Frequently Asked Questions
What is NIL?
NIL is now a platform in which athletes are legally able to be compensated for use of their Name, Image and Likeness. This means that amateur athletes can now be paid for endorsement deals, public appearances and autographs. Prior to July 1, 2021, these same transactions would have brought down sanctions, loss of eligibility, loss of scholarship and penalties to the player and/or University.
Why use Players Wallet?
Players Wallet is a safe and easy platform that helps you track expenses and clears any transactions through Know Your Customer and Anti-Money Laundering Compliances. You can trust that transactions, endorsements, and sponsorships are done legitimately within NCAA and state compliance for eligibility. Players Wallet does the worrying for you, so you are able to focus on what is most important, your education and your sport.
Why would I want to set up and form a business?
You have value and that value should be protected. Players Wallet helps make it easy to quickly form a business and create a business bank account. There are also often investment and tax benefits to forming a business entity, as well as qualifying for expenses and deductions, that as an individual you could not claim.
How do I form a business?
It’s as easy as 1, 2, 3: (1) create your Players Wallet profile and login; (2) click on Create Business Profile section; (3) fill in the short form and send!
What if I just create an individual non-business profile/account?
No worries! If you do not want to create a business account, Players Wallet provides the corresponding main services to better manage your individual bank account. You still receive the added benefit that your transactions will be cleared through the same Know Your Customer and Anti-Money Laundering compliance that you would receive as a business entity and also have your transactions organized and itemized for easy individual tax filing.
How can Players Wallet help with my taxes?
Players Wallet helps to categorize and organize your transactions, facilitate your business formation, and put you in touch with tax consultants. All of this may significantly optimize your ability to save money during tax season and keep more in your pocket, where it belongs.
How can I get endorsements and receive money, while still qualifying for financial assistance?
By forming a business entity via Players Wallet, you are able to pay yourself a salary as low as $1.00. This allows you to qualify for things like Pell Grants and Stafford Loans from your University / organization / program. Although the onset of Name, Image, Likeness (NIL), endorsements, and sponsorships are an amazing opportunity, there are athletes who are walk-ons or have only partial scholarships: The Players Wallet allows for users to take advantage of endorsement, sponsorship, and business transaction opportunities while not sacrificing their qualifications for financial aid. This includes full scholarship athletes as well. Many full scholarship athletes still need financial assistance for attending University and organizational programs, and The Players Wallet offers the best opportunity to maximize earnings while not having to sacrifice existing financial aid packages.
How are legitimate transactions supported?
In order for an merchant or sponsor to become registered on Players Wallet, they have to fill in areas of qualifying information, some of which include AML (anti-money laundering), KYC (know your customer), and business type to help assist in strengthening legitimate transactions. Players Wallet does not allow for the transaction to occur between companies that deal in firearms, marijuana, alcohol, tobacco, beer, and/or gambling. It is against State Legislature for Universities to interfere with the endorsement of an athlete. Therefore if a marijuana company wants to endorse an athlete there is nothing that the University can do to stop this transaction. However, if a transaction such as that took place it would cost the entire team and the player eligibility within their sport. Players Wallet intercedes, whereby not allowing the transaction to occur in the first place.
What is the University or Organization Dashboard?
The University or Organization Dashboard allows for an entity to link their athletes to the dashboard in order to execute audits. This simply means that the University knows who paid an athlete, how much they were paid and when the transaction took place. For the athlete there is no invasion into the privacy of their accounts, only that the transactions are all cleared through AML and KYC compliance.
What are the risks of non-compliance to an individual?
If an individual is found non-compliant, they run the risk of losing their eligibility for NCAA competition, forfeiture of awards, scholarships and even possible expulsion from school. Additionally, there are governmental penalties and fines which can be imposed for those found laundering money or not reporting tax income. Players Wallet allows for transparency and compliance in a simple, easy to use platform.
Can I set up a business individually, with my parents/family, with friends, or with other partners on The Players Wallet?
Simply Yes to all! You can do all of that with The Players Wallet!
If I am not an athlete can I use Players Wallet?
Absolutely! Players Wallet is for everyone who wants to take advantage of tax incentives and tracked expenses. Whether you are a student majoring in Photography or Music or work as an independent contractor, you are able to maximize taxable expenses related to your profession and/or education.
Can I use Venmo, PayPal, and Cash App through The Players Wallet?
Yes! And Players Wallet encourages you to utilize these through the Players Wallet platform so these “lost” expenses can be tracked, itemized and potentially deducted from your income during tax season.
What if I already have a business entity? Can I still use Players Wallet?
Yes! Simply link your business profile and any business bank accounts onto the Players Wallet app so Players Wallet can best organize, and suit your business needs.
Is Players Wallet only for post-high school individuals?
No. Players Wallet can be used for High School students. Remember that Players Wallet can be used for your major as you enter University, College or Trade Schools. Players Wallet can help families deduct travel expenses for their children’s sports as they prepare for College or University. Players Wallet can also be used if you are a Professional or Olympic Athlete. Itemizing and tracking expenses is the first step in taking advantage of the tax deductions that you qualify for as either an individual or a business.