We charge $1 per item. We pass through the credit card processing charges
For that dollar, we email your orders to you instantly, provide you with attendee lists if applicable, and automatically deposit monies into your account. Additionally, we handle credit card refunds (in accordance with the event’s procedures). We’ll cover all the associated credit card processing costs of refunds. Our credit card processor is Stripe. They charge 2.9% + $0.30 to process a credit card. We pass that along.
Stripe has a product called “Stripe Connect.” We use that to automatically pay the “vendors,” (i.e., those clients who use Weave The Ring to process their items.) Vendors will set up an account with Stripe, we’ll create a vendor account, and then thru that vendor account, the vendor will connect their Stripe account to Weave The Ring’s. By connecting through Stripe Connect, Weave The Ring NEVER has access to your bank account information.
How To Compute A Price For Your Items
To ensure you get the amount you need to satisfy your financial goals, you’ll either (1) need to be prepared to absorb Weave the Ring’s fees itself or (2) include the processing fees into your price so that the end user pays the freight. (Almost everyone picks #2!)
There are two formulas to compute the minimum suggested price you need to charge for an item:
(1) Even Dollar Pricing. Add 4.25%, round up to the nearest dollar, then add a dollar. If using an Excel compatible spreadsheet and the amount you need to receive is in cell A1, then in cell B1 use this formula to compute your minimum price: =ROUNDUP(A1*1.0425,0)+1
Even Dollar PricingIn the first column is the price you need to make on your item. In the second column is the minimum price -- using Even Dollar Pricing -- to charge for your item. In the third column is the amount you'll receive. (Price - 2.9% - $0.30 - $1.00)
|If You Need||Set This As Minimum Price||You'll Receive
(Price - 2.9% - $0.30 - $1.00)
(2) Exact Pricing. This formula will return the exact minimum price to cover the fees. Again, if using a Excel compatible spreadsheet with the amount you need to receive in cell A1, then in cell B1 use this formula to compute your minimum price: =(a1/0.971)+1.34
Exact PricingIn the first column is the price you need to make on your item. In the second column is the minimum price -- using Exact Pricing -- to charge for your item. In the third column is the amount you'll receive. (Price - 2.9% - $0.30 - $1.00.)
|If You Need||Set This As Minimum Price||You'll Receive
(Price - 2.9% - $0.30 - $1.00.)
Online Processing / Pricing Philosophy
Why Online Processing
Weave The Ring was started in 2018 to help dancers register online for events. Throughout the United States (and most likely anywhere in the world where there are square dance events), dancers are going through the wearisome and tedious process of filling out paper forms and mailing them through snail mail. (Event promoters are going through the wearisome and tedious collection and processing of paper-based orders.) No one thinks paper processing is the best way to run an event.
The advantages of online registration over paper registrations are myriad: No lost forms. No transcription duties. Monies automatically deposited. Automatic notification to the customer of a successful transaction. Automatic notification to various members of an event as needed. A rock-solid audit trail.
The biggest advantage of them all: convenience to square dancing’s customers: the dancers! You want to make it easy to register for an event! Remove the hurdles. Make it painless. Filling out forms and mailing a check: hard. Filling out a form online and paying with a credit card: fall-off-a-greased-log easy.
There’s another issue Weave The Ring addresses: helping attract the next generation of dancers. Nearly everyone 50 and under has ordered something online. Nearly everyone 30 and under live on their mobile devices and can’t imagine having to register / buy something using . . . paper ?!? To have the art of square dancing survive, we must recruit new members. We must have practices which mirror the lives of those we’re attempting to recruit. (Else we’ll be seen as “out of touch” and having nothing in common with our potential new members.) If we are going to attract new dancers, Square Dancing must adapt its ways to reflect and complement our dancers’ lives. Part of the solution is to embrace e-commerce.
There Are Costs To Everything
There are no free lunches. There are costs to everything. Usually not recognized (or just ignored), paper registrations have an unbelievably high labor cost. (Receiving the forms. Transcribing the forms. Correcting mathematical errors. Order confirmation. Manual check deposits. Bounced check hassles. Someone has to actually do all of these things. Whether they’re volunteering or not, they’re still having to spend time on these mundane operations.) Additionally, paper registrations sent through the mail are frequently lost. If we haven’t been a USPS victim ourselves, we all have a tale of someone showing up to dance without the event knowing anything about them.
To be fair, online registrations aren’t free, either. Out of the amount we receive from the price of your product, we pay the credit card processing fees, software maintenance programs, software acquisition costs, hosting fees . . . basically, we’re passing along our costs to your event. Your event should pass along your expenses.
Weave The Ring strongly encourages you to consider the incredible power of pricing as an incentive. We believe you should incentivize online registrations and disincentivize paper registrations. NEVER have a different price for online VS paper registrations.
Business VS Charity — Which One Is Your Event?
To those who are hesitant about raising your prices to cover your costs: too many events are guilty of not treating the dance as a business. Square Dance events are businesses. Businesses exist for a single reason: to make money. Harsh reality: if the event doesn’t make money, it will cease to exist.
Common response to this philosophy: “Well, some of the folks on a limited income might not be able to attend.” Here’s another harsh reality: If your event worries about who’ll not come if you pass along your expenses, you’re not running a business. You’re running a charity. Truly, if someone’s budget is so thin that an additional $7 on a $100 order will prevent them from attending, your most charitable course of action would be to discourage them from attending.