If you don’t hire a reunion company, you’ll probably want two main things to handle your cash:
- A bank account
- Online payment options
A separate bank account is a good idea. You’ll need one person whose Social Security number will be associated with the account: If you make any interest, it will be reported to the IRS on that person’s income for the year. Look for someone whose taxes are simple, or someone who has a business and knows how to easily not get the money showing up as part of her/his business.
Require two signatures on your checks for security. Don’t get an ATM card, but instead handle all your payments with checks.
Online payments will cost about 2-3% of your payments, but the convenience is probably worth it.
In general, you’ll need your bank account set up before you set up your online payment system. They payment system will send the money to your account periodically and/or upon your request. We’re not trying to cover all the details here (as they are different for each company, and change every so often), so be sure to read the “fine print” on the company pages.
The two main options these days are:
Google Checkout: Easy to set up “Buy now” buttons as well as drop down selections (one ticket, couple, deposit, etc.). Does require people to set up a Google account if they don’t have one already.
PayPal: Hmm. Not sure of the details. Will post them here when we get them.