How to Deposit With Payz
Depositing with Payz is easy, fast, and secure. Some Payz casinos will have a separate payment solution only for Payz deposits, while others will allow you to use the normal payment solutions for card deposits.
You simply log into your account with the e-wallet and fetch the card details from your e-card from there, then enter these details into the deposit page.
If you have opted for ordering a Payz MasterCard, which is a physical card you can get mailed to you, you can of course also use this. The card number, your name, the expiry date, and the CVC code are all you’ll need to complete the transaction into your player account at your chosen online casino.
How to Withdraw to Payz
By performing a Payz withdrawal, your winnings will be paid out to your e-wallet. It won’t be automatically added back onto the card you used for your deposit, but rather end up in your account.
From there, you can of course find any of your e-cards or your physical prepaid MasterCard. With this transaction, which is a transaction going to an e-wallet, you’ll get the funds as soon as the casino has approved your withdrawal.
If you haven’t used a dedicated Payz payment through the casino’s deposit page but rather performed the transaction as a normal card payment, the funds will return through a card withdrawal. This takes between 1 and 3 business days once it has been approved by the casino.
How to Verify Your E-Card and E-Wallet
The verification of your Payz account is carried out like with any other e-wallet. The company also needs a range of documents to verify your identity, including an ID with a photo, utility bill, and bank statements. All these are standard documents needed to confirm your identity and country of residence.
You’ll of course have to verify your identity and address with the casino as well, as this is always required for a KYC verification, and you can use the same documents as you used with Payz for this. You’ll need to submit a copy/picture of a valid ID and a utility bill or bank statement for proof of address.
It's fair to mention that there have been plenty of complaints regarding the strict verification process Payz has in place. Many accounts have been shut down and funds were voided. If you're curious to learn more, we will cover that in detail later in this article.
Limits and Fees
The limits for transactions using Payz are set by the casino. Usually, these are the same as the limits for normal transactions for VISA and MasterCard. Anything from €500 to €5,000 per transaction is considered normal.
You’ll also have limits from Payz which will depend on your status with them. Factors that can affect your limits include how much you spend and how long you’ve had a verified account with them.
Payz fees will vary greatly. Some casinos charge as much as 5% of the transaction as a fee, while others stick to the normal 2.5% for card payments. The best Payz online casinos will, however, cover these fees for you, so you get to play with every cent that is deducted from your Payz account.
To be eligible for a fee-free deposit you might also have to deposit a bit more than the minimum transaction amount available. This too will differ from one Payz casino to another one. Information about this should be found either in the casino’s FAQ or on the deposit page.
If the casino is not offering free withdrawals then you might have to pay either a fixed rate per transaction or a percentage of the amount you’re withdrawing.
Payz Casino Welcome Bonus
Since Payz can be classified as both an e-wallet and a payment card there is no set standard for the eligibility of casino bonuses when you use this deposit method.
Some casinos will not let you activate their welcome bonuses with e-wallet deposits. Payz might be grouped into these e-wallets as well, which means you may not always be able to use it for your first deposit. If, on the other hand, the casino classifies Payz as a payment card, you’ll be sure to get your bonus.
Payz is not among the cheapest payment methods for a casino to integrate, which is why finding exclusive Payz bonuses is not that common. It could be that some online casinos have special offers for this, but it’s not considered normal.
If you do find a bonus like this you’ll most likely have to use a Payz bonus code, and this will have to be entered before you complete your transaction.
Just note that for a deposit to be identified as coming from this electronic wallet you can’t use it as a normal card payment. Instead, you’ll have to pay by choosing the Payz logo on the deposit page.
Payz vs Skrill and Neteller
Now that we cleared everything regarding what is Payz, let's see how it compares to other leading e-wallets.
Obviously, the main competitors of the service are Skrill and Neteller. Both brands are, interestingly, part of the same company - the Paysafe Group.
In terms of fees and transaction times, all three are pretty much the same. The same applies to limits, as most casinos impose identical restrictions on all e-wallets.
Most negative Payz reviews from online casino players are about the acceptance rates as well as the strict KYC process. While Skrill and Neteller are featured almost at every gambling site, Payz isn't that commonly offered. Moreover, the sister companies seem to have much easier and smoother KYC procedures than Payz. More on this issue comes in the next section.
Issues With Payz KYC Process
One thing to note before choosing to use Payz is the possible issue with the service’s KYC process. Namely, it seems that the company often requests additional documents even after verification has been completed.
If they, for whatever reason, flag your account as suspicious, chances are they’ll close it and withhold your funds. Obviously, nobody wants this to happen, regardless if they plan to use the money for online gambling or other activities.
There are lots of bad reviews about Payz online that highlight this specific issue, so it really can’t go unnoticed. For instance, the service has a poor rating of 3.4/5 stars on Trustpilot and only 1/5 stars on Reviews.io. As we mentioned, most negative reviews focus on this problem.
For instance, Trevor B. complained on 03.18.2021 that they requested proof of funds source and needed that for any deposit. They required lots of paperwork, documents, etc. Eventually, the negative experience ended up with his account getting closed and his funds voided without any process or option of getting them back.
Even on 08.29.2022 another person left a 1-star review regarding the same issue. This person ended up losing $200, and their account was also closed.
It’s one thing to be diligent and operate as regulations demand from you. It’s entirely another thing to have this trail of unprofessional behavior that often strips users of their money. After all, many other similar services exist that handle money, and there haven’t been as nearly negative reviews about this specific issue.
They seem to respond to negative reviews, but the responses seem vague. They always promise to look into the issue, but there are no specific details on whether the issues have been resolved. There are lots of negative reviews, and only in August 2022 five 1-star reviews were left.
Our point is - beware if you want to use Payz.
