EgoPay Payment System
The list of online payment processors is increasing with every passing day and EgoPay is one of the newest members in the block. Whether it will be able to match up with the leaders of the game such as PayPal, Moneybookers and Payza or not, is still to be seen, however it is already showing prospects. More and more users are starting to use EgoPay for online transactions and so far, most experiences are positive only. EgoPay has some merchants to its credit already such as: Money-Monitor, Lite Forex, FxVV, Web4Africa, Template Maker, Genius 100 etc. The payment processor is based and registered in Belize and follows all the legal requirements of the country.
Anyone can register with EgoPay to send money to people with EgoPay accounts or receive money from them, if he is at least 18 years old. However, services of EgoPay are not available in certain countries, so you must check out whether your country is accepted by this payment processor or not (You can check the same in the sign up page). During account creation, you don't need to submit any identification proof documents, however, on due course, if they believe that your account is involved in fraudulent transactions, they will ask for the same. If you are not able to send them the proper documents, they may close your account. So, it is better not to register an account with fake information.
Let us get into some positive sides of this payment processor now:
Little Fees: EgoPay offers 3 different types of accounts: Personal, Business and Exchanger. Personal and Exchanger accounts have same fees (1% of every transaction worth, plus $0.25), however, for Business accounts, you need to pay a little more (1.75% of every transaction worth, plus $0.5). The fees however will be half during the first 3 months of your account creation. The fees are pretty low in comparison with other leading payment processors.
Safety: EgoPay runs on private dedicated servers. The most advanced protection tools are there for every account as well. You are not only given a password to protect your account, but, a secure pin code is associated with every account as well. You can login to your account from anywhere in the world. But, if the IP is something different from the one you generally use to login, EgoPay will ask for an extra level of confirmation, before you can access your account. Though the safety measurements are not absolutely impossible to be broken by a hacker, these are tough to crack at the same time.
Prompt Customer Support: EgoPay has one of the finest customer support teams when it comes to online payment processing scenario. So far, no delays have been reported in answering to customer queries. The general response time is less than 24 hours almost all the time.
Multi-Wallet Support: This is another unique feature (Only, LibertyReserve has something similar, but not exactly what EgoPay offers) of EgoPay. You can create multiple wallets under a single account and use the funds in the individual wallets for a purpose of your choice. So, say you want to separate the expenses for your website maintenance from what it takes to buy certain services- you can easily do that using EgoPay's multi-wallet functionality.
Many deposit options: There are many options for you if you will like to deposit some money into your EgoPay account. You can use bank wire, credit cards or any of the exchanger services mentioned in EgoPay's official website.
USD and EUR support: EgoPay supports both USD and EUR. So, if someone pays you in EUR, but your primary currency is USD, no extra currency exchange fees will be charged. For payments made in other currencies, general exchange fees will be charged to the account holder. However, this fee and currency exchange rate is only finalized after negotiation with the account holder.
Now, let's get into some features of EgoPay that are not really advantageous and some of these can be exploited by scammers as well:
No Direct Withdrawal: This is important to note that you cannot directly withdraw any money from your EgoPay account. You basically need to exchange your money into some other payment processor and then withdraw funds through that payment processor only. The good thing is that EgoPay has listed some currency exchanger recommendations in its website. However, they ask to be associated with those only if the account holder has verified all the information of the exchanger service.
No Seller or Buyer Protection: EgoPay doesn't hold responsibility of any transaction once it is completed. Now, if you send a payment by mistake or someone has just scammed you, it is not possible to put a hold on the transaction you made. However, EgoPay may intervene in some of the rarest occasions, but, it is not clearly mentioned anywhere that what they mean by the rarest occasions.
Multiple Accounts for Same User: This feature can be exploited by scammers from all over the world. EgoPay allows users to register for multiple accounts, each time with a different email address though. However, they ensure that each of the accounts complies with the rules and regulations set by the payment processor.
No identity verification: Again a feature that can easily be abused by scammers. EgoPay does not ask users for any kind of verification document such as identity proof or address proofs. While this can be very advantageous to users who like to skip all the hassle, scammers may use it to run away with money of others. However, certain proofs can be asked by the payment processor if multiple reports were made against a specific account holder.
EgoPay has both its advantages and disadvantages. But, nothing can take the fact away that the site is very easy to use. There are some rumors of it being affiliated with Payza, but again, no confirmation on that front as of yet. If certain features like transaction protection, withdrawal option etc. are added, the payment processor will easily become an option for numerous online merchants. Also, a bit of promotion is required for EgoPay to catch up with other giants such as PayPal or Moneybookers.