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Getting Started with Financials - A Complete Setup Guide

Last updated on September 21st, 2024 @ 10:14am by Matt Todaro

Welcome to Sportamingo Financials

This comprehensive guide will walk you through setting up the financials system for your volleyball club. By the end of this guide, you'll have payment processing configured, your first invoice created, and understand how to manage your club's finances efficiently with significant cost savings.

Estimated Setup Time: 30-45 minutes for complete setup

Prerequisites

Before you begin, ensure you have:

  • Administrator access to your Sportamingo organization
  • Your club's tax ID number (EIN)
  • Bank account information for deposits
  • Basic information about your club's payment policies

Before setting up payment processing, it's important to understand the significant cost savings our system provides:

Real Savings Example

A typical volleyball club processing $1 million annually with 4,000 transactions:

  • Sports Engine: $40,500 in fees
  • Stripe: $30,200 in fees
  • Our System: $24,500 in fees

Potential savings: $5,700 - $16,000 annually

These savings come from our interchange-plus pricing model, which passes through the actual card network fees instead of charging inflated flat rates.

Configure Your Merchant Account

  1. 1
    Navigate to Financials → Payment Methods in your admin dashboard
  2. 2
    Click "Set Up Payment Processing"
  3. 3
    Complete the merchant account application:
    • Organization information (name, address, phone)
    • Tax ID number (EIN)
    • Bank account details for deposits
    • Business type and industry classification
  4. 4
    Submit the application (typically approved within 1-2 business days)
Important Notes:
  • Application requires your organization's legal business information
  • Bank account must be in the organization's name
  • You'll receive email notifications about application status

Let's Create a Season Dues Invoice

We'll walk through creating a typical season dues invoice for your volleyball club:

  1. 1
    Access Invoice Creation:
    • Go to Financials → Invoices
    • Click "Create New Invoice"
  2. 2
    Add Recipients:
    • Search for athletes in your system
    • Select multiple athletes for batch invoicing
    • Or enter new family information manually
  3. 3
    Add Line Items:
    • Season Dues: $1,200
    • Uniform Package: $150
    • Tournament Fees: $300
    • Equipment Fee: $75
  4. 4
    Set Payment Terms:
    • Due date: 30 days from invoice date
    • Allow partial payments: Yes
    • Enable payment plans: Yes
  5. 5
    Review and Send:
    • Review all information
    • Preview the invoice
    • Click "Send Invoice(s)"
Pro Tip:

Start with a small test group (5-10 families) to ensure everything works correctly before sending to all families.

Configure Flexible Payment Options

Payment plans make it easier for families to pay large amounts over time:

Example Payment Plan
  • Initial Payment: $500 (due immediately)
  • Monthly Payment: $200 (6 months)
  • Final Payment: $100 (month 7)

Total: $1,800 over 7 months

Benefits for Families
  • Spreads large payments over time
  • Automatic payment options
  • Flexible payment methods
  • Clear payment schedule
Setting Up Payment Plans:
  1. 1
    Open the invoice you want to add a payment plan to
  2. 2
    Click the "Payment Plan" tab
  3. 3
    Click "Create Payment Plan"
  4. 4
    Add payment installments with specific dates and amounts
  5. 5
    Save the payment plan

What are Digital Dollars?

Digital Dollars are your club's internal currency system that allows for flexible payment management:

Common Uses:
  • Fundraising credits for athletes
  • Refund processing (store credit)
  • Camp earnings for athletes
  • Pre-payment for future expenses
Key Benefits:
  • Zero transaction fees
  • Instant transfers
  • Secure and tracked
  • No expiration date

Test Your Payment System

Before going live with all families, test your setup thoroughly:

Testing Checklist:
  • Create a test invoice for yourself
  • Test credit card payment processing
  • Test ACH/bank transfer payments
  • Verify email notifications are working
  • Test payment plan functionality
  • Check digital dollars system
  • Verify invoice editing capabilities
Test Payment Methods:
  1. 1
    Credit Card Test: Use a test credit card to verify processing
  2. 2
    ACH Test: Test bank transfer functionality
  3. 3
    Offline Payment: Record a cash/check payment manually
  4. 4
    Digital Dollars: Test the internal currency system

Next Steps

Congratulations! You've completed the basic setup. Here's what to do next:

Immediate Actions

  • Send test invoices to a few families
  • Set up your first payment plans
  • Configure automated reminders
  • Train your staff on the system

Advanced Features

  • Explore billing agreements for auto-pay
  • Set up digital dollars for fundraising
  • Configure advanced automations
  • Learn about reporting and exports

Need Help?

If you run into any issues during setup: