EcoPayz is an e-wallet that intends to provide a secure interface for all types of online transactions, which is managed through a highly encrypted and cost-effective channel. The payment processor is quite similar in its concept to the services rendered by a majority of the leading e-wallets in the market, but the company claims to have eliminated a lot of issues faced by its competitors. The completely innovative platform is certainly a great payment option for online punters and cricket bookmakers, but surprisingly, the company has still not managed to achieve the same success as enjoyed by payment operators such as Skrill and PayPal.
There are several reasons behind the strangely uninspiring performance by ecoPayz, primarily due to the nature of the payments, the strength of competition, the verification procedure, and the general lack of awareness among cricket bettors. Brand strength is a vital component of the global payments industry, as players will always seek the most popular and secure option available to them. Gambling websites also play a pivotal role in determining the popularity of payment processors. Nevertheless, we provide some useful information about using ecoPayz as a funding method at your favorite cricket sportsbook.
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Details on Regulation & Other Financials
Contrary to popular misconception, ecoPayz is not a new e-wallet. The company has been operating since 2000, but instead of concentrating on a single industry, ecoPayz used to offer its services across multiple spectrums, thereby diluting its visibility in some core markets. However, as of late, ecoPayz has started concentrating its efforts on gambling and sports betting by partnering up with several leading bookmakers, which has certainly helped the company’s cause.
The payment processor is now owned by PSI-Pay Ltd, an established member of Mastercard, which has its operating office in West Sussex, England. EcoPayz is an electronic money transfer system for global financial transactions, which brings it under the Electronic Money Regulations of 2011. Subsequently, ecoPayz is authorized by the Financial Conduct Authority (FCA) of the UK to take part in online transactions, which is regulated according to the e-money laws and guidelines implemented by the UK’s finance ministry. The FCA also works in tandem with several EU agencies and has devised a regulatory framework that is in accordance with the EU’s Markets in Financial Instruments Derivatives (MiFID).
EcoPayz has a global reach that covers 173 countries and has the sufficient authorizations to transact funds in 44 different currencies. PSI-Pay Ltd started its operations in 2007, but ecoPayz has been active in the market for longer, which means that the e-wallet has strong company financials. The FCA regulations do stipulate minimum operating capital requirements and instruct its e-Money institutions to move their clients’ funds to segregated accounts.
These segregated accounts must not be clubbed with any of the company’s own bank accounts, which prevents ecoPayz from using its customers’ e-wallet balance to meet their own expenses. The FCA organizes routine audit of its regulated entities and even requires companies to be a part of the Financial Services Compensation Scheme (FSCS). The FSCS is insurance against insolvency or bankruptcy proceedings, which guarantees investors and account holders up to £75,000, according to the new policy.
Using ecoPayz for Online Cricket Betting
The proactive approach towards cricket gambling and sports betting has helped the e-wallet to achieve lucrative partnerships with several leading cricket betting sites and gambling operators. Betting operators are also experiencing several advantages that come with an ecoPayz merchant account, which has led to a rise in the number of bookmakers that accept ecoPayz as a valid payment method.
One of the main features of an ecoPayz account, also known as the ecoAccount, is that users must verify their accounts to be able to use the e-wallet for their online transactions. Unlike other e-wallets that do not mandate a verified account, ecoPayz makes it more convenient for merchants, as well as individual account holders, to maintain a verified account that does not lead to any complexities or security issues in the future. On the other hand, opening an account is completely free of cost, and the verification process is usually completed in 24 hours.
Once you have a verified ecoAccount with a positive balance, you can deposit money into your cricket sportsbook account by choosing ecoPayz as your preferred payment method through the betting operator’s banking page. All deposits are instant, with most sportsbook accounts credited within the minute of making the payment.
If you are unable to find any bookmaker that satisfies your betting requirements, you can always refer to our ecoPayz cricket betting site recommendations, where you can find a reliable sportsbook that covers your favorite matches and high odds. Due to the excellent reliability on offer, choosing ecoPayz as your preferred funding method for cricket betting can not only ensure fast transactions but also allows you to save on fees and additional costs.
EcoPayz Account Categories
EcoAccount options are offered in five different account categories. The most basic account package is the Classic account, which supports one basic account currency, a limit of €1,000 transfer to merchant accounts per day, and a total lifetime limit of €2,500 per user. The Classic account is not suitable for high-value players, especially those that invest more than €1,000 in sports betting accounts and is certainly not recommended for high-rollers that spend more than €2,500 on cricket bookmakers. However, there is no lifelong limit for all the remaining four accounts, which include the Silver, the Gold, The Platinum, and the VIP accounts.
Silver account holders and upwards get access to 10 currency accounts and the ability to transact in 45 currencies that are supported by the payment processor. Despite the absence of any lifelong limit on these accounts, there is indeed a daily transaction limit that can be transferred from an individual account to a merchant account. The transaction limits are €15,000, €20,000, €25,000, and €30,000 for Silver, Gold, Platinum, and VIP accounts, respectively. Users can laterally upgrade their account categories by satisfying the minimum conditions that are prescribed by ecoPayz.
One of the major drawbacks of ecoPayz is that the different account categories can confuse users, especially when it comes to usage policies. For example, ecoPayz Classic account does not allow transfer of funds between ecoAccounts, which is quite absurd for an e-wallet. All other popular e-wallets enable transfer between their user accounts with no restrictions. Additionally, the Classic account also does not allow its users to withdraw funds to a bank account, as the account can only be used to transfer money to merchant accounts. Therefore, users are required to upgrade to the Silver account for accessing the entire account features.
Depositing & Withdrawing Money through ecoPayz
Topping up the e-wallet is possible through credit/debit cards, bank wire transfer, user-user transfer, and merchant-user transfer. EcoPayz also offers other top up options such as paysafecard, Yandex Money, giropay, and a host of other cards and payment processors, which allows users to deposit funds into their ecoAccount instantly. Users can also use ecoPayz to deposit funds at a betting operator without an ecoAccount balance, as all they have to do is add their Visa/Mastercard to their account, and the money will be transferred directly from the card to the bookmaker.
Using a third-party e-wallet such as ecoPayz is preferable for credit/debit card transactions, as it provides an opportunity for users to hide their card details from the bookmaker, in order to prevent any fraudulent transactions. Therefore, using the payment processor for your betting deposits does help in adding an additional layer of security for your online transactions.
Withdrawing funds from your bookmaker account to your ecoAccount is easy, as most of our recommended cricket bookies will process your withdrawal within 24-48 hours. Some companies may take longer, depending on their payout policies, bonus conditions, and any other delays, but the maximum time required for withdrawal is around seven working days. The withdrawal process is the same as the deposit process, where traders can request a withdrawal through the bookmaker’s payment/banking page. Players should realize that withdrawals can take longer than deposits, primarily as a result of the security hold and the time taken by the bookmaker to verify the withdrawal request.
EcoPayz Fees of Transactions
Although ecoPayz has low fees of transactions for most of its transactions, the bank wire is the most expensive form of funds transfer at the company. Bank transfers can charge up to 8.50%. However, transfer between two ecoAccounts of individual users is free for Gold, Platinum, and VIP accounts. For Silver accounts, the sender pays a 1.50% transaction fee, while receiving funds is free of cost. Credit card transactions can cost anywhere from 1.69-6% but remain the same across the different accounts.
EcoPayz offers the convenience of holding multiple accounts with different base currencies, along with the flexibility of choosing from 45 different currency pairs, but there may be a currency conversion charge for each such transaction. The currency conversion charge is the highest at 2.99% for Classic account holders, while it is the lowest for VIP accounts at 1.25%. You should also beware of the account maintenance charge for inactivity of the ecoAccount over a 12 month period, which can cost €1.5 per month.
Is ecoPayz Available in India?
Indian users can certainly use ecoPayz India and access the entire range of features on offer. While it is the responsibility of the user to adhere to the Indian laws of overseas transactions and gambling laws that prevail in the country, there are no restrictions placed on the way players can access their funds in ecoPayz. However, Indian ecoAccount holders cannot use the prepaid cards that are provided by the e-wallet, as the Indian authorities have placed several sanctions on such cards. Nevertheless, ecoPayz can be used by Indian punters to place bets on cricket matches through their favorite online cricket bookmakers.
EcoPayz Bonus on Sports Betting Sites
EcoPayz does not have an elaborate promotion or bonus program for sports or cricket betting, but some bookmakers may offer free bets or gifts for a specific deposit amount. On the contrary, some e-wallets such as Skrill have extensive sports betting promotions, which puts ecoPayz at a slight disadvantage. Nevertheless, for players who are looking for a secure e-wallet that grants them the freedom to deposit at their preferred online bookmaker, ecoPayz is certainly one of the best choices in the market.