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Payza Payment System

First, it was Moneybookers which changed its name to Skrill. Then, it was the time for AlertPay to change its name and become known as Payza. Payza has been operational for quite some time and now it has more than 9 million members. With time, it has become one of the biggest online payment processors and currently around 80,000 merchants from all over the world use it.

Some Basic Facts

The Corporate Headquarters of Payza is located in London (It is registered as MH Pillars Limited in United Kingdom) and the Operational Centre is situated in Montreal. There are other regional offices in different cities such as New York, Mumbai, Dhaka and Solna. Payza has already won numerous awards for being a convenient online payment platform and it looks forward to extend its support beyond the reach of its competitors. The design of the official website is pretty clean and at the same time intuitive. Payza officials claim that their intelligent fraud prevention technology ensures that the money of their customers is always kept safe.

Different Accounts

Payza offers three different types of accounts for its users: Personal Starter, Personal Pro and Business. Opening an account is free for all the three types and you can send funds for free as well, no matter what type of account you have. Though receiving funds is free for Personal Starter, there is a fee for the other two types (2.5% of the transaction amount + $0.25). You can load money to your account by a money order, bank wire, credit card or certified check. Loading money via certified check and money orders is free, but fee is applicable for the other two methods. You can withdraw funds by a bank wire, bank transfer or check depending on your country of residence. It is possible for you to change your account type from the settings menu, after you log in.

Payza Prepaid Card

This is neither a credit card nor a preloaded debit card. This is kind of a reloadable card and through this you can deposit money. You can transfer funds to the card from your Payza account and you can use the same anywhere in the world where Visa is accepted. You can use it to withdraw cash from Visa sponsored ATMs or make online purchases. A unique transactional pin is associated with every Payza Prepaid Card and you can change it from your account. This transaction pin is required whenever you try to make a transaction through the Payza Prepaid Card.

Resolution center of Payza

This feature of Payza works similar to that of PayPal and both buyers and sellers are protected through it. If you feel that an unauthorized transaction was made from your account, you can send Payza customer support team an e-mail or directly call them during the working hours of any weekday. If after buying something from a seller, you haven"t received your item or you didn"t receive what you expected or the delivery exceeded the expected deadline, you can file dispute against a transaction. Once a buyer files a dispute, Payza officials try to contact the merchant and resolve the issue by coming up with a mutually agreeable solution.

Business Account verification

If you have a business account with Payza, you need to verify the same with at least one proof of ownership document. The proof of ownership document can be any of these: tax registration document, general business registration document or an article of incorporation. You can upload the scanned copy of the document through your account and then send it to the customer support team. Once review is completed and all the information is found to be true, your account will be verified. In case your proof of ownership document is rejected, you need to rescan a clearer copy and resend the same.

Payza Security

Payza does not share any user information with others, unless ordered by courts of the respective country. You need to give a primary password and select security questions & and answers in the account. Remember, you can reset your password, but not the security questions or answers. Payza ensures that all the transactions done through the payment processor is safe with a 256 bit Secure Socket Layer encryption. Payza normally keeps a track of the IPs used to access an account. So, if you"re trying to access the account from a different country, intimate the customer support team of the same first. Otherwise, your account can get restricted. If you feel that your account has been compromised in any way, you should immediately get in touch with the support team. That being said, there have been nominal complaints of an account compromise.

Multi-currency system

You can send or receive funds through 22 different currencies. You will always have a primary currency in your account; however you can change the same as you wish. You can even transfer account balance of one currency to another. In this case, standard foreign exchange rates will apply.

Scopes of Improvement

There are some areas on which Payza needs improvement:

  • Many consider the fees of Payza (This is not applicable to Personal Starter account) to be very high. Though receiving money fees are not that high, in case, you want to withdraw, charges are pretty huge if compared to other online payment processors.
  • The features of the Personal Starter account are somehow limited and that causes inconvenience for many users, if they just don"t wish to upgrade their accounts.
  • Many users have claimed of a bad customer support when it comes to Payza. Many say that their queries were not properly answered within due time and sometimes, customer support team didn"t have an answer to the questions asked. To be honest, customer support department is something that can always cause trouble because of a specific person or situation. That being said, there are obviously scopes of improvement.

When it comes to popularity, Payza is still somehow lagging behind PayPal and Moneybookers. The features of Payza are almost comparable to the other two leading payment processors; however, additional advantages offered to the users will probably give Payza that extra lease of life through which it can go forward and become a leader in the industry.

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© BestChange.com – 11/15/2012
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