Entropay is a little like Payoneer – it provides users with a virtual Visa credit card that they could use for their online purchases. It is quite useful for people who cannot secure a credit card due to their credit history. Also, it keeps your money safe while purchasing products from less-secure online websites. You can protect yourself from possible credit card thefts by using a prepaid card from Entropay instead. This is a product of Ixaris Systems, a London-based technology company that also has an office in Malta.
Entropay Virtual Visa Card
The way it works is simple. You register an Entropay account and get a virtual credit card number that you may use for your online purchases. And it’s not technically a ‘credit’ card since you will need to prepay the amount thus avoiding potential credit checks and also protecting your original credit cards from identity theft. Depositing money to your Entropay card may be done via bank transfer or from a credit or debit card. Any cashbacks, rewards or refunds offered by the seller can be credited to your Virtual Visa
Entropay permits its users to connect their virtual credit card with a bank account. This enables them to refill their credit cards from their banking account whenever required. In addition to this, it also enables you to move money between accounts easily, withdraw funds from your Entropay card to your bank account and protect your account from unauthorized transactions.
Entropay for Business
The Entropay for Business is a virtual MasterCard that lets busienesses avoid bank queues and set up mass payouts to suppliers and freelancers in a matter of clicks. It also allows businesses create unlimited number of online virtual cards for their employees’ business purchases.
Entropay is capable of handling transactions in as many as 14 different currencies, lock in exchange rates and low transfer costs.
It is free to create an account or obtain a virtual Visa card. But every deposit from your personal credit or debit card can cost you 4.95%. In addition to this, getting paid from a merchant will cost you 1.95% of the amount. There are also separate charges for transfers between Entropay cards, a 2% foreign exchange fee on purchases made in a different currency, and a fixed fee for withdrawing money back to your credit/debit card. Here is a list of charges for various transactions.
|Card to card transfer||0.20||0.10||0.15|
|Billing currency conversion service charge||2.75%||2.75%||2.75%|
|Foreign exchange fee||2%||2%||2%|
|Funding by third parties||up to 1.95%||up to 1.95%||up to 1.95%|
|Loading from credit/debit card||4.95%||4.95%||4.95%|
|Loading from bank account||3.95%||3.95%||3.95%|
|Payments to bank account||2.99-14.99||1.49-7.99||1.99-9.99|
|Dormant account fee (after 6 months)||5||2.50||3.75|
|Withdraw to credit/debit card||6.00||3.00||4.50|
Entropay does not enjoy great patronage from customers. A lot of this has to do with the multiple fee that are charged against your account that you end up losing a lot of money.
High Fee: This is the number one reason for a lot of the negative reviews about Entropay. A user who transferred 65 pounds for a flight booking ended up having only 52 pounds in their account after all the fee. You end up losing more money if you want to transfer. Other users point out that fee charged on your virtual cards are nearly as much as you will be charged on your real credit cards. So unless you need to buy something shady, there is no real reason to prefer Entropay over your real credit card.
Unreliable: The way Entropay works runs counter-intuitive to the use-cases. For instance, you may want to use Entropay to purchase flight tickets. These are transactions that you need to get done at the right moment when you get a good deal. But with Entropay, the time taken to credit your account can be quite unreliable. Some users write that the money they transferred from their bank account never got deposited in the Entropay account. Another user writes that the deposit that they made hasn’t reflected in more than ten days. This inconsistency can be really stressful to the customer and I think is something Entropay must definitely work to improve.
Non-Transparent: More than one user are unhappy with Entropay with the non-transparent way in which they conduct business. For instance, one user got their account frozen after booking an international flight ticket between two European countries. Another user writes that Entropay is quite strict about international transactions. Given that most customers would prefer such a service for exactly these kind of transactions, there is a good chance for accounts to get frozen for some rule you may violate unknowingly.
Customer Support: Another area that Entropay doesn’t do well is customer support. The support team is merely a layer on top of the non-transparent administration and customers write that the reasons provided for transaction going missing are often flimsy like bad internet connection or problems with banking partners. Also, I have always maintained that a company that handles financial transactions should always have a customer support telephone and in the case of Entropay, that doesn’t exist and you are forced to rely on their email support for help.
Useful: But all said and done, there are also fans of Entropay who like the site for the service that is being offered. One user says the fee charges are pretty reasonable while another user empathizes with the service pointing out that all the hoops that they make customers go through is to merely comply with the international money laundering laws. The company could probably do a better job if the laws weren’t this strict.
Entropay’s biggest customers are users of Betfair and other betting and casino related sites. So it’s quite understandable why there are a lot of account-freezing and suspensions going on. But having said that, the company does not do a good job with respect to staying transparent or in being reliable and that goes against them. My recommendation would be to only use Entropay when it involves small transactions – figure out better ways to transact for larger purchases.