Egopay is a Scam
Those who have been following the e-currency industry, and have been paying attention to Egopay are well aware that Egopay was created in an effort to bypass financial regulations that were hindering Alertpay’s ability to carry out business as usual. Instead of blocking shady businesses from using Alertpay, the company was split into two separate payment processors.
Alertpay officially became Payza, and a new payment processor was created by the name of Egopay. Unlike Payza, Egopay can only be funded through exchangers, making it very similar to other online payment processors such as Liberty Reserve. The only difference is that the main exchanger for Egopay is Payza, which is set up in such a way that users can convert money between the two companies with relative ease. The system was set up in such a way that Egopay could continue dealing with shady businesses, while Payza was able to develop a clean reputation, enabling it to work with credit card processors and banks.
Aside from the shady ethical and legal framework, the system appears to be legitimate, however that is far from the case. After careful research, we are confident in our statement that Egopay is a scam for the following reasons:
1) Account Blocking
When Egopay and Payza were separated, the belief was that Egopay accounts would be safe from arbitrary blocking. This is far from the case. There have been countless reports of users who have been locked out of their accounts due to “suspicious behaviour,” without a full explanation. Many of these users are still unable to access their accounts.
2) Payment Reversals
The primary selling point of Egopay is that payments cannot be reversed. Unlike Payza and Paypal which are both subject to payment reversals, Egopay was supposed to operate using the “Get paid, stay paid’ principal. This is far from the case. Because Payza is the official Egopay exchanger, it is unable to distance itself as a third party and accept the risks that exchangers usually face. As such, whenever the exchanger takes a loss, Egopay reverses the transaction. Just because you get paid with Egopay, don’t expect to stay paid.
3) Horrible service
Exchanges from Egopay to Payza have been known to take as long as two weeks, and in certain situations are never completed. Customer support emails are also rarely replied to.
Overall, Egopay is an awful payment processor which should be avoided at all costs. While it attempts to distance itself from the Paypal/Payza model, it fails to do so, and leaves customers holding the bag when things go wrong.