Updated Payment Account Requirements

As part of our ongoing efforts to improve our financial and security processes, we are instituting additional controls on new payment accounts. This involves collecting additional information on owners and requiring information be entered by individuals with significant control over the entity. As we have discussed, we are part of the banking network, and require... Continue Reading →

Risk Management & Underwriting

As we wrote about last month we have seen more races cancelled in the past year by operators who have had financial difficulties or just decided it was easier to walk away from the responsibility of the race. We also continue to guard against fraudsters who want to use our site illegally. Without proper safeguards... Continue Reading →

Timer Pricing

We have introduced the ability for races and timers to agree to increase the processing fee on transactions, and for that extra fee to be paid directly to the timer. This allows timers and races to pass along some of the cost of timing a race to participants in the processing fee. This is very... Continue Reading →

Registration Company Viability

The closing of RaceIt in November may prove to be the canary in the mine for registration companies in the declining race registration business. There are now rumors of another failing registration company, and there could be more coming. The real harm comes to the races, with a number of fairly large races being owed... Continue Reading →

Charity Payments Bug

We discovered a small bug in our software that has affected races using Braintree Marketplace for payment, who also have Charities setup to get paid directly, where the Charity is paying the processing fee. This affected: 19 races out of the 29,000 races held since this bug was introduced 460 Transactions out of the 5,376,000... Continue Reading →

The Risks of Declining Registrations

There was a recent article on Bloomberg News suggesting that the next financial crisis could start in Silicon Valley and "Fintech". Fintech is a broad term, but touches all races who use online registration with the movement of over $1 Billion per year thru the 100 or so race registration systems. Here are some of... Continue Reading →

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