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Coronavirus Update with Bob

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Bob gives an update on the financial impact of the coronavirus on the endurance industry, what RunSignup is doing to respond, and what races can do to help.

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Coronavirus Update with Bob

  1. 1. ❖ 2/27 - First Blog ❖ 3/1 - First Weekly Stats Report ❖ 3/6 - I “Get the Math” ❖ 3/9-10 - Tools to Communicate and Build Reserves ❖ 3/11 - Explain Why Moving Fast ❖ 3/11-12 - Website and Virtual Tools ❖ 3/13 - US Declares State of Emergency ❖ 3/15 - Everyone Started to Understand
  2. 2. Industry risks and trends
  3. 3. ❖ 81% Drop in Revenue ❖ More than that since Virtual Races make up nearly half of revenue ❖ Future Races seeing similar drop ❖ Seeing layoffs, furloughs and shift to part time
  4. 4. ❖ Leak in the Boat ❖ Credit card network - Buyer - Seller ❖ Registration is liability until promised service is delivered ❖ Historically, poorly cancelled races 40% chargeback race
  5. 5. ❖ Challenge Chargeback ❖ Adjustment to Race on Financial Summary Page ❖ Send notification to race director to ask registrant to reverse (more about this later in presentation) ❖ Await answer on challenge
  6. 6. ❖ All Payment Processors protect themselves and will do holdbacks / reserves ❖ PayPal in 2010, PNC in 2012 ❖ RaceIt in 2011 ❖ Watch chargeback rates and will adjust reserve ❖ Most payment processors pool all money and will fund losses from the “float” ❖ Eventbrite - COVID-19 response
  7. 7. ❖ Like a branch bank ❖ Each Payment Account has a merchant bank account ❖ Legal and Fiduciary Responsibility to uphold credit card network rules for liability of merchants ❖ CanNOT “borrow from Peter to pay Paul”
  8. 8. ❖ Pre Race Reserve ○ 10% on Payment Account ○ 20% on each race ❖ Post Race Reserve ○ 0-20% Post Race Reserve with excess paid Tuesday 9 days after event dependent on risk profile ○ Balance paid 3 weeks later ○ Both dependent on no chargebacks during that time - reset to 3 weeks upon chargeback
  9. 9. ❖ 100% customizable - you choose 1 or multiple options to give your participants ❖ Can also be used just as a message with no options ❖ What works? Clear communication, flexible options, and a contact email.
  10. 10. ❖ Race Directors receive automated notification when a chargeback is made by one of your participants ❖ Link to transaction info ❖ Notifications includes a template email / phone script so you can easily reach out to the participant and ask them to reverse the chargeback
  11. 11. ❖ https://www.eventbrite.com/l/coronavirus-resources-event-organizers/ ❖ SBA Coronavirus Site: https://www.sba.gov/page/coronavirus-covid-19-small- business-guidance-loan-resources ❖ SBDC Newsletter (California-specific, but much of the info is national): https://americassbdc.org/wp-content/uploads/2020/03/COVID-19-Resources-for- Business-by-California-SBDC.pdf ❖ Facebook Small Business Grants: https://www.facebook.com/business/boost/grant ❖ National Federation of Independent Businesses Coronavirus Resource page: https://www.nfib.com/content/analysis/coronavirus/latest-on-coronavirus-from- nfib/ Will be adding more to RunSignup.com/coronavirus this week.
  12. 12. We are in this together.
  13. 13. ❖ Show more detailed financial data to race directors - Chargeback data, pre and post- race reserves, holds, etc. ❖ Chargeback notifications ❖ Removed $1 refund fee to make it free for you to issue refunds via RunSignup ○ This is important for disputing chargebacks and making sure no one “double dips”
  14. 14. ❖ Virtual Race Posts ❖ RaceJoy
  15. 15. ❖ Donation websites & donation forms ○ Webinar tomorrow at 4pm: https://resources.runsignup.com/webinar -calendar/ ❖ Fundraising campaigns ○ Stand-alone fundraising campaigns for 501c3 organizations ○ Continue to fundraise with virtual events

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