**PLEASE NOTE: HeroX is not a certified tax attorney, advisor, or accountant. The information below is simply a guide so winners can get an idea of what to expect after winning a challenge. Please consult a licensed professional with any questions specific to your situation**
Congratulations! You’ve been selected as a winner. Now what? I bet you’re wondering how you will receive your prize along with many other questions. To help bring some clarity to a (likely) new situation, we created this FAQ so you have an idea of what happens next.
Q: How will I receive my prize money?
A: HeroX distributes prize money through wire transfer or ACH (automated clearing house). If HeroX is not paying out your prize, the sponsor may elect to distribute the funds through the same methods or different ones, such as physical check.
Q: What information does HeroX or the sponsor need to send my prize money?
A: HeroX requires your general contact information (name, address, phone number), banking details, and the appropriate tax form (our 3rd party vendor, Tipalti, will help you decide which tax form applies to your situation).
Q: How will I securely provide my payee details?
A: If HeroX is paying your prize, we utilize a 3rd party vendor, Tipalti, to collect your details. You can read about Tipalti’s security certifications and compliances here. If the sponsor is paying your prize, they probably won’t use Tipalti but may use another service or email. If using email, make sure to add encryption for another layer of security. If you ever have a question about a sponsor’s legitimacy, you can contact HeroX at email@example.com
Q: How long will it take to receive my prize?
A: HeroX aims to payout all prizes within 30 days of the winners being announced. If the sponsor is paying your prize, we hold them to the same standard, but please be aware it may take them a bit longer.
Q: Is the prize money taxable?
A: This is the information HeroX has been able to compile regarding tax withholdings on prize money: