Today’s rapidly evolving NIL landscape presents exciting opportunities for growth and innovation. Athletic departments are exploring how to streamline payments to student-athletes, ensuring fairness and equality in every decision. At the same time, there’s a focus on empowering student-athletes to make informed financial choices. From NIL directors and senior administrators to student-athletes, everyone is navigating these changes in real time. That’s where Teamworks Wallet comes in—a comprehensive digital banking solution designed to meet the unique NIL needs of student-athletes, simplifying payment processes for administrators, collectives and businesses.
Let’s explore how Teamworks Wallet transforms digital banking and delivers value to student-athletes, administrators, collectives and businesses.
For Student-Athletes: Easy Access, Instant Payments, and Financial Control
Teamworks Wallet offers a seamless financial experience tailored specifically to the NIL demands. Here are the key features that make it a game-changer:
1. Easy and Fast Application Process
Setting up an account is hassle-free. With Wallet launched from the familiar Influencer app or Influencer Exchange platform, student-athletes can apply and be approved within 5 seconds.
2. Mobile-Friendly Interface
Wallet is designed to meet the mobile-first expectations of student-athletes. They can manage all aspects of their account directly from their smartphone, whether on the go or between practices.
3. Instant, No-Fee Payment Processing
When student-athletes receive NIL payments through Influencer Exchange, the funds are immediately available in their Wallet account. Unlike traditional banking methods, there are no processing fees, ensuring they get the full amount owed to them without delay.
4. Flexible Payment and Spending Options
Student-athletes can receive payments via ACH to their account or through instant transfers from other Wallet users. They can also:
- Spend money using a virtual debit card linked to Apple/Google Wallet or a physical debit card.
- Withdraw cash through an ATM network.
- Deposit checks directly from their mobile device.
5. Account Management Made Simple
Wallet’s intuitive interface allows athletes to easily manage their account balance, track transaction history, and even download statements.
6. Secure and FDIC-Insured
Security is a priority. Student-athletes log in using their Influencer or Teamworks ID, and all accounts are FDI- insured, ensuring their funds are protected.
7. Financial Planning and Growth Opportunities
Student-athletes can automatically set aside a percentage of NIL earnings into a separate Tax Pod account, making it easier to prepare for tax season. Wallet’s high-yield Earn (savings) account helps you make money on your money by earning interest on your account balance.
For Administrators: Simplified NIL Student-Athlete Payments
Athletic departments need a scalable and secure mechanism to handle payments. Built specifically for college athletics, Teamworks Wallet provides administrators with one unified source to send funds, regardless of the payment source.
1. One Centralized Account
Student-athletes receive all payments—from collectives, NIL opportunities, tuition, scholarships, and even future revenue sharing—directly into their Teamworks Wallet account.
2. Integration with Teamworks Influencer & Hub
Teamworks Wallet is fully integrated with Influencer & Hub and grants users the ability to leverage Teamworks Single Sign-On. Our products work together to consolidate payment processing, simplify athlete earnings management, ensure seamless NIL deal disclosure and tracking, and deliver data-driven insights for building championship-winning rosters.
3. Streamline Revenue Share Payments
The future integration with Teamworks General Manager (GM) will enable athletic departments to easily send rev share payments to student-athletes as part of the comprehensive, end-to-end total athlete compensation process.
For Exchange Businesses and Collectives: Fast and Transparent Payment Processing
Teamworks Wallet isn’t just for student-athletes and administrators—it’s also a valuable tool for the businesses, collectives, and institutions responsible for managing and delivering NIL payments. Here’s how Wallet improves the process for them:
1. Immediate and No-Fee NIL Payment Processing
Payments sent to student-athletes through Wallet are processed instantly, with no processing fees. This eliminates the delays and fees associated with traditional payment methods, making Wallet the most efficient way to handle NIL transactions.
2. Instant Settlement Times
Wallet allows collectives and businesses to fund their accounts quickly, making payments available to student-athletes in real-time. This eliminates the frustration of waiting days for payments to clear.
3. Preferred Payment Method
By making Wallet the preferred payment method for NIL transactions, collectives and businesses can streamline their processes. With no middlemen and no extra fees, everyone benefits from this direct and transparent system.
4. Easy Account Funding and Management
Businesses and collectives can fund their accounts via ACH or check deposit. They can also make payments from their Wallet account from within the Influencer app, providing an integrated experience where they can view balances, transaction history, and download statements—all from one platform.
5. Secure and FDIC-Insured
Like student-athlete accounts, business and collective accounts are also FDIC-insured. This offers peace of mind to all parties involved, ensuring their funds are safe and secure.
The Future of NIL, Per Diem and Revenue Share Payment Processing
Teamworks Wallet unlocks unmatched convenience, speed, and transparency. For student-athletes, Wallet provides the tools they need to manage their finances seamlessly, with instant payments and no fees. For administrators today, Wallet provides one centralized student-athlete account for seamless NIL payments. For NIL directors, compliance officers, and collectives, Wallet simplifies the payment process, reduces administrative burdens, and ensures compliance and security. In the future, Wallet will allow administrators to process per diem funds, revenue share, and so much more through Teamworks General Manager.
By addressing the unique challenges faced by today’s student-athletes and institutions, Teamworks Wallet is redefining how money moves in collegiate sports, making it the go-to solution for all student-athlete payments.
