Changes to Payout Methods
We wanted to take a moment to address the recent changes to our payout methods.
We’ve run pinball tournaments under the brand names Pinburgh and PAPA since 2000 and 2004, respectively. That first tournament had 101 registered players and paid out 12 positions. The total prize package was $4,500. All prizes were paid in cash on-site.
Each year, the tournament(s) continued to grow and included more participants with larger prize pools. Our first year in our headquarters, 2004, saw 218 players, a prize pool of $27,200, and paid 42 positions.
In 2012, with an eye toward longevity and sustainability, we began transitioning to a non-profit structure. With that transition came added accounting requirements and a move from cash to check-based payouts.
We’ve grown our competitive pinball tournaments from that initial 101 players to the current 800 player, match-play behemoth known as Pinburgh. More than that, we’ve taken our expertise in running competitive game tournaments and expanded the reach to include Cosplay, Console Games, Cornhole, Classic Arcade, and Board Games by creating Replay FX. Each of these areas has its own competitions, and all require monetary payouts.
Considering the enormous growth of our activities, it often surprises people to learn that the internal team of the Replay Foundation hasn’t grown much. The logistics of wrapping up a large event like Replay FX are not small and include everything from identifying the correct player to their corresponding finishing place in their tournament, to paying vendors and part time help. As our events grow, the payout structure must also change in order to remain efficient, legal, and reasonable for our staff to process. To that end, we have made the following changes:
1) We’ve extended the 30-day payout window from 2016 to “within 60 days from the completion of the event” for 2017 and beyond. While this may seem like a long time, please keep in mind that if you were to cash out your winnings from a Big Buck Hunter tournament, a check would be mailed to you “within 4 – 6 weeks” (30 – 45 days). Competitors in Eleague have a prize money window of “within 90 days of the finals.” If you participate in a game show such as Jeopardy, it takes between 90 and 150 days to receive your prizes. By comparison, a 60-day payout is normal for larger events.
2) We are partnering with i-Payout to allow for personalized payment options and secure document handling.
Now in its 10th year, i-Payout is a leader in the global payment industry. A United States based company with an international presence, i-Payout has an A+ rating from the Better Business Bureau, and a reputation as a trusted and respected partner which prides itself in consistent service and payment flexibility.
As a player, the benefits from a system like i-Payout include the ability to choose among available payment methods that best fit your needs. Your tax documents, which are regularly filled out at a Replay Foundation event, will instead be filled out through i-Payout’s secure online web portal when you complete the set up process.
You must have a working Replay Foundation eWallet account in order to receive your monetary prize. We must create this account for you. If you do not have an account, please fill out the form at http://replayfx.org/prize/ . We will create your account and send you the login details. Once you complete the account set up, any eligible prize money can be dispersed to your account. No prize money can be awarded until your account set up is complete. If you have not received your payout from a previous event and it is outside the 60-day window, it is most likely because you did not fill out the proper forms. We pay all earned prizes after receiving the proper paperwork.
For accounts that are created outside of the initial 60-day window, prize disbursement will occur at the end of the next calendar month. For example, if you win money in the Replay FX Cosplay Contest in August but don’t complete your account set up until December, you will not receive your prize money until the end of January.
If you have any questions regarding these changes, please feel free to contact us today.