Changes to pay outs and fees

With the launch of the new site, there are some changes to how we handle fees and pay-outs to Event Organisers. The important news is the amount you pay is not changing, only the way it’s structured. Read on to find out more.

Until now we have used Stripe connected accounts to pay-out entry fees. When the new findarace.com launches at the end of May we will stop using this system and pay entry fees directly to your bank account.

Why is this change being made?

There are a few reasons that we are making this update but the main one is flexibility.

Using Stripe connected accounts has meant that we are only able to work with Event organisers who use Stripe. We will now be able to work with Organisers using all different platforms. We can also start using different payment options on the site; paypal, apple pay, android pay and anything else that comes along.

How often will I be paid out?

You can choose to have your entries paid either weekly or monthly. Weekly payments will be every Monday. Monthly payments will be on the 1^st of the month. You will receive the payment in your bank account no later than 7 days after it is paid out.

For example; if you have chosen to be paid out weekly. Bookings made between Monday 3^rd and Sunday 9^th will be paid out on Monday 10^th. Payment will reach your bank account by the 17^th.

If you have chosen monthly pay-outs all bookings made in the month will be paid on the 1^st of the following month. Payment will reach you by the 8^th of that month.

Changes to your fee

You will no longer pay a separate Stripe fee on your bookings. Instead, the cost of processing payment will be included in your commission allowing us to charge one fee with no hidden extras. This means that the headline commission that you pay appears to increase however the total amount you pay for an entrant will not change.

Here is an example of the current and new structure:

Example:

You are selling a £30 race on findarace.com.

Previously your fees will have looked like this:

findarace.com commission: 12.5% - £3.75

Stripe fee: £0.62

Total fee for booking: £4.17 (14.6%)

In the new set up there will only be 1 fee:

findarace.com commission fee: £4.17 (14.6%)

In this scenario the event organiser is charged 14.6% commission on each booking.

Based on the average booking fee across all your events, your new commission rate has been calculated to ensure that it stays the same.

Please be aware that in some cases the fee may be a few pennies higher on some races and a few pennies lower on others. This is due to Stripe including a flat fee as a proportion of what they charge. Over a season this will even out or work in the Event Organisers favour.

If you have any questions or would like more information on the changes just get in touch with your account manager.