Payments of prize money from competitions in Crayta are now handled by a third party service based in the US. This page outline the benefits and changes from the old approach.
The benefits of this approach are as follows…
- More robust system allowing for more reliable and timely payments to winners.
- More payment options worldwide.
What has changed from the old approach?
There are a couple of changes to way payments are handled now that are worth being aware of. These are as follows….
We no longer collect PayPal addresses
As we no longer distribute money via PayPal we are asking for a “contact” email address via the companion site. This means that any previous winner will be receiving a new prompt for an email on the next occasion they win a prize.
As our third party service is based in the US all payments are subject to US tax laws. Depending on how much you win, where you live, and your current tax situation this could mean that up to 30% of the winnings are withheld and sent to the Internal Revenue Services on your behalf. This withheld amount CAN in some cases be claimed back by the recipient but it it their sole responsibility to do so.
The overall process now is as follows…
- Winners are announced
- Prompts for contact email addresses are sent out to any new winners who have previously not provided a contact email
- ESG reach out via the contact email and arrange the transfer of the prize money.
All information correct as of the 18th July 2022