If the individual under "Tell us about yourself" is an officer, then you must select the Employee Title for this individual. If their title is not listed as an option, select "Someone else who regularly performs similar functions" and enter the Title for this individual.

Setting up Payments to a 501c(3) Charity, or Other Non-Profit Organizations

If the funds are paid to 501c(3) or other non-profit organizations, please select this option.

Important: Only physical address is able to be entered for the organization location - PO Boxes are not allowed.

Setting up the Payment Account for Non-Profit Organization is exactly the same as setting up for a Business entity. Please refer to the steps above to set up the payment account for 501c(3) Charities and other Non-Profits.

Setting up Payments to Public Schools and Government Entities

If the funds are paid to a public school or other government entities, please select this option.

Important: Only physical address is able to be entered for the organization location - PO Boxes are not allowed.

Setting up the Payment Account for public schools and government entities is exactly the same as setting up for a Business entity. Please refer to the steps above to set up the payment account for more information.

Public Schools and other Government Entities are exempt from entering "Owners" as government entities do not have a concept of a controlling owner. However, government entity types must provide personal information for an authorized representative since payment accounts must be associated with a person.

Annual Total Sales Volume/Credit Card History

Once you’ve set up the new payment account information, you will need to enter in how much sales volume through credit card transactions you would expect in a year. Also, let us know whether or not this business/organization has accepted credit cards before.

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.

Other Options

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, RunSignUp allows you to choose to set up payments later.

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 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 can set up your payment information on this page.

How Would You Like To Get Paid?

Next, you will need to decide how you or your organization would like to be paid. The recommended method for getting paid is direct deposit. Setting up direct deposit is much more convenient for you and your race because you will not need to rely on the speed of the postal service to receive your payment, and you will save yourself on trips to the bank.

Important: There is a $10.00 check fee. Checks are issued weekly whenever the balance is at least $1000 or the oldest transaction is 30 day old.

Direct Deposit

If you select direct deposit you will need to enter in what type of bank account you want to deposit your race funds to. You will also need to provide a place to write a check to for certain things that RunSignUp may not be able to process as a direct deposit, such as writing a refund reserve balance check.

By default, funds are released via direct deposit every Tuesday - end of day. Please allow up to 3 business days for the funds to reflect on your bank statements. You are able to check the status of the direct deposit on your Manage Payment Account Page > View Payments.

Check

If you decide to set up your account to pay by check, you can do so by filling out all the necessary fields below.

By default, check payments are released every Tuesday end of the day. Please allow up to 10 business days for the check's arrive. For the status of the check, please contact finance@runsignup.com.

Important: There is a $10.00 check fee. Checks are issued weekly whenever the balance is at least $1000 or the oldest transaction is 30 day old.

Payment Account Agreement

Once you have filled in all of the information that you can, read through the payment account agreement terms, type your name in the box below to agree to them, and select the Save & Continue button below. The RunSignUp Race Contract can also be viewed here.

Account Verification

Once you have submitted your payment account for verification it can take up to 48 business hours for approval.

Additional Payment Account 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.

If you do not have the required information for the Officer and/or Beneficial Owner, see here.

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