EcoPayz is an online payment solution that offers its users virtual Visa cards. The service is owned by PSI-Pay, a company registered with the Financial Conduct Authority of the United Kingdom. This is the government institution that is responsible for the oversight of any financial service operation in the jurisdiction of the United Kingdom. This regulatory body has an excellent track record for policing the companies under its watch and as a result, any entity licensed to operate under the terms of the FCA can be considered trustworthy and you can safely entrust your money to them.
EcoPayz has in recent years risen in popularity in the realm of online gambling due to the excellence of its service. It provides gamblers with an alternative to traditional payment solutions by offering them the opportunity make transactions in a quick and safe manner. For your convenience, we have provided you with an outline of the best and worst aspects of EcoPayz.
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Advantages and Disadvantages
EcoPayz provides you with an alternative to traditional bank cards, in the sense that you get to keep all of their advantages while also discarding some of the negative aspects. Every user is issued a virtual Visa card that they can use to make payments online in the same manner that they would when using a physical debit card. While this may sound like the exact same thing, it should be noted that the virtual card gives you a significant advantage over the physical.
For starters, the virtual cards that EcoPayz issues are in no way connected to your bank account. This means that the only funds that are available are those that you decided to load on the card. That makes it impossible for third parties to gain access to the money stored in your bank account. This is an excellent way of protecting your funds since the virtual card can function as a proxy between your bank account and third parties, e.g. online casinos or merchants.
Furthermore, the virtual cards offered by EcoPayz are Visa cards in every sense of the word. They simply do not exist in physical form. What this means is that you can use you EcoPayz card to pay at any online store or casino that accepts Visa. Visa is a commonly known and accepted brand and there is hardly a store out there that does not accept payments by it. Additionally, any EcoPayz virtual card can be loaded by various different means including traditional credit and debit cards, wire transfers and even other online services such as eWallets.
More Advantages and DisadvantagesSince EcoPayz offers you a virtual Visa, the service behaves much like a normal debit card would. You have a card number, expiration date, your name and a CVV code. If you are already familiar with how bank cards are used, you will have no trouble with using this service. It is just like a card issued by your bank but without the extra risk. The virtual cards support over 40 different currencies, including three of most used currencies in the world – the United States Dollar, the Great Britain Pound, and the Euro. This allows you to use the card at almost every online marketplace and casino without incurring extra exchange charges. The service supports over 40 other currencies in addition to the main ones.
In addition to the virtual cards, EcoPayz can also provide you with a physical EcoCard that you can use at retail stores everywhere. Much like the virtual cards, this one is tied directly to your EcoPayz account and can only be used to spend the available balance. This card supports three main currencies and a plethora of secondary ones, so it is an excellent way to pay when travelling abroad. Anyone can apply for one of these cards and it would only cost you nothing to receive one. The ecoCard gives you a convenient and safe way to make payments both at retail and online stores.
Despite its many advantages, EcoPayz falls short in several aspects. Since it is a prepaid service is suffers from the same flaws as other similar ones. Since EcoPayz offers virtual payment cards, some users might confuse them with credit cards. In reality, this could not be further from the truth. EcoPayz allows you to make payments using your own money, it does not extend credit in any form to any user. As such you will be confined to your own personal means. This can be problematic for some people, for instance, in the event that they do not have enough funds in their account to cover the minimum required deposit at an online casino. This would require the user to put more money into the EcoPayz account before they can send out a transaction.
Unlike other online payment solutions, the EcoPayz service is riddled with fees for nearly every interaction with it. Depositing with a credit card to your EcoPayz balance will have a charge between 1.69% and 2.99%. To withdraw your funds to a bank account you would have to pay a service fee, depending on your account standing. For every currency conversion, you would have to pay 1.49% or 2.99%, depending on your account type. In order for the company to issue you a virtual card, you will have to pay them $2.30 or your region’s equivalent. Additionally, when you request financial services from EcoPayz, you will have to pay 4% in commission, with a minimum charge of $0.80. This includes forex, money orders, traveller’s cheques, security brokers and dealers, etc.
These fees vary depending on the region and country of the user and as a result, some people will have to pay more than others. Additionally, if your country’s currency is not supported by EcoPayz you would have to pay the exchange fee in order to top up your balance. While it is reasonable to pay a company for their service, there are many other similar payment solutions that are either free or feature much lower charges.
Using EcoPayz for Gambling Purposes
EcoPayz is a commonly accepted method of payment at many online casinos. As mentioned above, it is a very appealing service to many gamblers. It can be used to as a traditional Visa card meaning that you get the benefits of that brand. Since every online casino out there accepts Visa cards you should experience no trouble in making a deposit straight. Alternatively, you may also find an EcoPayz option on the Cashier page. Clicking on it will open another window where you would need to enter your payment information. As soon as that is done, your deposit will clear and you can start gambling away your hard-earned money.
EcoPayz is a commonly used transaction service at online casinos and poker rooms, meaning that you should have no trouble in finding a gambling website that supports it. In fact, whereas other payment services might try to distance themselves from the online gambling industry, EcoPayz embraces its involvement. On their website, EcoPayz showcases some of the online casinos, sportsbook, bingo and forex websites where you can use this payment service to its full benefit. These are some of the most reputable websites in their respective industries and you can safely play there with no issue.
Fees for Gambling Transactions
Using EcoPayz can incur some charges in certain situations. When you make a deposit into a foreign currency the service provider has to exchange it. This will cost you 2.99% of the transaction. This can happen when you deposit to a casino that does not support your main currency. Other than that there are no other fees associated with the service.
When a transaction is made to an online casino a service charge is incurred by the payment company. Normally, the online casinos bear the cost of the transaction in the hope of gaining some consumer good will. But, every now and then, an online casino might refuse to pay the cost for the deposit and the user is left to pick up the bill. This is the reason why websites charge a commission when the user makes a deposit or requests a withdrawal. This charge does not go to the casino for profit, but to pay the service provider.
Processing Times for Gambling Transactions
The processing times at online casinos vary based on the kind of transaction that you initiate. For deposits the payment clears instantly, allowing you to immediately begin playing with your money. The time required to receive a withdrawal, however, will vary between the different online casinos. Since the virtual cards are essentially Visa cards they also feature the same processing times. Whenever you wish to cash in your winnings and request a withdrawal, the casino will have to first review your play history and other details. This process can last from 24 to 72 hours, or it might not even take place, depending on the casino in question. Only after it is completed will your payment actually be sent and then it could take between 1 and 5 business days to clear.
Now it reasonable to ask yourself why the deposits clear instantly, while withdrawals can take up to a working week to appear in your account. In reality, the truth is that deposits do not clear instantly. Payments that just as long for the casino to clear, as they do for the players. But rather than have its users wait, the casino allows them to play on credit since it knows that it will receive the money eventually. It does this, in order to appease it users and allow them instant access to the games, as well as to generate some consumer good will.
Security at Online Casinos
Identity fraud has increased exponentially with the rise of the Internet. This has been a cause for concern for many years, especially so when you have to submit a significant amount of personal information to third parties. For this reason, almost every online service has some security system in place to safeguard your data. Online casinos most often implement very strong SSL – Secure Sockets Layer – encryption protocols which encode all of your data making it completely unreadable to unauthorized parties. This is one of the most popular security systems on the Internet and it has a very good track record of keeping users’ personal information safe. This is due to the fact that every piece of data sent between you and the casino is encrypted using this state-of-the-art protocol, which makes it nigh impossible for anyone but you and the casino to read. Modern day encryption systems are so developed that it would take any potential wrongdoers hundreds of years to break the encryption with the technology at our disposal. In practice, it serves as a foolproof method of protecting data.
On the EcoPayz’ side of things, you will also find the service to be equally, if not more, secure than the online casinos. Since EcoPayz is regulated by the Financial Conduct Authority of the United Kingdom it is required to possess only the best online security available. As a result, EcoPayz uses the same SSL encryption found at online casinos, as well as its successor Transport Layer Security. Depending on your browser, you can benefit from one or the other. Furthermore, any servers that store personal information are separated from any other hardware in highly secured, restricted locations. Only authorized personnel have access to these servers and so your information is protected with extreme care. Additionally, all transactions are made in compliance with the Payment Card Industry and Data Security Standards, which is the norm for all online payment services. You can also enable 2-Step Verification to your EcoPayz account. This is a security measure provided by Google that allows companies to send a verification code to your smartphone which you can then enter to access your account. This method ensures that as long as you have your phone on you, no one else can login to your account.
Security Additional TipsOverall, EcoPayz offers one of the safest payment services that you could ever use. It is in complete compliance with all government security regulations and the company will take every measure necessary to safeguard your personal information. When using this service you can put your mind at ease, knowing that any sensitive data will never fall into the wrong hands. Of course, no security measure will help you if you do not help yourself. You must always be careful when giving up your information online. What you should never do is send any of your banking or card information over the Internet in the form of email or other types of message. Always be mindful of unsecured public networks as those make you vulnerable to attacks. Create a strong password for your EcoPayz account and never share it with anyone. This is not too much to ask of anyone, and while these steps might seem trivial, they can help you out quite a lot in the long run.
EcoPayz FAQ
Can you use EcoPayz to pay at retail locations?
You cannot use a virtual card to pay at a physical retail shop, however, apart from virtual cards, EcoPayz also offers physical debit cards. These are issued by MasterCard and work just like any other bank card.
Is EcoPayz available to United States residents?
At the time of this writing, EcoPayz is available to over 100 countries, but unfortunately, the United States is not one of them.
Does EcoPayz offer customer service?
Like any reputable business, EcoPayz wants to ensure that its customers get the best possible service. As a result, the vast user base can rely on a very competent customer support team. Users can reach the support agents via two very convenient methods – Live Chat and email. Either of these is a valid means of contacting the support team and you will always receive an adequate and timely response. Additionally, there is an extensive FAQ section where you can find answers to some of the most frequently asked questions. It covers a wide array of topics from login and passwords to bank deposits and account management, as well as everything in between.
How can I fund my EcoPayz balance?
In order to fund your EcoPayz balance, you would need to transfer money via credit card, wire transfer, from an eWallet service, such as Skrill or Neteller, etc. There are a variety of ways to send money to your EcoPayz account and each service will suit you differently. If you wish to withdraw your funds back to a bank account, you have the option to do so, but it will incur some extra charges.
What is the difference between a standard credit card and EcoPayz’ virtual card?
Just like we mentioned above, a EcoPayz card is funded entirely by you and the company does not extend credit like a bank would. Furthermore, a credit card is directly linked to your bank account and if by some chance someone else got access to your card, it could have dire consequences for you. On the other hand, an EcoPayz virtual card exists only on the Internet and the chance of anyone gaining access to it is very slim. Furthermore, it is only connected to your EcoPayz account that only holds funds that you personally have allocated to it. In other words, even if someone got access to your EcoPayz cards, you could negate the damage by not keeping excessive sums of money in your balance.
If someone misuses the funds in my EcoPayz balance am I allowed to request a chargeback?
If someone did indeed gain access to your EcoPayz balance, you have the right to request a full refund from the service provider. Keep in mind, however, that a false chargeback claim is considered a crime in many jurisdictions. EcoPayz has expressly forbidden this type of action in their terms of service. You must only issue such a claim if you are certain beyond a reasonable doubt that the charges on your card are unauthorized.
What are the different account standings and what advantages do they offer?
There are five different account ranks at EcoPayz, more specifically Classic, Silver, Gold, Platinum and VIP. Progressing through each rank allows you to benefit from lower fees and added benefits. When you open an account with EcoPayz you start at the Classic rank. Providing identity verification and continually using the service will allow you to achieve a higher standing.