A Contest Vault (powered by LeagueSafe) is a secure way for commissioners to collect entry fees and pay out winners for their contests. The commissioner creates and manages the Contest Vault, while LeagueSafe securely processes and holds participant funds until it's time to distribute prizes.
Why use a Contest Vault?
Commissioners may choose to use a Contest Vault because it:
Provides a secure and trusted way to collect entry fees from members
Keeps contest funds organized in one place.
Simplifies collecting payments from members.
Makes distributing prize payouts to winners easier at the end of the contest.
Gives participants confidence that their entry fees are being handled securely.
Commissioners can customize their Contest Vault by entry fee amount or decides how winners are paid out
Members can vote on a tie
Using a Contest Vault can help streamline the payment process so commissioners can focus on running their contest rather than managing payments manually.
Payment Processing Fee
There will be a 3% payment processing fee. This fee is added on top of the entry fee, not deducted from it. For example, if a user enters for $100, they will be charged $103 total to enter the contest.