myNILpay Collective Services
If you are an established NIL collective and want to increase the NIL opportunities for your student athletes, playing all sports, both men and women, you have come to the right place!
myNILpay is an NCAA-compliant mobile app that allows fans to direct-pay student-athletes. Insider calls it 'Venmo for Student Athletes". In exchange for the payment to the athlete, the fan will receive a unique digital asset featuring the athlete’s name and digital signature. By digitally signing the asset, the athlete has fulfilled the NCAA quid-pro-quo requirement and does not need to take any other action.
There are 3 primary benefits myNILpay can provide to an NIL collective:
1. New revenue source for Collectives. myNILpay transactions supplement the funds raised by the collective and can count towards your NIL commitments to student-athletes, allowing the collective to reallocate funds, expanding their reach to additional sports and athletes.
2. Increased NIL access for athletes. myNILpay is a complement to any type of collective situation, non-profit or for-profit, and gives your student-athletes access to a fan that is not an alumni or on your donor list. The ‘myNILpay fan’ roots for your school or is impressed by your athletes' achievements and provides access to NIL opportunities at a national level.
3. Eliminate the activation event admin (For-profit collectives only). You collect the funds from your donors and then enter the payments to the athletes of your choice in the myNILpay app with your collective specific account. The myNILpay platform is a turn-key solution; it has all your athletes, takes payments and generates the activation event all-in-one.
AND... we make it easy for you... send us an email to collective@mynilpay.com to get started today.
Read below for more information on our Collective services program
Our Founder and CEO, Brent Chapman, explains myNILpay
How does the myNILpay collective services work?
Get started in 4 easy steps:
1. Express your interest in working with us by emailing us at collective@mynilpay.com
2. Determine the preferred solution for working with myNILpay based on your status as non-profit or for-profit collective
Non-Profit: Co-marketing to get fans to pay your schools athletes
For-Profit: Collect funds from donors and pay your athletes through the myNILpay app and eliminate the in-person activation event.
3. Announce to your athletes, fans and alumni that your collective is partnering with myNILpay
If you are interested in partnering with myNILpay, email us at collective@mynilpay.com
How much does myNILpay cost?
For a non-profit collective, it's free to work with myNILpay. When a fan pays an athlete using the myNILpay app, each NIL transaction includes a fee, which is easily the lowest in the market.
The athlete receives 90% of the transaction and myNILpay only retaining 4% to operate; the average non-profit cut is 19.8% while other NIL platforms range between 25-40%. For reference, market agent fees are 20%
For a for-profit collective, the collective will receive a discounted rate by committing to ACH money transfers, that they can either keep to run the collective or pass along to the athlete.
myNILpay will donate 10% of all net profits on payments made to your student athletes to the athlete school Athletic Fund or NIL Collective.
Is there a contract needed to partner with myNILpay?
For a non-profit collective, there is no contract needed to work with myNILpay.
For a for-profit collective, a contract is also not required unless the collective would like to process funds through the app at a discounted rate.
How is myNILpay NCAA compliant?
In exchange for the payment to the athlete, the fan will receive a unique digital asset featuring the athlete’s name and digital signature. By digitally signing the asset, the athlete has fulfilled the NCAA quid-pro-quo requirement and does not need to take any other action.
Does using myNILpay impact the school's fundraising efforts?
myNILpay payments are intended to support your student-athletes and increase fan engagement by creating a direct-connection between fan and athlete. The myNILpay payments should not impact the funds donated to the university general fund and in many ways may increase a potential donor’s connection to the university driving them to support the school’s overall initiatives. To show our support in this, we have provided a link on both the athletes profile and the newsletter for alumni and fans to give to directly to school fundraising efforts.
What's next?
Check out the collective services handout below and if you are interested in partnering with myNILpay, email us at collective@mynilpay.com
Learn more
