Last Updated on June 13, 2023
Basepath is a software platform on a mission to successfully equip athletes with the tools to manage their name, image, and likeness opportunities. That mission has continued with its recently announced launch of their latest product, Basepath Wallet. This application will give athletes the autonomy to monitor their current and upcoming NIL deals and also fulfills the need to provide them with personal financial assistance.
Over the last year and a half, Basepath’s team has worked strategically to assemble a reliable NIL operations platform that can organize payments and responsibilities around NIL. As a result, they currently work closely with roughly 50 collectives and support over a thousand athletes. As a whole, the platform has completed over 10 million dollars in NIL transactions.
“We are thrilled to unveil Basepath Wallet, a solution that provides athletes the tools and support to navigate the complex landscape of NIL finances with confidence, we’ve worked with thousands of athletes to build an operational foundation that protects their financial interests as they capitalize on their NIL ventures,” Basepath Founder and CEO Thomas Thomas Jr. said.
Their success is not by chance; they meticulously interviewed college athletes across the Power 5 conferences to determine key pain points for college athletes.
Basepath is distinctive because it merges offerings from technology companies such as DocuSign, Plaid, Stripe, and Twilio. College athletes benefit from Basepath because it provides complete financial autonomy through merging contract management, fintech and operations, essential facets of navigating NIL deals.
The Basepath Wallet lets college athletes capitalize on NIL opportunities and provides the necessary resources to obtain financial freedom along their journey. They can manage payments and deliverables through Basepath Wallet, integrating with college athletes’ bank accounts. They can receive notifications to update them on due dates and upcoming earnings.
A financial element of NIL that college athletes must be aware of is the taxes that coincide with their NIL deals. The Basepath Wallet streamlines estimated tax liabilities and supplies college athletes with holistic assistance for those college athletes filing taxes as 1099 contractors.
Michigan State University wide receiver Tre Mosley expressed the importance of college athletes utilizing this tool for their taxes.
“This will be huge, especially the taxes part; a lot of athletes may not have the expertise when paying taxes,” Mosley said. “They have to help themselves, whenever you have opportunities to manage your money and see it on your phone, you can’t really beat that.”
His teammates Keyshawn Blackstock and Tunmise Adeleye echoed his sentiments and further enforced the difference between Basepath and similar platforms.
“I don’t use anything else because I trust Basepath,” said Blackstock. “Basepath will keep you updated… when I get deals, it tells you the amount and what you have to do. It’s on time with everything [and] everybody can benefit from it… you can’t lose anything, it’s just more knowledge to you that can help in the long run.”
“It’s easy to comprehend and most functional, in my opinion,” said Adeleye.
As the NIL landscape evolves, the importance of strong financial decisions is massive. Basepath is aiming to continue to be a staple for student-athletes and all entities involved in NIL.FeaturedfinanceNILNIL individualNIL newsNIL tax