ePayments Review Updated February 2021
Updated 12th February 2021 please be aware that ePayments have suspended all activity and the following notice has been posted on their website: We will update you with any further information. On the February 11, 2021 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts. […]
Updated 12th February 2021 please be aware that ePayments have suspended all activity and the following notice has been posted on their website: We will update you with any further information.
On the February 11, 2021 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts. This decision was taken following a review, by the FCA, of ePayments anti-money laundering systems and controls, which identified weakness that required remediation.
We know this will be a very frustrating time for our customers. We apologise for any inconvenience caused and are working tirelessly with the FCA to ensure improvements are made and accounts can be reactivated as soon as possible. During this improvement process, we want to assure customers that their funds are being safeguarded as normal.
We will begin our ePayments review with the fact that it is a financial transfer service that aims to remove the boundaries typically associated with the industry. As an up-and-coming agency, there is a lot that the average person doesn’t know about this company’s transfer process. To understand just how ePayments works, here is what you need to know:
ePayments Review | At a Glance
Founded in 2011, the ePayments Group was primarily set up to facilitate payments for the affiliate marketing industry. As the number of freelance and remote workers grew, however, the company decided to branch out. Available in over 100 countries, ePayments now caters to 300,000 individual clients and 300 corporate clients.
The payment system offers the following services:
- International transfers to bank accounts, bank cards, ePayments clients, WebMoney, and more
- Transfers can be made in euro, rubles, and US dollars
- Mobile fund transfers
The Pros
Although this company may not be as well-known as some others, there are still plenty of advantages to enjoy with this system. Let’s see together in this ePayments review why this service is a good option.
Numerous Transfer Destinations
A number of money transfer services can be rather restrictive about where they allow you to transfer funds. This isn’t the case with ePayments – as mentioned, they are available in over 100 countries around the globe. So, whether you want to send money to Bangladesh or Brazil, you are set.
What’s more, this service gives you the opportunity to send and receive money in quite a few local currencies as well. While this isn’t an option available in every country, some currencies can be selected.
Versatile Transfer Options
Another benefit is that you can transfer money from so many different avenues. Whether you want to send it to another ePayment client or bank account, the process is exactly the same. You also have the opportunity to transfer funds to a bank card.
As ePayment is primarily involved with payment settlements, it is possible for you to send money via other systems such as WebMoney, Yandex.Money, and Qiwi.
Low Cost
When funds are being transferred from one ePayment account to another, the process is free. While you do incur a fee for bank accounts, the costs are quite reasonable. For instance, with local bank accounts, the cost is just $3, for a transfer amount between $50 and $100,000.
Within Europe, you will have to rely on SEPA services and you can transfer between $50 and $100,000 for $0.6. For transfers to other countries, you will need to use SWIFT. Here, the fee is 0.5 percent for the same limits. However, you will have to pay a minimum of $15.
Compliant and Regulated
Naturally, one of the main concerns with any fund transfer system is reliability. This is assured to a certain degree as ePayments is FCA authorized. As such, the company is required to adhere to the FCA conditions. Due to this, your money is safeguarded to a particular limit.
As the company is regulated, it is a great deal easier to launch complaints as well. If you do feel like your funds are being mismanaged in any way, you can simply contact the FCA and an investigation will be launched.
Ease of Transfer
ePayments has a feature known as Payment Templates. Here, you can save fund transfer details in the form of a template. Thus, if you have a tendency to send money to the same account frequently, you can make this task a lot easier. These templates can be changed or deleted as necessary.
There are also numerous mobile fund transfer options as well. With just the click of a button, you will be able to send money to numerous places all over the globe.
Excellent Documentation
There is documentation of every transfer that you make. What sets this system apart from the rest is that it is quite easy for you to create and produce statements based on this. They can be constructed based on a number of different factors, making it easy for you to manage your personal or business finances.
The Cons
ePayments isn’t without its faults, however. In this ePayments review are some aspects that may be most concerning to you:
Cumbersome Verification Process
Perhaps the most perplexing aspect of this service is the verification process. In some instances, the company will require you to send highly sensitive documents to create your account and verify the transfer process. However, these requests may keep getting denied, requiring you to send a greater number of documents. Considering the nature of these documents and the resulting information, this can make potential customers feel rather uncomfortable.
Frozen Accounts
Another frequent complaint is frozen accounts. This, of course, has to do with the fact that the service is FCA compliant and has to adhere to numerous regulations when transferring money across international borders. This results in accounts being frozen, blocked or shut down rather frequently.
Low Limits
This is a system that is best suited to individual customers. Most of the limits top out at $100,000 and can make it for medium or large businesses to conduct business efficiently. For the average person, though, this will not be an issue.
Utilizes Third-Party Systems
As mentioned, this company relies on SEPA and SWIFT for many of its international money transfers. While these are reputable systems, needing to use a third-party system causes the transfers to take even longer. Payments can take several days and unlike some other agencies, there is no option to speed things up.
In Conclusion
As a final word of our ePayments review, there is no denying that ePayments is providing a service that many people need. By removing boundaries from international money transfers, the company is making this process a great deal easier. Not to mention, you now have the option to send money to quite a few remote areas as well. This, coupled with the lower costs, can make this system more accessible.
At the same time, this system can hardly be considered one of the best. The firm is just too new and there are several important issues that need to be addressed. However, for an individual customer, this may prove to be a rather user-friendly option.
