January 27, 2009
As you know, prepaid contests have been the number one requested item in our feedback forum. We’ve long seen offering prepaid contests as an important step for 99designs, but we wanted to make sure that when we did…we did it right. As a result, for the past few months we have been trialing “Guaranteed Contests”, which many of you may have noticed and/or participated in. It has certainly been a learning experience for us and we want to thank all of you for helping us get this prepaid contest structure ready for prime time.
Here’s how it works:
When launching a contest, contest holders will now have the option to choose Guaranteed Contests in which both prize money and a contest winner is guaranteed. The cost of the Guaranteed Contest service to contest holder is the $39 listing fee plus 10% of the prize as a processing fee.
- The prize money plus the $39 listing fee and a 10% processing fee is paid to 99designs up front whereupon 99designs assumes responsibility for all payment details to the winning designer when the contest closes.
- The prize money will be credited to the winning designer. Designers can redeem winnings by requesting a payout from 99designs via PayPal, AlertPay, MoneyBookers and Western Union. PayPal is free and automated so payments are quickest. The other methods have a nominal charge associated and get paid once a week.
I estimate initially that payouts will take between 5-10 days from the time the request is submitted, with the exception of Western Union. (Don’t even get me started on how frustrating those guys are to deal with.) Over the next couple of weeks we will be working out any kinks in the payout system in order to streamline the process as much as possible.
Contest holders will still have the option to launch a “Pay-On-Win” contest. It is our hope the Guaranteed Contests will be more popular, but we decided that allowing contest holders make an informed decision between the two was the best approach. Thanks again for all of your help in getting the Guaranteed Contest system up and running.
January 8, 2009
More exciting news at 99designs…
The cover story will tie into the themes of “Agile & Effective” or “Getting Real.”
Interested in adding a magazine cover to your portfolio…? Check it out!