The prize money for a contest is paid or funded before the contest is posted live.
When you’re done filling out the details of your contest, click Get Entries Now. Right after that, you will see a popup for authorising the payment of the prize that you indicated.
If you have enough funds in your account, the prize amount will be deducted from your balance and kept on hold. If not, you would have to make a deposit for the remaining amount by getting redirected to the Deposit Funds page.
You can click Confirm Payment to have the amount deducted from your balance or allow a deposit to be made from your verified payment method. If you prefer, you can save your contest as a draft and post it live later.
When you’ve selected the winning entry, you and the winner will enter the Handover process, which starts off with both of you signing the IP Transfer Agreement. The process is concluded when you receive and accept the files, at which point, the prize money is released to the winner.