As a developer you are obviously interested in the contest prize money, as well as what other benefits the contest might bring you. In terms of the prize money, first let us once again state that the $25,000 will be awarded to the winning developers. No hidden catches. We look forward to issuing the prize money.
Can you submit more than one idea? Sure you can. You can submit as many ideas as you want. However, your actual development submission is limited to one entry for the prize money. However, it is possible for additional ideas to be developed and rewarded by way of residual income. That goes beyond the contest, and details will be provided should you wish to discuss additional developments.
Can you make more money from your development other than that of the prize money? Yes, it’s certainly possible. In fact, we hope it’s the end result. We are all for someone making as much as possible. Entry submissions that are eligible for residual revenue must conform to certain types of developments, and they manor in which the entry is registered. The details are on the entrant registration form, but in short an eligible entry is one where the code must be maintained by the developer who it is being submitted by, and excludes affiliated third-party services where a cost is required from the third party.
Residual monies probably need some understanding put forth towards the development community, at least in terms of how it relates to the electronic payments field. They are typically transaction based, where the organization and the processor receives profit for each transaction performed from whatever application the client is using. The more marketable the development, the greater the use. The greater use of the development, the more residual money. What’s possible? Well, if you’re development were to win, and it’s use provided 1 million transaction per month, you could receive a residual income of $120,000.00. Is it possible? Yes, it is. Is it easy? Probably not, but for the right development and, more importantly, geared towards the right existing software or market sector, it is possible. To get some ideas of markets or vertical opportunities, visit the ideas section of the website. You can also find more details on residual income in the registration process.
You might have noticed that we are also allowing processors and ISO organizations to register at Open Payments. In the future we foresee an opportunity to connect the payment enlightened development world with organizations that require their services. Perhaps even by the processor who we are sponsoring the contest for.
