When it comes to transferring money across the internet without using direct banking, most people think of PayPal. If considering an ePayment system commonly used at online casinos that is not PayPal (as PayPal is not accepted by a large number of online casinos, slots sites, bingo sites and sportsbooks) most people would think of Skrill or Neteller.
However, if you want to open an eWallet account that’s accepted by online casinos more readily than PayPal, and you think that the fees associated with Skrill or Neteller transactions are too high (or you have another reason), then you may look for alternatives.
One of those alternatives – and one of the most popular or successful ones – is ecoPayz. Previously known as ‘ecoCard’, ecoPayz is a popular eWallet that is accepted at a very decent number of online casinos. You can of course also use an ecoPayz account to make internet payments at other online merchants and not just for online gambling.
Learn more about how you can use ecoPayz as a deposit method at online casinos here.
A Brief History of EcoPayz
EcoPayz began life in 2000 as ecoCard. Initial success was tough for the new company and it wasn’t until 2008 that they were successful in gaining regulation by the Financial Conduct Authority (FCA). By 2010 ecoCard had launched as both a MasterCard and an iPhone App.
In 2011 ecoCard launched a business account and in 2013 the company decided to rebrand to ecoPayz – ecoCard became the name of the optional pre-paid card issued with an ecoPayz account, and the account itself became known as an ecoAccount. A year later they created the ecoVirtualCard which was an eVoucher system similar to those issued by UKash and Paysafecard. This was eventually replaced by the ecoVoucher in 2016. The ecoCard was replaced by the ecoPayz MasterCard in 2020.
ecoPayz is owned by PSI-Pay Ltd as it always has been. PSI-Pay is a UK company based in West Sussex and remains regulated by the FCA.
EcoPayz – Pros and Cons
- It will not take you long to create an ecoPayz account.
- Can be used at a large number of online wagering sites.
- Transactions are extremely secure and keep your banking details safe.
- Not as widely accepted as a payment method as Skrill or Neteller.
- Transactions usually come with fees.
How to use EcoPayz at Online Casinos
First up, ecoPayz is not a payments facilitator. In order to use ecoPayz at an online casino, you will need to open an ecoPayz account and transfer money into it. Thankfully, opening an ecoPayz account is a relatively simple process.
Your ecoPayz account is known as your ‘ecoAccount’ and one can only be opened online. To do so, head to the ecoPayz site and click on the ‘open account’ link. For your account, you will need to supply a username, a valid email address (for account confirmation) and a password. You will also need to select your country of residence, your language preference and the currency in which you wish to operate your account.
For identification purposes, you will also need to specify your date of birth and your name and address, plus your source of funding (for your finances in general – your salary or pension income, for example). If everything is okay then your ecoAccount should be available immediately. You then need to move funds into your ecoAccount which can be done via direct bank transfer or Visa card, for example.
Next, head to the online casino where you wish to make a deposit and that accepts ecoPayz payments. Go to the cashier and choose ‘ecoPayz’ as your payment method and enter the amount you wish to deposit. Once you have okayed this, you will be asked to enter your ecoAccount username and password. If you do this successfully then the transaction will be allowed to proceed. Your deposited money should be in your online casino account within less than a minute.
You are free to withdraw to your ecoAccount too, although you will probably have been required to have made a deposit from your ecoAccount first before you will be allowed to make a withdrawal to it. The withdrawal process is practically identical to the deposit process except of course you are moving money from your casino account to your ecoAccount, and not vice versa.
Sadly, withdrawals will always take longer than deposits, as is the way of the online casino world. Expect a 72-hour pending period, then a three to five day waiting period. When you choose an online casino at which to play, you should always choose one that promises to process withdrawals as quickly as possible.
You should not be charged a fee for making a deposit or withdrawal by your online casino. Some online casinos do make charges, so you should prioritise casinos that don’t make charges over those that do.
There will be fees though charged by ecoPayz, which is inevitable as ALL eWallets make transaction charges. The fee can be anything up to 10%, but usually, fees are relatively low.
When you share your debit card details, credit card details or bank accounts details online, there is always a slight risk although with the encryption protocols used by online casinos (which are as strong as those used by banks) that risk is minimal.
If you want to reduce that risk to zero, then use an eWallet such as ecoPayz instead. Move funds from your bank account to your ecoAccount at ecoPayz and then to your online account to be absolutely safe. It’s fast, convenient and comes with minimal fees.
Remember, no matter the payment system you choose, always choose to follow responsible gambling best practices.
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Which jurisdictions accept ecoPayz payments?
Do I have to fund my ecoAccount from my bank account?
Why is using ecoPayz safer than using a bank account or a debit card?
Will I get a bonus if I use ecoPayz to make a deposit at an online casino?