Tired of multiple complicated verification procedures, insanely high fees, and multi-day waiting for transactions to be processed? Get ready to bid farewell to all these common obstacles in online casinos, as Payz is here to save the day.
Equipped with a wealth of knowledge and experience, this payment provider is committed to building the best service and solutions by listening to its clients. Since its inception, the forward-thinking company has been bringing versatile innovations to the payments sector, enabling the safe and rapid transfer of money around the world.
Due to being simple and a low-cost option to use, Payz, formerly known as ecoPayz, has been one of the most popular choices of players in online casinos. The fact that there are millions of satisfied users all over the globe speaks for itself.
What is Payz and How to Create an Account?
Launched in 2000 as EcoCard, and later rebranded to ecoPayz, Payz is one of the longest-established e-wallets in the world. Widely known for instant, safe, and convenient payment services, this company develops end-to-end, account, and card-based payment solutions for businesses and individuals all over the globe for quite some time.
Determined to maintain the highest quality of service and payment products, Payz proudly points out multiple accreditations and approvals. First of all, the company is Payment Card Industry (PCI) and Data Security Standards (DSS) compliant and is registered with the Information Commissioners Office (ICO) under the Data Protection Act 2018.
On top of that, the platform is a Principal Member of Mastercard International Incorporated, which means it is licensed to issue Prepaid and Debit cards. It is regulated under the UK FCA (Financial Conduct Authority) as an Authorised Electronic Money Institution.
To get started with Payz, a consumer needs to create an account first. The procedure is simplified maximally, and what’s more important- completely free. As with most e-wallets, all it takes is to enter a couple of basic pieces of info and the procedure is completed.
Upon initial registration, all consumers have the Classic Payz account, with a lifetime limit of deposits. There’s a total of 5 account levels- Classic, Silver, Gold, Platinum, and VIP. By fulfilling a specific set of requirements, an account holder will have their tier leveled up.
For example, if they opt to verify their identity, the account status is leveled up to Silver, unlocking access to additional benefits. In case they successfully verify their credit or debit card, send proof of address and ID, deposited a total of EUR 5,000 or EUR 2,500 by credit card (or currency equivalent), hold a Silver ecoPayz Account for 30 days and transfer a cumulative amount of EUR 25,000+ (or equivalent amount in other currencies) to merchants, the account is switched to Gold.
How to Use Payz for Deposits and Withdrawals in Online Casinos?
Once the account is created, consumers can head straight to any of the casinos supporting Payz to fund the account. Once they register with the specific operator or log in (if they are existing clients), players should access the cashier and look for this e-wallet to fund the account.
After selecting this method, players should enter the desired amount of money or select a predetermined amount and press “Deposit”. Within a couple of seconds (or minutes), the sum will become visible on the account, so you can start playing your favorite slot games, table games, or anything else.
When the time comes to withdraw, you won’t have to worry either, as the process is more or less the same. Head to the cashier, look for Payz, enter the sum you want to cash out and that’s it. In case fees are applied, the sum will usually be indicated next to the one you wish to withdraw, so that any unpleasant surprises are avoided.
With regards to fees related to the Payz account itself, it is applied on account inactivity (1.50 EUR per month) as well as on currency conversion (from 1.25% to 2.99%, depending on the level). There are a couple of other types of transactions where commissions are applied, all of which can be found on Payz's official website.
What needs to be mentioned is that the Payz account can be opened in different currencies, in which case the accounts will be held under the same account. At the time of writing this article, the following currencies are supported: EUR, GBP, USD, ARS, AUD, BAM, BGN, BRL, CLP, CAD, COP, CHF, CNY, CRC, CZK, DKK, GEL, GHS, HKD, HUF, IDR, ILS, INR, ISK, JPY, KES, MDL, MOP, MYR, MXN, NGN, NIO, NOK, NZD, PAB, PEN, PHP, PLN, RON, RSD, RUB, RWF, SEK, SGD, THB, TZS, UAH, UYU, UZS, XAF, and ZAR.
Those who prefer accessing casinos on mobile phones should have no concerns either as Payz works well on portable gadgets as well. The app can be downloaded from both Google Play and AppStore.
In case you prefer the desktop version, the provider suggests using modern versions of the following browsers- Mozilla Firefox, Google Chrome, Microsoft Edge, or Apple Safari.
Pros and Cons of Payz
Being extremely convenient and simple to use, contactless payments have revolutionized payment transactions all over the globe. Contactless Payz Mastercard enables instant access to funds on Payz Account, allowing consumers to spend the money at home or abroad, and make ATM withdrawals.
As already mentioned, this option can be used for both deposits and withdrawals and is available in a wide array of currencies. Other advantages include multi-lingual customer support, great cross-platform optimization, and a variety of innovative solutions for smoother transactions.
When it comes to downsides, we could say that there aren’t any, but if we were to list at least one, those would be fees. There are fees on bank transfers from Virtual IBAN / Account of 2.50 EUR / 1.00 GBP, as well as bank transfer fees between 5.90-10.00 EUR (slightly lower for VIP members). EcoVoucher deposits come with a commission of 2.90%, while codePayz deposit incurs a fee of 3.50 EUR.
Yet, not a single e-wallet or any other payment method is flawless. When all things are taken into consideration, it is evident that pluses prevail, confirming once again why Payz is so popular among online casino players.