Skill based competitions are like raffles but with a twist, players are asked a question. This is usually a general knowledge question, after this they make a payment and only find out the right answer once they have paid. Competitions usually last around a month and winners are randomly generated.
Players can enter skill-based competitions 2 different ways; the most popular method is on the website. The other method is a postal entry where customers can send their entry to the merchant's address. Skill based competitions stand out because they are unique in the sense that there is an element of skill rather than just luck involved. Therefore, they have become popular because players have confidence in their own ability when it comes to the skill-based question.
However, these companies will find it hard to get a payment processor due to their high-risk nature, however at Paytriot Payments we specialise in high risk industries and offer merchant services to skill-based companies.
We can provide you with a merchant account, which will enable you to take secure and reliable payments on your website. There is a 3d secure system in place, so we protect all your customers from fraud, as well as your business.
Paytriot also acquires payments on your behalf, and releases them to your business bank account, we ensure that all payments are made on time. We release settlements to your account quicker than other payment processors because we want your business to thrive.
Paytriot Payments is a UK based payment provider that provides merchant services to businesses looking to accept payments online or over the phone based in the UK and Europe. Paytriot is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and is listed with Visa and MasterCard to process card payments directly.
Our team has gained years of experience in multiple sectors in the industry and would be able to fully understand your business model whether your business sector is in a complex low risk or high-risk industry.
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