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.
Okay, so you’re company is an ISO just like we are. Should you register? That’s your decision. Quite obviously we know there are many ISO’s out there competing for business. There are some, a very small percentage, who might directly compete with us from time to time. But that’s not the norm. And frankly, as it pertains to Open Payments, it really doesn’t matter.
What can you gain? Most importantly, developers think differently than ISO’s do. Developers often only see the technical side of things. Most ISO’s see and understand the payments market, something that some developers might have trouble with. Registered ISO’s have the ability to submit ideas and participate in a portion of the development idea. In other words, create a team, the market side plus the development side. If a given developer is looking for an idea, we will match you and your skills or idea to a few developers, if it’s acceptable to you, where your idea could come to fruition. In the case of a successful team entry, the ISO providing the concept or idea is rewarded with half the residuals and 20 percent of the up-front prize money.
Secondly, you can keep abreast of the news releases we will be providing to our registered base. You might pick-up a few ideas yourself by way of the contest forum, FAQ’s or the wining developments. You might find a new product or service from one of our processing partners. As time goes on, maybe you want something developed for your ISO, and this might be a good place to find the developer you need.
You might also notice that processors are registering, and perhaps you might find something from one of them that is of service to your client base. And what if the winning developments are of interest? We aren’t keeping them to ourselves! In keeping with the Open Payments theme, all of the winning developments will be available to other registered ISO’s to provide to their clients and prospective clients.
More ideas have come to our attention from merhcants or prospective clients than from any other avenue. While the development staff at our processing partners is most willing, they simply do not have the time to implement 99% of the ideas that come from merchants. Should you as a merchant follow along or participate in some way? If you have a problem that needs a solutioin in the payments arena you should!
If you have a need or an idea that can be beneficial, not only to your organization, but also to a particular market sector, you are also eligable to participate by submitting an idea for developers to work on. And yes, you are eligable for the same prize money as an ISO. 20% of the awarded prize money, and half the residual monies for other organizations who might benefit from the development.
Register to get more details.
Open Payments has many possibilities for processors to participate. Every year we will be sponsoring a development contest for a processor of our choosing. In addition, we will be opening up the Open Payments portal to processors who wish to participate in a contest outside of our annual sponsored contest. The ideas alone that come from the contest participants whould warrant registering and following along.
We hope to attract a substansial talent pool of not only developers, but industry professionals and ISO's that might be interested in your offerings. For more information, click here.
Is your bank lacking some tools that help businesses better manage their recievables? While we already have a diverse suite of applications that can provide your business clients with solutions to better manage their transactions and recievables, we are eager to have you submit ideas to the developers participating in the contest.
Register and submit!
Are you a consultant for a niche market? We have already partnered with people who make their living in advising businesses within a well defined niche, and these consultants are recieving significant income just for reccomending our applications and processing services. We all benefit, from configuring software to meet specific needs of the niche market, providing valuable offering and services to these businesses, and substansial recurring revenue to the consultant.
Let us know what your niche is!
