Payz vs. PayPal - Top Online Casino Banking Methods 2019

Introduction

An abundance of options can be just as difficult as lack thereof, and the online banking industry is definitely one to illustrate this to the fullest. E-commerce platforms of all kinds are constantly trying to keep up with the latest trends in the industry, including the immense variety of payment processing services. And, accounting for the fact that they factor for customer acquisition, retention, and ultimately satisfaction, the right selection is all the more crucial.

In this regard...

... Payz and PayPal are both considered reliable choices, especially since the functionality of the newer online payment processors came to the fore. Standing in for the regular, standard card and bank services, they needed to find a way to keep the procedure simple and straightforward, and at the same time introduce users to the advantages of the new era.

Nowadays...

... they are definitely leaders in their field of business, with online casino players, gamers and other online payers alike finding it hard to choose between the two. Learning more about their key aspects – management, services, security and special features is bound to provide you with further insight, and ultimately help you make up your mind.

About Payz

What started off being known as...

... ecoCard back in 2000, has been rebranded 13 years later into one of the leading online payment processors of today – Payz. The brand is privately owned and operated by the PSI-Pay Ltd., an English-based company that has met the industry standards and evidently upholds them through the service.

Nowadays, this brand of payment processing service has identified the needs of the user audience and offers a range of services to meet their needs.

You can open a Payz account here.

About PayPal

The PayPal e-wallet...

... further extending into a fully fledged online payment management service, has been available to the wider audience since 1998. The name of the company changed from Confinity by the start of the 2000s, and has since been operating as a leading payment processor due to the extent of services it encompasses under the brand.

What is more, their impeccable track record, and a renowned reputation for maintaining all legal compliances in respective jurisdictions have helped the brand maintain its leading position.

Accounts

The type of account, the extent of access and authorization, as well as the primary conveniences included in it are all crucial features worth considering when selecting where to open your next online payment processing account.

Payz

Over the years...

... Payz has been able to add to their range of account variety, ultimately servicing more than just the pool of private individuals looking to make money transfers online. As a result, the company today offers a personal, as well as a business and merchant account type.

Individuals can set up their initial account completely free of charge, and perform most of the operations in the same manner. However, when it comes to FX fees for currency exchanges, you will be charged 2.99% of the specific amount in question, although, as you will see below, the charge is reduced for higher-ranking users. Plus, if you are residing in one of the 31 of the EU/EEA states that qualify for the service, you will additionally be able to hold up to 10 currency accounts.

While we are at the matter of currencies, there are up to 45 different ones available for transactions across this payment processor’s network once you open your own ecoAccount.

PayPal

The PayPal service, alternatively...

... offers a personal and a business account to meet their potential customers’ needs. While businesses will need to look closer into the terms of the service and see if it fits them, individual users are bound to benefit from a PayPal account, as it is free of charge.

Moreover...

... holders of both account types will further benefit from a lack of dormant account fees. Not having any of your funds deducted from your personal or business account despite lack of activity is a particular convenience, especially in the case of a secure service such as PayPal.

Currency exchange is a different thing, as users are bound to experience a flat 2.5% fee for each of their transactions. Still, with 25 different currencies available through their account, they will most likely be able to avoid it without too much hustle.

Deposits, Withdrawals & Payments

The main purpose of opening an online payment processing account – to transfer funds from and to it is differently available across these payment methods. In order to choose the one most suitable for you, look over the specific requirements of these operations.

Payz

You should know that...

... when you first open an account with ecoPays – Classic ecoAccount – you will only be limited to a few operations. Holders will not be able to withdraw funds to it, however, they will be able to put value in the e-wallet, and use it accordingly at e-commerce platforms where it is accepted. Bear in mind that there is a €1,000 daily limit for transactions made to merchants, but other than that, they shouldn’t experience any issues.

Should you upgrade the account by verifying your identity – Silver ecoAccount – deposits remain free of charge, while the daily merchant transaction limit rises to €15,000. What is more, withdrawals are also available at a fee ranging from €5.9 to €10.

PayPal

All funds leaving your PayPal account in the form of p2p transactions will not be subject to charges. Users are able to transact freely across a wide range of private accounts or commercial e-merchants.

However...

... the only time transfers into their account are free of charge is when they are made within the same country, currency, and either through a direct bank transfer or another PayPal user. Otherwise, the standard currency exchange fee, as well as the corresponding fee for international transfer depending on the source payment method will determine the extent of your charge.

In this regard...

... funding your PayPal account is also subject to fees; when it is done via credit card, the charges range from 2.90% + o.30USD to 7.40% + 0.50USD. Using an ATM prepaid card or a cheque for the same purpose will also see you subject to a fee – 1.95USD for the former and 1.50USD in the latter case.

Physical Card Availability

Like so many in the same line of work, PayPal and Payz have also accepted the dominance of the actual plastic card and its widespread use across all platforms. Both online payment processing, and the actual physical card model are aimed to facilitate cashless payments basically, the latter has been doing this for a much longer period of time, rooting itself deeply into banking, commerce environments and the everyday practices of individuals. Soon enough, having an e-wallet issue their dedicated actual card as an extension of their online services has become yet another crucial consideration.

ecoCard

ecoCard is...

... the dedicated prepaid plastic card issued by this payment processor in order to allow users an even more optimized access to their account funds. All you need to do is apply for the card and you should have it delivered in no time. The latest features of the ecoAccount have also included greater accessibility to your card, like changing your PIN by yourself without additional assistance.

Bear in mind...

... that cash withdrawals are subject to 2.00% fee, while the currency exchange charge is the same as before, 2.99%. Renewal, cancelation or any other reports or statements relating to your prepaid card and its linked account come free of charge, but requesting for a replacement will cost holders €12.50.

Limits are also imposed on these individuals, with the regular verified Silver-ranking ecoCard holder being able to withdraw up to €250 at a single ATM transaction. Maximum POS, as well as e-commerce charges can go as high as €1,000; in this regard, consider that you have up to 3 ATM cashouts, and 5 POS/ECOM payments per day. Weekly limits on all three cashout types combined are set at €2,000, while monthly max limits will see users transacting as much as €15,000 tops.

Again, users will be subject...

... to better and higher limits as they climb ranks, but even at this initial verified level, the terms of use are convenient. The choice of currency is also satisfactory, with British Pounds, Euro and USD accepted.

PayPal Prepaid MasterCard

PayPal has made good use...

... of its brand name and managed to land a partnership with no other than a globally leading credit and debit card processor – MasterCard. PayPal users become eligible to apply and have one of these issued and delivered to their address as soon as they qualify by holding a premium or business account for more than 60 days.

Fees are slightly more notable with this service, starting from a 4.95USD monthly membership. Withdrawals also charge a fee on your balance – cashing out from an ATM in the USA subjects you to 1.00USD + 2.5% FX fee, while outside the USA, ATM withdrawals will cost PayPal prepaid card holders 1% + 2.5% FX fee.

The expiration time...

... for ecoCard is 4 years, while PayPal only get 3 years with one card, but are additionally able to transact up to 940USD through ATMs per day. Daily POS amount limits are 5,000USD, with the Euro and USD being the only two currencies available at this MasterCard prepaid card.

Security

The safety of your funds needs to be guaranteed by your payment processing service provider at all times. As a result, there is no room for compromise, and considering the reliability of both companies, this isn’t even up for debate. Check out the different approaches they have to ensure that your private information and funds are fully secure and see if it meets your requirements.

Payz

The company behind Payz is fully licensed and certified by one of the most stringent financial authorities globally, the UK Financial Conduct Authority as an Authorized Electronic Money Institution. What is more, they are fully compliant with other standards of the world of finance, such as the Payment Card Industry (PCI), and Data Security Standards (DSS).

While they meet all requirements on jurisdictional legal and industry level, they also aim to ensure users in the service’s reliability. To aid them, Payz offers extensive guidelines and security tips and tricks, as well as 24/7 multilingual support, but users benefit the most from 2-factor authentication. This was only introduced a couple of years ago, in August 2016, but has been largely welcomed and adopted by users, both new and old.

PayPal

PayPal has made a different approach to the matter of security. While they too have invested efforts and obtained licenses from the respective legal authorities, when it comes to the experience of individual account holders, PayPal offers the Security Key feature. This is available at a single flat charge of 29.95USD, but pays of greatly in terms of the functionalities it offers in cases of fraud, cashbacks and the likes.

User Perks & Benefits

Aside from getting all the regular features as part of their payment method, account holders often look for that extra edge that sets one service apart from the rest. Check out what Payz and PayPal have offered in regard to this.

Payz

As mentioned on several earlier occasions...

... the Payz service cares greatly about their user base, so much so that they have developed their own VIP Loyalty ranking system. Starting from the basic Silver level, through Gold, Platinum, up to VIP rank, account holders can benefit from the payment method whenever they use it to fund their favourite online casino games, shop, or other purchases and payments they perform online.

The higher ranks include all the usual benefits such as smaller fees, higher maximum amount limits and further advantages.

PayPal

VIP programs are yet to be introduced by PayPal, if at all, as the company has been able to sustain their customer satisfaction otherwise.

The company ensures...

... all users are able to benefit from any perks and services offered, and only distinguishes between those that additionally hold the MasterCard prepaid card. By using it to make payments, holders can accumulate points and later use them to claim promos, cashbacks or even qualify for prizes and draws.

On the whole...

... both Payz and PayPal are secure and convenient enough to have maintained their reputation so long in such a competitive industry as online banking is. Testimonials from existing and previous users across the net further support their claim, and all it takes is to determine the one that would better cater to your specific needs in order to make the right choice.

Related banking method reviews:

• PayPal Casinos
• Payz Casinos

Written by: Shelly Schiff