The myNILpay Collaborative
If your school doesn't have an established NIL collective or wants to enhance it's current capability, we recommend adding the myNILpay collaborative program to help support your student-athletes.
myNILpay is an NCAA-compliant mobile app that allows fans to direct-pay student-athletes. Insider calls it 'Venmo for Student Athletes". In it's purest form it's a digital collective. All you need to do to make it like a collective is to provide awareness to your fans and alumni that they can now provide NIL support to your teams and players. And the best part, myNILpay will manage all of that for you...
myNILpay will build and manage a branded collaborative for your school that sends weekly communication to your alumni and fans to send NIL payments to your student-athletes. This weekly newsletter will highlight teams and players for your alumni and fans to support.
Our Founder and CEO, Brent Chapman, explains the myNILpay collaborative program
How does the Collaborative work?
Get started in 4 easy steps:
1. Come up with a cool name for your schools' collaborative
2. Provide your alumni and donor email mailing list through a secure portal
3. Announce to your fans and alumni that the Collaborative is launching
4. The Collaborative will send a weekly NIL newsletter highlighting athletes & teams to support
If you are interested and starting a collaborative at our school, email us at collab@mynilpay.com
What if our alumni want to join and help the collaborative?
If alumni want to participate in raising funds for the collaborative, they can make calls and encourage supporters to send NIL money to athletes and teams through myNILpay.
In addition, MNP will create and manage a monthly committee to provide updates and discuss ideas for both the newsletter and outreach.
This is not required but would get alumni involved and increase opportunities for student athletes.
How will my alumni emails be used?
The emails you provide will be uploaded into a secure email service and we will send one email per week which is exclusively for the NIL newsletter. The email list will be used for no other purpose.
How much does the Collaborative service cost?
The myNILpay Collaborative is free. We do not charge the school a fee for this service, and do not pass the fee along to the athletes or your donors and fans. We absorb that as an operating expense.
But how does myNILpay make money?
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%
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 for a collaborative?
Yes, there is a standard partnership agreement between the school and myNILpay.
If you are interested and starting a collaborative at our school, email us at collab@mynilpay.com
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.
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