Newcomers often address a simple question – why would you use an e-wallet, when it seems to be more comfortable and more convenient to use a bank card? Otherwise, as an alternative, one can always use their bank account (i.e., transfers), instead of having to learn about some other payment platforms.
The answer is rather simple – these are relatively out of date and have loads of disadvantages and thin bottlenecks.
Drawbacks of bank transfers
It is standard practice that for poker rooms, Mastercard or Visa are often used to top up an account. However, at the same time, these people often face the situation that after depositing via Mastercard, they are unable to withdraw the money. Although this has been noted and fixed by various poker rooms, it still worth mentioning and paying attention to in advance.
Quite often, similar situations are encountered with credit cards. Many banks do not like the fact that their funds are used to top up accounts in poker rooms, using credit money. Hence, such transactions often fail. For instance, in the United Kingdom, an official ban has been recently placed upon all credit card owners to be able to use cards for such purposes, i.e., gambling in general.
Moreover, in case you are withdrawing money using bank transfers or cheques, as you are probably aware, the process is costly and time-consuming, which is quite inappropriate in terms of controlling your funds, reasonable timing and flexibility as such.
Sometimes, it is known to happen for bank transfers to get stuck in the middle of nowhere. Then Initiator contacts poker room technical support and being told that money went out. Yet, once this person goes to the bank for his withdrawal, s/he finds out that money has never arrived. The reason is that such transfers are often facilitated by a correspondent bank (or several), which doesn’t only take time but also makes it extremely difficult to trace the money, which has been stuck on the way to your account.
The only practical remedy is to create an e-wallet, so to achieve the needed speed and flexibility.
Advantages of e-wallets
Poker sites often run special offers, which are always limited in terms. For instance, in case you top up your account within a given time, the poker site can provide you with a bonus. Hence, some rapid reaction is required. And it is a shame that you miss out on this opportunity because you are unable to make the necessary transaction within the needed time frames. The only cure is to create an e-wallet, which would allow you to catch such opportunities, given that you have prepared beforehand, meaning successful registration and verification.
After that, you can count on the following benefits:
- High speed of transactions. That is to say that transfers into poker rooms happen immediately, whereas withdrawals may take from 2 hours up to 2 days, depending upon the poker room. For example, major ones like PokerStars or FullTilt Poker are lately known to facilitate immediate withdrawals, which is rather nice to know.
- Protection of financial data. In simple terms, your financial data is not shared with anyone, regardless of whether it is a poker room, affiliated organization, or any other third party. Also, payment systems do not take part in international tax exchange, as banks do.
- Simple in understanding and using. A transfer is made within the matter of a couple of clicks. There is no need to input large card numbers and CVV or run to the nearest offline shop to buy a prepaid card. Everything is performed in the privacy and comfort of your home.
- Comfort. You can use your e-wallet, so to maintain your bankroll upon and promptly send money into poker rooms of your choice. And in case you may decide to withdraw, transfer into a bank account or a card is there for you. You can even order an individual card so to be able to have access to your money 24/7.
- Security. It is very safe to use as any transaction is further protected by unique single-use only code, which arrives in your phone or email. That is enough to provide a high level of security. In contrast, payment systems themselves add more to it (coding their traffic and track fraudsters), additionally teaching their clients to use complicated long passwords and strictly follow security rules. Finally, all of the companies report to a strict regulator, i.e., FCA in Europe.
ecoPayz Payment System
ecoPayz is a European payment system, which is more than capable of covering all of the poker player’s needs when it comes to virtual monetary transfers. Most of the well-known poker rooms do happily accept ecoPayz, and even if some don’t, ecoCard or ecoVirtualCard can be used instead to top up. These can be used throughout the territories of EU/EEA. By all means, ecoPayz is a haven for controlling and holding your bankroll.
The only thing, which should be taken into account is the commission chargeable for currency exchange. However, it is also avoidable, given that all of your accounts (in a bank, poker room, and ecoPayz) are operating within a single currency, ideally Euro. Then you should be able to save some rather noticeable funds at all times, not having to pay for currency exchange commission.
ecoPayz is also suitable for poker players in such respect that in case you register an account via a link of a partner loyalty program, ecoPayz should benefit you with some extra bonuses. Hence, registering yourself via a unique link, you should be able to benefit on the following:
- Prompt verification. The whole procedure shouldn’t take you more than two hours on the workdays (given that all documents are in order and place).
- Life long, free of charge Gold status straight after verification.
- In comparison to competitor e-wallets, this status doesn’t require prolongation. Even more, in a case registered via a unique link, there is no need for turnover within the e-wallet. A status allows to make free of charge transfers to other users, also significantly expanding limits and reducing commissions.
- Preferential maximal VIP status can be granted after reaching 10K Euro turnover, which includes all of your deposits into the account, poker rooms, and to various ecoPayz merchants without time limits. Sooner or later, you will achieve this status, topping up your account and poker rooms, along with maximum possible benefits for their e-wallet.
- Technical support. In case you may have any questions, please do not hesitate to address them in the online chat.
During withdrawing your money, don’t forget the following nuances:
- Withdrawal is only available to those who made the initial deposit. After that, your e-wallet (or bank card/account) is linked to your account. Hence, all personal (DOB or name) and other details must correspond.
- In case you opted for a deposit or non-deposit bonuses, please check the terms and conditions as it may be available for withdrawal only after spending some time and money at the poker table.
- Don’t you forget that all poker rooms usually set minimum thresholds for withdrawals, which may vary for different methods. Yet, payment systems are generally the most beneficiary ones as they are known to set minimum withdrawal limits.
Please note that poker player skills are not only tested at the table but via one’s ability to control their bankroll, benefiting of all the nuances and opportunities, far beyond the poker table. Learn and adapt to the ecoPayz payment system, always remaining better off.
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