How to redeem a cash prize and select payout method?

Sidney
Sidney
  • Updated

Effective January 28th, 2022, all prize money redemptions in the form of cash, will require recipients to fill out their contact information through our new payouts portal on Trolley. Gift Card and digital prize redemptions are excluded from this requirement.

Additionally, the prize delivery timeline will be 5-7 business days from prize redemption.

How it works: 

1. Head into your mobile app > Account > Balances > Pay Out

2. From there, select your preferred payout method. If you choose PayPal or Bank Transfer, continue reading. 

3. Add your Legal First Name and Legal Last Name and click "Create an Account"

4. Check your email address associated with Gamercraft

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5. Open the email and click 'Set up my payment preferences

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6. Confirm your account by entering in the email address that is associated with your Gamercraft account and click 'Send Verification Code'

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7. Check your email for the verification code that was sent and input it and click 'Validate Code'

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8. Click '+ Add Payout Method'

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9. Set up your payout method by filling in all the General Information and clicking 'Next'

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10. Select your preferred payout method. Options are either Bank Transfer or PayPal

  • If you choose Bank Transfer, fill out the required information pertaining to your bank account
  • If you choose PayPal, fill out the required information pertaining to your PayPal account

Once you have filled out the required information, click 'Add'

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11. You will receive a message that says your 'Payout Method Submitted Successfully!' and then click 'Submit a Tax Form'.

  • NOTE: All users who have accumulated over $550 USD in prizes from January 1st, 2022 to present date is required to fill out a tax form to receive any additional prizes.
  • Alternatively, if you have earned over $550 USD in prizes from January 1st, 2022 to present date and do not wish to fill out a tax form, can switch to Amazon Gift Card
    • Amazon Gift Cards are in USD only

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12. Select whether you are a U.S. Person or not a U.S. Person and then click 'Continue'.

  • NOTE: This just determines the correct tax form you will be required to fill out.

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13. Fill out the required information pertaining to your tax information and click 'Continue'.

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15. Click how you would like to receive your end of your year tax statement. Options include E-Delivery or Postal Mail and then click 'Continue'.

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16. You will see a confirmation of Tax Form Submitted Successfully! That's complete the preferred payout method set up and then just click 'Done'. 

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Frequently Asked Questions (FAQs)

What are the available cash payout methods?

Currently, you can get your prize money sent to your:

  • Bank Account (via ACH deposit)

  • PayPal Account

Do I need to fill out a tax form to receive my prizes?

No, only if you have earned over $550.00 USD from January 1st, 2022 to present date. U.S. federal tax law requires us to collect tax information through an IRS Form W-9 or W-8 series and report on certain income paid over $600.00. You may not be required to pay any taxes if you provide your tax ID.

 

Are there any withdrawal fees?

Yes, there are but it varies depending on the method and country:

  • ACH in United States of America (USD) = 1.00 USD

  • EFT in Canada (CAD, USD) = 1.00 USD

  • FPS in United Kingdom (GBP) = 4.00 USD

  • SEPA in Europe (EUR) = 4.00 USD

  • PayPal Transfer = 1-2% Fee (of total amount)

Can I change my payout method at will?

Yes, you can add both your PayPal and Bank Accounts through the portal. You can only have one active payment method at a time but can alternate between them as you wish.

 

If I'm not from the US, am I still required to provide my tax info?

Only if you have earned over $550.00 USD as the IRS and US regulations require us to collect a W8 form for all prizes delivered internationally after reaching the $600.00 threshold. You may not be required to pay any taxes if you provide your tax ID. 

 

I'm not from the US, what's my Tax Payer Identification Number?

The US Government requires us to collect Taxpayer Identification Numbers (TIN) of everyone we send prizes to that have reached over the $550.00 USD threshold.

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