Why Does RunSignup Require Documentation?
A common question we get from race directors is “why do you need XX document from me to approve my payment account?” Some of the most common documents are documents like a drivers license that verify your identity or a copy of your bank statement to verify that the organization setting up the payment account with RunSignup is the same entity that will receive the proceeds for your event.
As race organizations get larger and process more payments on RunSignup, it can include more detailed financial information. This benefits your event and RunSignup. You can be secure in the knowledge that we are reviewing each event and each event organizer who uses our site. We work very hard to prevent fraudulent events and organizers from using our site thereby providing you with the comfort that our site and processing is safe and secure and not being used by fraudulent operators.
RunSignup is a registered Payment Facilitator, which means that we have been authorized to perform underwriting and onboard sub-merchant event organizers to process credit card transactions through our platform and through our credit card processing company Adyen. We are required to follow strict guidelines that ensure we are meeting banking and VISA and Mastercard processing rules as an authorized intermediary between credit card holders and event organizers. We are audited by Adyen, VISA and Mastercard on a regular basis.
This allows us to provide seamless, PCI compliant processing of transactions, refunds, chargebacks and payments to event organizers. One of the big advantages of being a Payment Facilitator to events is that we do not co-mingle event funds with our general RunSignup bank account. Most other providers of registration and ticketing services are not qualified as Payment Facilitators, don’t have the same level of underwriting and diligence and co-mingle event funds with their own operating accounts.
We are obligated to verify the details about the organizations and individuals creating payment accounts to prevent things like money laundering or fraudulent event organizers on our site.
When Do You Need Additional Documentation?
For race organizations that process a significant amount of money, the underwriting requirements are more stringent and we may ask for more information as you process more transactions, not necessarily all up front. This is the same as the type of review that you would have from a bank that approved your for your own merchant account. Banks perform similar underwriting and diligence efforts as RunSignup and banks continue to follow your account as it changes or grows over time.
There are several times we will ask for additional documentation:
- First Time Setup – If the initially supplied information is incomplete, or the credit card processing networks and banks require additional information.
- The amount of money you process with RunSignup can trigger additional requests which can include additional bank statements or other financial statements demonstrating the ownership of the bank account we are paying and the financial soundness of the organization putting on the event. As you process a higher volume, there are stricter rules that the banking and credit card networks place on RunSignup to more detailed documentation.
- Periodic Reviews – Banking and credit card network requirements require doing periodic reviews on payment accounts. These may be required even after several years of successful processing on the platform.
Secure Processes for Submitting Additional Documentation
If your organization is required to provide additional underwriting documents, you will get communications directly from RunSignup. If you are ever unsure if a request is legitimate, please email info@runsignup.com or your account manager directly to verify the request.
The documents requested will be uploaded to a secure link to your RunSignup account, which can only be accessed via your password. They are stored securely and are only used to verify information to maintain your payment account status.