I had a thought! What would happen if I wrote loads of articles and back linked them back to me (obviously). Now rather than put a keyword like "pay online" what would happen if I used a keyword like "paypal". * paypal is just an example, I would use a less competitive company!
You will rank based on your anchor text. So it's not a good idea to use as an anchor some random company name
I understand your thoughts but wouldn't it be more beneficial to target keywords that will drive sales. Using your competitors name it is doughful you will ever outrank them.
I had the same situation and wanted to chase some of my competitors traffic. I would not ever use their name in the anchor text for the link back to my site, that would be stepping over the line. But, I would write articles about them, their history, comparing them to competitors, how they became a leader in their industry.... on and on. Of course the article would be keyword rich with their title, I don't plan to overtake them in the SERP's, but a couple below them will be just fine.