As you are aware of the latest news from Payza is that, they will no longer be dealing with high risk websites (HYIP). This news has been long overdue since from the time Alertpay changed its name to Payza, it was obvious that things weren't going to be the same again. The admendments of Payza's User Agreement has excluded companies that offer "a literal rate of return" in their program.
So, what does this means to HYIP and other programs. As for yesterday, all HYIP using Payza as their payment processor received this message from Payza administrators;
"This email is to notify you that your industry is no longer supported by Payza. Due to an increasingly stringent regulatory environment associated with your industry, which has been reflected in an update to Section 6.02 of Payza’s User Agreement, we can no longer process payments for your business industry. Because Payza is a licensed money transmitter agent, Payza must conform to the standards and regulations imposed by the U.S.A. and its individual state regulators. As a result, your industry has been included as one of the industries Payza can no longer support.
As of July 20, 2012, we will be required to conclude our business relationship with you and terminate your current Payza account. Please be sure to close your Payza account and withdraw all of the remaining funds. After July 20, 2012, your account will be automatically closed or restricted. If you are not able to withdraw your funds before this date, you must contat us for an assessment of your fund withdrawal eligibility.
As it is not our intent to hinder your business, we would like to suggest EgoPay, one of our most recent authorized e-currency exchangers, to help with your transition.
For additional details on how Payza can help you with this transition, or if you have any questions or concerns, please contact our Business Development Team at bizdev@Payza.com.
Thank You for your understanding,
The Payza Team".
From last paragraph, you can clearly see that Payza recommends Egopay. There is a rumor already going on that EgoPay is managed and ran by Payza team which would be a good thing, since Payza has already managed to create a good reputation when it comes to handling money.
These change in Payza policy especially when it comes to HYIP has created some panic and HYIP administrators are now requesting their members to register a new account with EgoPay. You can find a lot of those message in different forums. This is one of the messages that I found in one of the forum; "As we all know Payza will be removed from all HYIP's programs on July 20, 2012 and they are requesting each investor on any HYIP to transfer from Payza to EgoPay".
So, what is EgoPay? EgoPay is an electronic currency (e-currency) that is offering simple ways to purchase and pay for services. It is registered in Belize under the registry number 118260.
Who Can Register with EgoPay
Registration is open to anyone above 18 years and restricted to different countries. You can see the list of the allowed countries once you start the registration process.
You are allowed to have multiple accounts provided you stick to their term of use and use different email for each registration.
No identification document is required during registration but you must use your real name and real personal information for future references.
Your email account is your account identification.
Account Funding
One good thing about EgoPay is that you can fund your account via Payza, bank wire or other exchangers that they recommend. This will be an advantage especially for those members who already have a Payza account but this comes with price since you have to pay for Direct Payza funding cost of 3.9% + 0.59$ per transaction andwithdrawing cost 2%.
Sending Money
The fees for sending money depends on the account;Personal, Business or Exchanger. Personal account EgoPay transfers are cheaper than Payza ( 2% and $0.25), while business account transfers are more expensive (3.5% and $0.5) than Payza. The Exchanger account is $2%+0.25.This charges will start been implemented on 10/5/2012. For the first 3 months you will be able to pay half percentage (in percentage only) of the fee indicated. Note that, you can only send money to an EgoPay account holder.
One unique feature that I have liked is the security colorwhich will appear whenever you are logged in. The other feature is the ability to set the maximum number of minutes that you would like to be logged in.
Lastly, EgoPay seems to be a good alternative to Payza. The website seems to be very secure and everthing else seems to be in place. For now, we can just wish and hope that they will live to our expectation. Visit EgoPay and learn more on how you register a new account.
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