From VCU Athletics:
VCU Athletics will partner with INFLCR to launch the VCU Exchange, a service that will allow student-athletes and businesses to connect and communicate directly. The easy-to-use platform will be available free to both student-athletes and businesses and will streamline the process of exploring and executing Name, Image and Likeness opportunities.
Once registered with the VCU Exchange, third parties can search a database of VCU student-athletes, use specific criteria filters and submit a direct request to initiate an NIL transaction. VCU Athletics and INFLCR, by rule, will not be involved in any negotiations.
“We’re excited to expand our partnership with INFLCR to cover Name, Image and Likeness,” said VCU Vice President and Director of Athletics Ed McLaughlin. “This platform will provide VCU student-athletes with a unique advantage navigating the NIL landscape, and will allow them to expand and maximize those opportunities.”
“The Atlantic 10 Conference’s partnership with INFLCR brought VCU into the INFLCR family and the Rams have truly capitalized on everything our technology offers,” said INFLCR founder Jim Cavale. “With the addition of the INFLCR Plus Local Exchange, VCU can provide a single NIL payment system for approved third party vendors to disclose transactions automatically, further assisting Rams student-athletes in managing their NIL business.”
Businesses can register for the VCU exchange beginning today, April 13, at vcuathletics.com/exchange. All registered businesses will be notified when they are permitted to contact student-athletes.
Once both parties reach an agreement, the exchange will generate a reporting form consistent with NIL guidelines. Additionally, the exchange includes a payment processing tool to securely complete transactions and will generate a 1099 form that will be housed in each student-athletes’ INFLCR app for efficient tax reporting.
The platform will continue to provide student-athletes with education on NIL issues, including financial literacy and brand enhancement, while tracking social media growth and engagement.
INFLCR Plus Local Exchange: How It Works
INFLCR provides a school-customized NIL exchange as an extension to their athletics website where the school can send any business, individual or collective seeking to bring NIL opportunities to its student-athletes. Once registered, businesses can search, communicate, pay and report on behalf of student-athletes they’re transacting with, streamlining the student-athlete’s compliance and tax reporting responsibilities in their existing INFLCR app experience.