EgoPay - A replacement for Payza
Sooner or later every hyip will be shifting to EgoPay from Payza. EgoPay has been around for a while but not much people noticed it until Payza updated their terms of service which kicked out high yield investment programs popularly known as ‘HYIP’ from using Payza. Below is the update posted on Payza’s blog -
Section 6.02 – Activities Not Allowed
- Any indication or demonstration of a literal rate of return on a contribution, payment or investment, while not being licensed to sell or solicit.
Selling of Unregistered/Unlicensed Stocks, bonds, securities, options, futures, or investments in any entity or property, including (but not limited to) corporations and partnerships or sole proprietorship, are prohibited:
- Solicitation, marketing campaign, direct selling or any other comparative effort will be considered a violation of the User Agreement. If you are registered or licensed to take such action, you may be requested to present documentation demonstrating authority to do so from a Securities Exchange Commission, Commodities Futures Trading Commission or other equal and comparative agency.
SInce Payza cannot survive without HYIP industry they created another way of dealing with things. They created a new processor called ‘EgoPay‘ that will deal with hyips and Payza will work as an exchanger for EgoPay. Payza is now forcing hyip admins to move to EgoPay. Obviously, Payza won’t say by themselves that EgoPay is under their ownership but if you look carefully the picture is very clear.
Now let’s talk about EgoPay. What I have seen so far EgoPay is a mixture of Liberty Reserve, Perfect Money and Payza (formerly known as Alertpay). So let us quickly check out the important features of EgoPay.
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EGOPAY FEATURES -
- Instant Transfers – EgoPay offers instant transfers between members.
- Multiple Wallets – This feature is unique and not seen anywhere. Multiple wallets let you use different email address with in one EgoPay account. It is very helpful if you don’t want to share your main email id assigned to EgoPay account. You can add a new wallet which will use a different email address and then you can accept or make payments using that email address. Later on you can transfer funds between your wallets.
- Easy to Deposit and Withdraw – If you are the one who use Payza then you will love EgoPay because you can deposit directly from Payza to your EgoPay account instantly. You can withdraw EgoPay to Payza as well completed with in 48 hours. Fee for making a deposit using Payza is $0.59 + 3.9% and for withdrawal to Payza the fee is 2%.
- Affiliate Income – EgoPay also offers an affiliate program where you earn 1% of your affiliate’s deposit.
These were the main features of EgoPay. One really very important thing that you all should remember is that you cannot dispute any transaction much like Liberty Reserve and Perfect Money. Once you send funds to another account then it cannot be reversed. Point number 6 of EgoPay terms and conditions makes it clear -
- EgoPay does not take part in disputes between account holders and merchants. All transactions are final, irreversible and possible misunderstandings between an account holder and a merchant shall be acknowledged and resolved between them, except in the case of a merchant’s transgression or fraudulent use of EgoPay’s services, declared by a higher legal entity of an account holders jurisdiction. In some rare cases, EgoPay will investigate and reverse transactions found to violate fair practice and are abusing other EgoPay account holders or EgoPay services.
- EgoPay does not offer any guarantees regarding merchants offered services or products, neither the shipping nor quality of them.
EGOPAY ACCOUNT TYPES AND FEES
There are three types of accounts available at EgoPay. First is Personal account, second is Business account and third is Exchanger account. The name itself makes it clear about each account type. Personal accounts are for normal users/investors like me and you where Business account is for those who accept payments on their website for a service or who sell products online. Exchanger account is for those who will offer e-currency exchange service.
EgoPay charges 2% plus $0.25 per transaction for personal and exchanger account types. For business account the fess is 3% plus $0.50 per transaction. But for the first 3 months (that is till 5, October 2012) the ‘percentage’ fees is down to half rate. It means for personal and exchangers accounts the fee will be 1% plus $0.25 whereas for business accounts it will be 1.75% plus $0.50.
OTHER IMPORTANT POINTS TO KEEP IN MIND
- EgoPay is registered in Belize with the registry number 118260.
- You must be 18 years old to use EgoPay.
- One person can create multiple accounts with different email address.
- EgoPay does not allow the following business types: gambling, child porn, pharmaceutical sales, replica, hate, bestiality and tobacco, alcohol sales.
- EgoPay does not hold or take responsibility for wrong transfers, even if the instructions provided by a Merchant are incorrect.