What about ePayments now? Are the payment systems reliable?
Clients of the ePayments system cannot access their accounts. According to the latest news, the payment system has frozen clients' accounts as a result of the FCA decision and stopped its operation. There is evidence that the system is not working due to the fact that as a result of the FCA check there were some shortcomings that need to be corrected.
For more details and up-to-date news on why ePayments stopped working, please contact our experts at IT-OFFSHORE. Currently, there are several alternatives to the failed system.
Reasons for ePayments being locked out and consequences
The ePayments system is a payment service. It helps clients create their own debit cards. Using the service, customers could send funds to employees and partners living in other countries.
The system shutdown affected about 1 million users. How long the blocking will last is not specified at present.
According to the latest information, the company reported that there was an agreement with the FCA to suspend activities on client accounts. The company apologizes for the inconvenience and promises that the funds will be protected.
The system has suspended financial transactions due to the decision of the FCA, when the verification of the system regulator failed. Now the service is working with the FCA to restore the system’s operation as quickly as possible.
The company noted that clients' funds are protected, but some of them will need to undergo additional legal procedures. The majority of ePayments clients live in CIS countries, which can complicate the verification process.
Pluses and minuses of payment systems
There are many advantages to using payment systems. One of them is availability. Any Internet user who has an account or a bank card can quickly make payments. You can make payment transactions quickly, in some situations time is up to one minute.
Electronic payments are protected by modern SSL security protocols, and funds can be saved when making a transaction through a reliable payment system. The use of the payment system is often beneficial, as banking and mail transactions may be subject to commission. The systems take additional funds for transfer, and their amount is usually equal to 1%. You can get a payment history quickly.
Despite the advantages, the systems have some disadvantages. You can make a payment only if you have access to the Internet. At performance of payment operations it is required to enter the personal information.
TOP of reliable payment systems
One of the most popular and secure payment systems is VISA card. It supports almost all currencies. The main advantage of using it is the respectability of the system, which was able to gain credibility as a reliable tool for payments. The main disadvantage of its use is high commission.
Another popular service is WebMoney. It is convenient and simple. The plus of application is that payments are processed quickly, the service offers its users different bonuses. The disadvantage is that the commission is quite high, it is charged when you enter and exit funds.
The Yandex Money service is widespread in Russia. The interface is simple, you can quickly understand the functions. The speed of payment processing is high, the service has a high level of security. The only currency supported is the ruble.