How are transactions processed?When registrations are paid by credit card, those transactions run through our secure (and PCI compliant) payment processing run in coordination with Stripe. When the credit card is charged at the time of registration, the funds for the registration are placed into escrow where they sit until they are released directly to your bank account on the date of payout.
We process cards this way for a very simple reason: we want to make issuing refunds for your classes completely pain-free. How does this help? Organizations who take registrations ahead of a given class will have registrants who cancel their registration. Too often, these organizations then typically must contact their billing department who must then issue checks and account for those refunds in their bookkeeping. In contrast, using CourseStorm, your staff can issue refunds directly from our secure administration area, placing the funds in full right back on the registrant's credit or debit card without the need to include your accounting department.
PayoutsThe Monday after the class begins, the funds for any registrations still in escrow will be released to your organization in a single deposit we make to your account. We call this a Payout. At the time a Payout is released to your account, anyone on your staff set to receive Payout notifications will receive an automatic email detailing the amount of the deposit and the registrations included in it. This information is also accessible from the secure administration area of CourseStorm and exportable to Excel for further processing.
To view and export your payout information at any time, click on More > Payouts from the Registration section of the admin menu.
How do I start taking registrations for paid classes?To begin accepting registrations for paid classes, we need to first set up direct deposit for your organization. This ensures that when the payout date for a given class arrives, we know exactly where to deposit the money for those registrations.
To enable online registration for paid classes, all you need to do is click the green flag icon located in your admin bar at the top of each screen. From here, you'll just follow the on-screen instructions to enable online registration and direct deposit.
Key pieces of info you'll need to fill out the direct deposit form:
- Organization's legal name
- Organization's EIN (tax ID)
- Financial contact's name, email, phone, and birthdate
- Bank account and routing numbers