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ecoPayz vs. Skrill at Online Casinos
Whenever you go shopping...
...for clothes, furniture, decorations or appliances, you always compare and contrast features that are most important to you, and the product itself. This way, you will know which brand excels in which category, and how to make the most out of it without breaking the bank.
The same can be done to choose the banking method you will use to make your future purchases. In the past, people invested a lot of thought into the proper bank they would choose to handle your regular pay, loans, mortgages or savings accounts.
With the leading banks and other financial institutions having distinguished themselves from the rest, it is now time to move onto a proper selection process of the newest online payment processors.
Even despite their comparison...
...to traditional institutions, there are still some services that stand out from the rest. ecoPayz and Skrill are two examples of exceptional companies in the sphere of online banking that have managed to set up and uphold a reputation over the years. As a result, many prospective users’ choice ultimately comes down to these two options.
Since it’s best to make informed decisions about all things finance, check out the top features of the two. It will serve for better insight into their operations, as well as the overall reliability of the establishments.
The earliest beginnings…
…of ecoPayz recognize the company under its old name – ecoCard, established in 2000. It was only 13 years later, when the company had got the attention it deserved, that they decided to rebrand and turn to greater horizons. Soon afterwards, ecoPayz was born, keeping up the good work and additionally expanding to today’s coverage all over the world.
Nowadays, the company offers a range of services aside from their primary online payment transfer purpose, making for an all-round experience.
You can open a ecoPayz account here.
Skrill was ‘born’…
…only a year later than ecoPays, in 2001, under their initial name Moneybookers. By 2010, the service had already achieved massive success, more than evident considering the recognition they have received from the Deloitte league. This is hardly a surprise, considering they were the first company of their kind to receive an FCA e-wallet operations approval.
This brand has also been looking for ways to advance their existing services, acquiring some similar businesses along the way (such as Paysafecard). A sure proof of their smart choices and well thought out business strategy is their current coverage at over 200 countries worldwide.
You can open a Skrill account here.
Payment Methods Comparation
|Payment method name|
|One time signup bonus|
|Account management fees|
|Exchange fees (FX)|
|p2p Money transfer|
|Send money p2p|
|Receive money p2p|
|Instant bank transfer|
|Prepaid card at the ATM|
|To merchant site|
|Requirements to order|
|Fee to order|
|Costs for cash withdrawals at the ATM|
|ATM transaction decline fee|
|Costs at points of sale|
|Stop payment fee for preauthorized|
|Online bank statement|
|New prepaid card|
|Cash withdrawal at ATM limits/24h|
|Points of sale limits/24h|
|Cashback and promotions|
|Two Factor Authentication|
|Fee to order|
|Money-back guarantee in case of fraud|
|Link to Terms & Conditions||No||No|
Competitiveness has only gone up even more with the established payment processing companies going to great lengths in order to keep up with industry novelties. This combination of reputation and innovation has proven successful, and the payment processing account types are a good aspect to start from when making your choice.
Considering the fact that…
…ecoPayz has been in the industry for about two decades now, it is practically expected that they have a variety of options when it comes to accounts. This isn’t mandatory, of course, since some payment processing services choose to be dedicated to a specific portion of the customer pool.
…ecoPayz is a complete comprehensive solution for anyone looking to handle funds online. The service features a personal, business and even a merchant account type in order to meet everyone’s needs.
Each of these can be opened without incurring additional costs for application or registration; still, make sure to choose the right currency for the account, as a flat conversion fee of 2.99% is applicable across all users.
Even if you do end up choosing one, and then changing your mind later, as you progress through the user ranks, you will end up being able to choose from up to 10 currencies per account. And knowing that there are 45 currency options to choose from definitely sets any user’s mind at ease.
Just remember that a dormant account fee of 1.50EUR a month is applicable after 12 months of inactivity, and could affect your bankroll more drastically over the long run.
Skrill users are…
…just as privileged as ecoPayz’, even though this payment service offers a single type of account. Anyone interested can customize and set the tune of their account based on their needs and preferences completely free of charge, while things change a bit after the initial registration.
The regular currency exchange fee found across most payment processors is present here as well – Skrill users are subject to 3.99% charge of the amount being exchanged. While this is higher than the other payment method’s rate, the inactivity fee seems to even things out a bit – should you stop using your Skrill account for a minimum of 12 months, the service will start charging you a 1EUR fee for maintenance.
All this considered, Skrill has 41 currency to offer, and is available as a payment method in over 200 countries worldwide, leaving little room for anyone to resist using their account to its fullest potential.
Making Payments, Depositing & Withdrawing
The main purpose of a payment processing banking method is precisely that – to perform a transfer of funds from one place to another in the safest, fastest, and practically most optimal way. Based on users’ preferences, they are able to choose from a pool of options nowadays, and one key consideration before making the choice are precisely the terms behind these processes.
The users at ecoPayz can process…
…funds transfers in two directions, although they will naturally first need to receive funds from a different method in order to use the ecoPayz account for further online payments.
Speaking of this, users are provided a variety of funding options, from standard bank wires, credit cards and Western Union cash service, to more up-to-date online services allowing you to fund your ecoAccount.
Bear in mind that mostfunding options will additionally charge a fee – only 0.00-2.90% for funding via ecoPayz voucher. Bank wires would charge a fee from 0.00% to 7.00%, while using a credit card for the purpose would subject account holders to 1.69% up to 2.90% fee of the amount transferred.
Some charges apply for withdrawals too, but the main thing that could prevent you from using these conveniences are, in fact, the limits. Users will need to follow the limits depending on their account ranking – Classic being the lowest, initial level, allows account holders no more than €1,000 a day for merchant transactions.
Receiving funds from other third-parties is done completely free of charge with this payment method. Nevertheless, they make up for this convenience with a range of different fees for money sent from Skrill to a designated destination.
The holders’ account ranking …
…plays a part in this as well, with the lower-level users being charged a maximum of 10EUR, while higher ranking ones are only charged 2EUR.
Bear in mind that you can choose to have your Skrill account funded via a direct bank transfer completely free of charge, while using a credit card will subject you to 1.90% fee.
Withdrawals may come at a certain price, but the fees for cashing funds out of your Skrill account are still relatively low enough across most options that you will be able to make the most of your budget. ATM cashouts are subject to 1.75% charge of the amount cashed out, while bank transfers and cheque withdrawals charge 3.95EUR, i.e. 3.50EUR, respectively.
Physical Card Availability
Staying connected to the world of physical means of payment was soon identified as a main factor of success among online processors. As a result, most of the leading providers opted to include this feature in their offering, allowing account holders to get improved access into their own funds.
The dedicated physical plastic card issued by this service known as ecoCard is known for its relatively low, or even non-existing fees across the wide range of functionalities offered. Application is completely free of charge, and account holders should expect to get the card through the mail in a couple of days.
On top of that, they can choose between three different currencies – EUR, GBP or USD. When it comes to using the card for actual payments, bear in mind that each cash withdrawal is subject to 2.00% charge, while the currency exchange remains the same – 2.99%.
Nevertheless, you will need to pay attention to the limits per transaction, as each user ranking, as well as different payment points will feature a specific amount limit. Still, with weekly cashout limits across AMTs, POSs and e-commerce platforms set at €2,000, and monthly up to €15,000, there is enough freedom to manoeuvre even before going up the VIP program ladder.
Skrill Prepaid MasterCard
The prepaid plastic card by Skrill has been developed and currently issued in partnership with MasterCard, meaning it will be available for payments across their global network of accepted merchants. One small inconvenience is that you may have to wait a bit more, 5 to 10 business days to be exact, in order to receive it.
Many expenses have been rendered inapplicable for holders of this card, and holders can ask for PIN changes, statements and reports completely free of charge.
However, they will need...
...to pay closer attention when it comes to the specific amounts they are allowed to go through on a time-limited basis. Those looking to cash out via ATMs can do so with max limits up to €250/€750/€1,500/€3,000/€5,000 depending on your ranking. The same goes for POS and e-commerce payments, although these additionally vary depending on the account holder’s country of residence.
In the sphere of online payment processing, user benefits are actually understood as additional conveniences, separately from the ones that are available for everyone. These are normally awarded, if at all, to regular account users based on the rate of traffic they contribute to the overall network.
This service has developed a full-on Loyalty Program, ranking players based on their VIP levels, in a way. While most of them will additionally be able to benefit from the merchant’s where they are using the payment method – online shopping sites, casinos, poker rooms, hiring services and the likes – they will additionally enjoy certain advantages from the payment provider itself.
As soon as they register and verify their identity...
...these ecoPayz users go from Classic to Silver ranking and start enjoying something along the lines of higher cashout limits and lower fees. Gold, Platinum and VIP ranks are also part of this Loyalty program.
The Skrill VIP Loyalty Program is just as beneficial, only account holders will first need to qualify for the specific ranks and make use of the advantages afterwards. So far, there are four regular ranks – Bronze, Silver, Gold and Diamond, with each asking players to go through a specific amount of funds per month in order to go up a rank.
More precisely, Bronze users going through at least €6,000 will need to up their game to €15,000 for Silver, €45,000 for Gold. Double the amount, i.e. €90,000 is the required amount you would need to go through in order to rank as a Diamond player and enjoy the perks of the position.
There is no debating about the importance of security when it comes to a service intended to help account holders manage their hard-earned cash. While the industry, like most others, has a set of standards and requirements that need to be met, much more has been done by the top payment processors, and ecoPayz and Skrill are definitely among them.
ecoPayz have always been largely aware of the importance to provide compliant and reliable service to their users. As a result, they have openly and eagerly strived to meet the standards of the financial sphere, especially when it comes to the Payment Card Industry (PCI), as well as the Data Security Standards (DSS) requirements. What is more, the service is authorized under the stringent standards of the UK Financial Conduct Authority, a fact they proudly promote straight from their official website, as they should.
For account holders, however, they have additionally come up with a way to bring security closer to their hands. Since 2016, the service offers 2-factor authentication through one-use codes that holders receive via phone or email and use them aside from their regular password.
Much alike ecoPayz, Skrill has also been recognized for compliance with the given standards, as well as authorized by the respective FCA. In fact, when it first started out under the Moneybookers brand, Skrill was known as the first licensed and authorized electronic funds transfer service. Nowadays, aside from these security and precautionary measures, Skrill additionally offers two-factor authentication just like ecoPayz.
On the whole…
…there is hardly a payment method that out-does these two, which makes it that much harder for users to choose one of the other. Either way, there are some differences in fees, availability, currency options and deposit methods, just to name a few.
All you have to do…
… is make sure you know what you want out of a provider and you are bound to recognize it in one of these two’s main features we just covered.
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Written by: Shelly Schiff