Our onboarding team hears a version of this question often: “Can I hold funds/payments on my race until I switch the race over to a new payment?”It’s a reasonable thing to want, especially if your organization is going through a legal restructuring, changing banks, or waiting on a new entity to be finalized. The answer is no. To explain the reasoning for this, it’s important to understand how RunSignup handles payment processing.
How Funds Are Routed
Every transaction on RunSignup is tied to whichever Payment Account is assigned to your race at the time the registrant pays. That money is processed and paid out to the Legal Entity and bank account on file for that Payment Account — not to whatever Payment Account you might set up afterward.
In other words, funds don’t sit in limbo waiting to be redirected. Once a registration is processed, it’s already associated with your current Payment Account, and that’s where it will be paid out.
Can You “Hold” Funds Instead of Having Them Paid Out?
Yes, you can absolutely hold funds and then release them to be paid out at a later date. You just can’t hold them and pay them out to another entity or payment account, other than the payment account that was used when the transaction was originally processed.
Switching to a New Payment Account
You can absolutely create a new Payment Account and assign it to your race going forward — this is common when:
- Your race is moving from an individual organizer to a nonprofit or LLC
- Your organization has a new legal entity name or Tax ID
- You’re changing banks or account ownership
Once the new Payment Account is created and approved, you can reassign your race to it. From that point forward, new transactions will be processed under the new account. Funds already collected under the old Payment Account stay there and are paid out according to that account’s existing schedule — they don’t automatically transfer over and you can’t request for them to be transferred over.
For step-by-step instructions on creating a new account, see How to Add a New Payment Account.
Why RunSignup Works This Way
As a registered Payment Facilitator, RunSignup doesn’t co-mingle event funds with our own operating account, and each Payment Account is individually underwritten and tied to a specific Legal Entity and bank account. That structure is what keeps payouts secure and compliant with banking, VISA, and Mastercard rules — but it also means funds can’t be moved between Payment Accounts after the fact. For more on why this documentation and structure matters, see Payment Account Underwriting and Documentation Requirements.
Common Questions
If I set up a new Payment Account, will old funds move to it automatically? No. Funds are paid out based on the Payment Account that was active when the transaction occurred.
What if I just need to update my bank account information, not switch entities? If your Legal Entity isn’t changing and you only need to update your account and/or routing number, you don’t need a new Payment Account. You can edit your existing Payment Account directly, and any held funds will be paid out to the new bank account once the update is verified. See Accessing and Updating Your Payment Account for how to make that change.
Can I pause payouts on my current account while I wait for a new one to be approved? Yes, you can always pause payments, you just can’t redirect them to another entity or payment account after they have already been processed.
How long does it take for a new Payment Account to be approved? Payment accounts are usually approved within 48 hours, but sometimes longer if RunSignup or our payment processor, Adyen, requires additional information.
Do I need to do anything with my old Payment Account once I switch? Once you switch, you don’t need to do anything with your old Payment Account.
Helpful Resources
- How to Add a New Payment Account
- Accessing and Updating Your Payment Account
- Payment Account Underwriting and Documentation Requirements
- Payment Accounts: Watch & Learn
Still have questions about your Payment Account? Reach out to your RunSignup account manager or email finance@runsignup.com.