How Secure is your Money?

People have been collecting money and registration information for a long time now, it's not a new concept any by any means. However, have you asked yourself ... is your money safe?

I am sure you are like most to assume that when you sign up for an online merchant account or payment gateway that your money is yours and it is 100 percent safe.

This might not always be the case. If you are one of the unfortunate clubs out there, you may find that the money you collected may be missing and could spell disaster.

Always do your homework first to ensure that the money you collect for your club belongs to your club and is not in "safe keeping". Here are some points to consider when evaluating your current payment collection method, or searching for a provider.

Ways you can ensure your Money is Safe

1. Choose only reputable online registration services - Try doing a good search for the "company name" and "problems". Good things to say about a company are a dime a dozen, however negative things said should always be considered.
   
   
2. Consider using payment services through your Bank - Most likely your bank account is insured up to a certain limit. You should find out what this limit is and keep an appropriate balance.
   
   
3. Ensure Full Control of your Money at All Times - It is no longer acceptable to have to wait up to 30 days (or more) to get your money. Ensure you can have full access to your money, and can withdraw to your bank account at anytime. Of course it is acceptable that it might take a few days for the transfer to complete.
   
   
4. Be Wary of 3rd Parties - If you are collecting registration fees, and a 3rd party cuts you a check once or twice a month, your money might not be as secure as you think. Try and keep exclusive access to your funds.
   
   
5. Withdraw Frequently - If you use a payment gateway, be sure to keep your balance low, and withdraw your funds on a regular basis. This way you will have the money when you need it without delay.
   
   
6. Read the Fine Print - If you get notices of service changes or additional fees, be sure to read them very carefully and ask questions about how it affects the security of your money?
   
   
7. Re-evaluate Your Situation - Every couple of years, take a step back and see if there is a better offering out there. With technology changing all the time and new players coming into the online registration market you may be able to find something better than what you are doing right now.
   
   

At the end of the day, keep your eyes and ears open and if something doesn't seem quite right, it probably isn't. Take action!