Receiving My Event Income (funds, revenue)
I used the Shared Merchant Account Credit Card Processing Option. When do I get my money?
When do I get my funds that were collected for registration?
What is this Option?
When you choose the Shared Merchant Account option for processing your credit cards, you are using our merchant account as a convenience. This saves you the hassle of needing to set up your own account. When this option is used, the funds are collected by EventCORE and held for later distribution to you. The fees for this service are explained here.
Choosing this Option
In the Admin Bar select "Set Up" and then in the set-up sub-menu choose the "Payment" link. Then for "Credit Card Processing" select the "EventCORE" option from the drop down. You should then contact "Tier 3" support (explained)to request that an account be set up for you.
Tracking My Funds
You can track your income and fees by going to Admin: Setup -> Start. Then near the bottom in the Support Options and Billing Section, click on "Current Bill". This will show your income and any associated fees in real time.
When Do I Get My Funds
We typically distribute funds and the end of your event. But you can request to get your funds sooner and as often as you want. There is no service fee for the first distribution, but additional distributions will incur a $20 handling fee ($10 for chartfields).
Payment Methods
The two most common methods of payment are to issue a check drawn on a US bank or we can do an internal chartfield transfer (Cru Accounts). We can also do a Wire Transfer rather than a check. You would pay the wire transfer fee.
How to Request Funds
You make a request to receive your funds through Tier 3 Support. You can simply create a support ticket to make your request via our online portal. You submit the ticket when you want to receive funds. When you submit the ticket, please make sure that you provide the following information.
- To whom the check is made payable.
- The address to where the check should be sent.
- Any special handling instructions.
- When you want it released.
Service Fees
The service fee for the use of the EventCORE merchant account is 4% of the total charges and refunds. The basis is not the total amount that shows on the Fund Listing Page which is the net amount. The basis of the 4% charge is the total of all of your credits plus the total of all of your refunds. For example, if you have $10,000 in charges, but $500 in refunds your net amount of funds collected is $9500. But the basis for your credit card 4% fee is $10,500. We have to do it this way because that's how the bank charges us. They charge based on the transaction not on the balance.
Handling Fee
For the first distribution of funds there is no handling fee. But any additiional distributions are done at a charge of $20 for each check written or $10 for each JV form filled out (for Cru Chartfield).
Payment of Service Fees
The services fees are simply deducted from the revenue owed you. (e.g. in our above example, you are due $9500 in revenue. The 4% service fee on $10,500 is $420. So you'd receive a check for $9080).
Direct Payment to Hotel
You can choose to have the payment mailed to any location/company you wish. To pay a hotel directly you would simply put their information in the "How to Request Funds" section described above. Please note though that if there are any issues surrounding the appropriate application of those funds to the hotel, any Tier 3 involvement in providing assistance would be at the normal Tier 3 support rates. To insure that funds are appropriately applied, we recommend that the check first come to you and then you pay the hotel directly.