The bank account payout process for Canadian sports organizations has been updated! Beginning in June 2024 and ending in July 2024, these updates include the following benefits:
Quicker access to your funds.
Enhanced payout reports in SportsEngine HQ.
Payout reports with transaction details to help you easily understand what's included in each bank deposit.
In addition to these benefits, SportsEngine will begin to debit Canadian organizations when their balance is negative. Balances may go negative when an organization has more refunds than payments in a given period. SportsEngine will automatically deduct funds from the organization's linked bank account to prevent payment processing disruption when an organization's balance is negative.
NOTE: Your organization's first automatic payout will detail all payment and payout transactions for your account's history with our current payment processor. Past payments and payouts will effectively cancel each other out, with the remaining payments making up the actual payout on that date. Including historical data allows for exporting for your organization's records. Future payouts will not include historical data and will only detail the current payout transactions.
IMPORTANT: With the implementation of this update in July, organizations might experience a significant negative balance. SportsEngine will immediately deduct any accrued negative balances from organizations' linked bank accounts. In the future, negative balances should be lower and only occur if an organization has more refunds than payments for a given day.