In order to collect payments for an event and get paid out, you can optionally link to an existing Wodify Payments account or create a new one for your challenge. Wodify Payments is powered by Stripe.
In this article, we will cover:
- Paying Fees
- Tax Options
- Refund Policy
- Receiving Payouts
- Setting up your Wodify Payments Account
- Locating Payouts
When using Wodify Rise, you can choose how you want to handle fees.
- Pass fees on to participants: Include the registration fees in the ticket price (you pay nothing)
- Absorb Fees: Deduct the registration fees from the final sale price.
*Once your first ticket has sold, you will not be able to change these settings
If you need to collect taxes on your ticket sales:
- Select Yes, I need to charge taxes'
- Enter your country. Please note that Wodify Rise can only process payments for the US at this time.
- Enter the Tax Name, this will appear on the ticket
- Enter the Tax Rate
- Otherwise, select I don't need to collect taxes
Choose the refund policy for your challenge that will be displayed on your challenge page.
Regardless of the option selected, you can manually issue a full refund to your participants up to 4 days after the end of your challenge. All Wodify Rise fees will be returned, and the participant will receive their funds within 5-10 business days.
- No Refund: No refund at any time. (Recommended)
- 7 days: Participants can ask up to 7 days before the challenge starts.
- 14 days: Participants can ask up to 14 days before the challenge starts.
- 30 days: Participants can ask up to 30 days before the challenge starts.
In order to receive the funds from your ticket sales make sure you configure your payment info below. The funds will be paid by direct deposit and the transfer of funds will be initiated within 5-10 business days after your challenge ends.
If you're taking payments in U.S. dollars and your account qualifies, you can apply to receive payouts before your challenge takes place to help cover challenge expenses.
With early payouts, you'll receive weekly payouts of 75% of net ticket sales. The final 25% will be paid by direct deposit and the transfer of funds will be initiated within 5-10 business days after your challenge ends. Please note that applications might take up to 3 business days to be reviewed.
- Select the Country in which you will be paid
- Select the Currency
- Select a Payout Account whether you:
- If you do not use Wodify Payments for your merchant processing in Wodify Core, or you do not have to use Wodify Core at all, you will click ADD WODIFY PAYMENT ACCOUNT.
- If you do use Wodify Payments for your merchant processing in Wodify Core, you can click Login as Wodify Core admin to import account.
Setting up your Wodify Payments Account
Complete the following fields to set up your Wodify Payments account for Wodify Rise!
- Configuration Name: Name this configuration
- Account Type: Individual or Company
- If Individual: Enter SSN
- If Company: Enter Business Legal Name & EIN
- Short Description of Business
- Personal Details
- Name on Account
- Bank Details
- Routing Number
- Account Number
- Credit Card Statement Details
- Statement Descriptor: How charges will show on bank statements
- Phone Number
- Terms of Service Agreement: Read and check to Accept
Click Create Account and you are ready to start processing payments!
If you are a Wodify Payments customer, you can view your payouts for Wodify Rise/Arena/Live events, by going to Financial>Payouts within your Wodify Core environment.
- Click on the Paid tab
- Wherever you see an amount under the Adjustments tab, this means there was an event Payout included.
You can also view your Payout History within your Events account by going to Dashboard>Revenue.
If you need any additional assistance with Receiving Payouts, feel free to reach out to us at email@example.com.