Processing payment to instructors/studios
- Daniel Kalman
- Aug 3, 2023
- 4 min read
Updated: Jul 19, 2024
To date, the manager is the only person given permission to process refunds, pay instructors and studios aside from the director.
Important:
Please go over below documentations to know how our student support specialist updates the payment sheets, which you'll need to check first before processing payments:
INSTRUCTOR PAYMENTS
The student support specialist will verify the completion of lessons. Afterwards, the manager will be the one to issue payment to the instructor.
1. Verify lessons taught by instructor
Instructors will reach out to us when they want to get paid for the hours they taught either a group class or a private lesson. They will update Columns A-D of their payment tracking sheet. If they asked to be paid but they haven't done that yet, please ask them to do it first.
After filling out columns A-D, student support will verify the following: - the class/lesson already happened (logged in the calendar and CRM, if unsure ask student support) - the student has already paid (if private lesson)
For private lessons, save a screenshot of the student's payment confirmation. Rename it in this format: {NameOfStudent}. ${Amount}. {MM DD YYYY}
Upload it to "Payment Screenshots" folder of the instructor.
Once verified, update Columns E-I of their payment tracking sheet.
Add a note that in Column K that the screenshot of payment has been uploaded.
Once done, please notify Manager.
2. Access our Venmo account
Log in to DK's designated business mac virtually via Zoho Assist
Only log in after 8pm PST to avoid disturbing Meryo’s flow
Log in to Venmo via Safari only. Venmo password is saved in Safari. Safari itself is locked. Password provided by Danny. This password is ONLY for manager. Danny and the manager are the only two people w/ access to financial accounts.
3. Pay instructors
Ensure they’ve completed their Google Sheet correctly. No payment sent until they do it right.
Ensure that student's payment for the private lessons are verified. If not, don't send payment for the session yet.
Double/triple check that you’re sending the correct amounts: **Group classes = $100/hr **Private lessons = 50% of profits (after studio fees covered) for LA instructors; 60% of profits (after studio fees covered) for other cities
Don’t accept payment requests from instructors on Venmo. Decline the request and send the payments manually (easier for bookkeeping). Also do NOT assume their requested amount is correct. It may not be.
Pay for group classes and privates in SEPARATE payments. In the Venmo notes, always write the dates that payments apply to . Ex. “Private lessons 3/2-3/15/2023.” or “Group class teaching 1/5-1/31/2023”
Immediately update the Google sheet to indicate the date that you sent payment for each line item. VERY important to avoid future confusion. Important as well to update Payment Tracker Excel Sheet (Venmo tab).
Notes:
- Allow Venmo to pay from the US Bank account (instead of directly from the Venmo balance).
- Track payments sent from Venmo and monitor remaining balance. Once the Venmo balance drops under $1,000, ping Danny to fund it. US Bank charges $32 per overdraft.
- When the Venmo account reaches $5k+, transfer $2999 to US Bank account (Venmo won’t allow larger transfers). If doing multiple transfers, make the amounts different for each (Ex. $2999, $2998, $2997, $2996 etc). Aim to keep around $2k-$5k in Venmo account (this isn’t so important though. If there’s a delay it’s ok).
Watch the video below to see how it's done.
STUDIO PAYMENTS
The student support specialist will track the booked studio rentals. Afterwards, the manager will be the one to issue payment to the studio.
1. Cross-check class schedules
When planning new season schedule, student support to write down target dates, studio info and hourly rate in the Payment Tracker excel sheet, Studio Rental tab, in Dropbox. Manager to confirm if dates and prices are correct.
Cross-reference with the following:
Master List
Calendar
Instruction from DK
Website
For studio prices, don't rely on publishehd rates on the studio's website. The director negotiates the price with studio owners so we enjoy a discount when we book. Kindly refer to CRM collaborator module.
2. Access our Venmo account
Log in to DK's designated business mac virtually via Zoho Assist
Only log in after 8pm PST to avoid disturbing Meryo’s flow
Log in to Venmo via Safari only. Venmo password is saved in Safari. Safari itself is locked. Password provided by Danny. This password is ONLY for manager. Danny and the manager are the only two people w/ access to financial accounts.
3. Pay studios
Group classes
As of January 2024, Danny entered a partnership with Karin Waizman of The Balcony on Beverwil studio to book them for group classes as frequent as possible (everyday if able) in exchange for a friendly studio rental price of $50 per hour. We add monthly fee of $100 on top of the booking fee for maintenance. We send Karin payment every 28th of the month. When paying, we add detail in the Venmo note in this format: "May 2024 (39.75 total hrs =$ $1,987.50) Due: 5/3, 5/10, 5,17, 5/24, 5/31, 5/2, 5/9, 5/1, 5/8, 5/15, 5/22, 5/7, 5/14, 5/21, 5/28, 5/6, 5/13, 5/20, 5/27, 5/16, 5/23, 5/30. Grand total after $100 cleaning fee =$2,087.50"
The Floor is very strict with their studio booking policies. Please refer to their CRM collaborator record. They are paid in advance through online card transaction.
For other studios like VIBE and West LA Academy of Dance, it’s okay to send payment in advance for as much as a whole season after we know we have enough students for the program. Don’t send payment until it's confirmed that we have enough students.
For SOHO, they have our card on file so we only need to confirm with them the dates we want to book and they'll automatically charge the card 24 hours before booked time.
Notes:
- Allow Venmo to pay from the US Bank account (instead of directly from the Venmo balance).
- Track payments sent from Venmo and monitor remaining balance. Once the Venmo balance drops under $1,000, ping Danny to fund it. US Bank charges $32 per overdraft.
- When the Venmo account reaches $5k+, transfer $2999 to US Bank account (Venmo won’t allow larger transfers). If doing multiple transfers, make the amounts different for each (Ex. $2999, $2998, $2997, $2996 etc). Aim to keep around $2k-$5k in Venmo account (this isn’t so important though. If there’s a delay it’s ok).