Bitcoin Forum

Please post any questions you have regarding our service in this thread...

So are yall gonna make a sequel to Middle Men?


I keed! I keed!

I guess i should of made it known that i have seen that movie - i guess thats another connection for us  ::)

How exactly does one pronounce the name? Pack sum?

I think you mean 'should have', which then becomes:

Should've

Professional/grammatically correct writings will go far toward instilling trust in your users.

Yep, that's how it sounds out :)

Here's some more information:

Paxum is a Canadian Incorporated Company. We are located and based out of Quebec, Canada. We are registered with FINTRAC as a Money Services Business (link - http://www10.fintrac-canafe.gc.ca/ms...19556-eng.html)

Paxum is an EWALLET PAYMENT SERVICE

We are not an e-currency. We are not a payment processor, we are an EWALLET PAYMENT SERVICE.

With Paxum there are two parts to your account; the Paxum ewallet and the Paxum Mastercard. Everyone gets an ewallet when they sign up, and everyone can request the Paxum Mastercard as soon as their account is verified (whether you have funds in your account or not) and it will be shipped out absolutely free.

Verification takes 24 hours usually and requires a photo ID and a proof of address.

Signup is free, there are no monthly fees. We offer Peer 2 Peer (P2P) as well as Business to Peer (B2P), B2B and P2B payments through our service.

Clients have a number of funding and withdrawal options for their Paxum account; wire, check, ACH (in US), withdraw to an already existing credit/debit card, and of course withdraw to the Paxum Mastercard (one of our most popular options).

At the moment the Paxum ewallet is available with USD, EURO and CAD checking accounts, and Mastercard is available only in USD. When clients use the Paxum Mastercard to make withdrawals there is NO ADDITIONAL PERCENTAGE ADDED to the Forex Fee. Many of our International clients truly appreciate this feature since it saves them a considerable amount of money.

With regards to the banks we use; we use the CIBC in Canada, and we use the Choice Bank of Belize as issuer of our International Mastercards.

I'd be more than happy to answer any specific questions anyone has about Paxum so that you can have a clear understanding of our company and what we can offer you as a customer.

We also provide a full list of fees and limits on our site - www.paxum.com

Contact me directly:
ICQ #233-854-608
Email ruth@paxum.com
AIM/YM/SKYPE - PaxumRuth

Thanks :)

For our account verification process, we have to submit proof of identity and proof of address.  On your website it appears that only scanned/digital copies are accepted.  Is there an option where we can physically send (via snail mail) copies in instead and have them kept OFFline?

Absolutely we can accept your verification documentation via the postal service if you prefer.

Please send us CERTIFIED COPIES of your Photo ID.

If you are located in US/Canada then an International Passport or Drivers License is acceptable as proof of ID AND proof of address

If you are an International client then you must provide either an International Passport, or 2 (TWO) Government issued Photo ID's.

On the Notarized/Certified copies we MUST be able to see the SEAL, SIGNATURE and PHONE NUMBER of the notary office.

For proof of address we accept a utility bill, credit card statement or bank statement. This document does not have to be notarized, however it must clearly show your name and address and the issuer information. If you are sending a statement with financial information on the document, please feel free to black out that information, but do not black out the primary information we need to see; name, address, name/address of issuer.

Paxum Inc.
3484 Des Sources Blvd., suite 205
Dollard-des-Ormeaux, Quebec
H9B 1Z9
Canada

Is our mailing address. Please make sure to note the EMAIL ADDRESS you use with us when you send in your documentation so that we can match it to your account.

Thanks for your interest! :)

Thumbs up! This is the way to do business, Dwolla should watch and learn.

I think the 2nd part of his question was whether these certified copies would be kept offline or would they be scanned and stored electronically.  There's still a lot of apprehension about these sorts of dox being stored in a db since they'd be vulnerable to an intrusion.

None of the submitted verification documentation is kept on an accessible server. All documentation is retained OFFLINE, even if it's submitted ONLINE.

We value the security and privacy of our clients :)

Will the user be able to withdraw his money after the account is terminated?

And second question:
I don't understand the phrase "Canada and/or Belize". If you are a canadian incorporated company, where does Belize come from?

Are you still mad that Gretzky went to LA?

I'll quote the whole thing, since it does have relevance:

6.1. Paxum reserves the right to terminate this agreement with the User for reasons below:

(a) Receipt of potentially fraudulent funds;
(b) Opening multiple Paxum accounts;
(c) The account has been used in or to facilitate fraudulent activity;
(d) Name on the identity papers do not match the name on the Paxum account;
(e) Receipt by Paxum of excessive complaints regarding your account, business or service;
(f) Use of an anonymizing proxy:
(g) Refusal to cooperate in an investigation or provide confirmation of identity when requested;
(h) Using Paxum E-Wallet for activities listed in section 3.4 of this Agreement;

Based on the listed reasons that you are referring to (above), it is unlikely that the account-holder would be able to withdraw their funds after account termination. Each case would be individually investigated and evaluated at the time to determine a decision.


Belize is the location of the card issuer for the Paxum Mastercards. Hence, some parts of the agreement are governed by those laws.

hahahahahahahaha

I am considering using Paxum in my upcoming currencies/futures bitcoin trading platform, and that's why that list makes me a little bit nervous. I understand the individual approach and it's great, but if we come from the law side, then starting from the very first point:
(a) Receipt of potentially fraudulent funds;

My exchange would operate very typically: Customers deposit needed amount of money to the exchange's paxum account (provided they want to use paxum, just a paxum-paxum account transfer) then buy/sell futures contracts and bitcoins, and withdraw money back to their own account (again just paxum-paxum account).

As any broker or stock exchange, I am not interested in the origin of money being deposited or withdrawn. My primary concern is providing the market to buy/sell bitcoins and futures contracts.

Now imagine if someone who you consider as fraud, decides to trade on my exchange, and transfers me his $1000 using paxum. Would you close my account then? Logical answer is yes, because it falls to the (a) clause of your terms. Oh well, and to (c) too really.

(f) is also a tough point. What is a definition of anonymizing proxy? My system would be placed across different servers, and my own payment processing services would be running on at least a few of them to provide fast automated deposit/withdrawal. Would it be considered as using a proxy?

Thanks for information, it clears the question of course.

Fraud prevention and Anti Money Laundering are top priorities for us at Paxum. If we encounter fraudulent activity we investigate immediately.

We do not take action unless/until we have concrete evidence of fraudulent or criminal activity.  The TOS is in place to protect both Paxum and our clients.

We work with our clients and we hope they will work with us. In the examples you give you would receive communication from us relating to the issue, and seeking your assistance with our investigation. Presumably you would respond to us and comply with our investigation. Results would be determined based on information provided and FACTS and then any necessary action would be taken.

It is not in our best interests to penalize legitimate clients for actions made by others.

In relation to your query about anonymizing proxies, I will discuss your setup with our techs and see if it would cause any issues. Like I said, we do try to work with our clients :)

Thank you very much for your answers, I guess not everyone is as brave as you to defend their company and their system publicly. As for me, I have no other questions for now, and hopefully my questions are interesting for other readers in this thread.

I was going to ask if their polar bears are sick of being used as public transportation vehicles.

In plain english : "if for any reason we dislike you we get to make stuff up, close your account based on it, and keep your moniez"

WTF... Anonymizing proxies are legal and legitimate.

"We will sometimes act like we're the cops and moneyrape you if you disrespect that authority"

By whom ? An independent party like... Paxum ?

Belize is the location of the card issuer for the Paxum Mastercards. Hence, some parts of the agreement are governed by those laws.
[/quote]
That's just laughable... Next time I'll write terms of service I'll put it under every funny jurisdiction possible and cherry pick the laws I like depending on the situation, each time I have to go to court I'll go simultaneously in Belize and Canada...

I'll just quote nanaimogold here, he might actually be right :


and

I plan on using the Pirate Party VPN (https://crm.pirateparty.ca/vpn) for all HTTP traffic (at the router). I am also considering using a Swedish VPN provider that accepts bitcoins for my laptop.

The VPN tunnels are in response to Internet Surveillance Legislation (http://www.michaelgeist.ca/content/view/5733/125/) and my ISP disclosing that they may tamper with my Internet access (27e) (https://www.uniserve.com/about/terms-of-service/). For my laptop a VPN tunnel is justified because I can never be sure how much to trust open access points.

Edit: I also plan on setting up an IPv6 tunnel with Hurricane electric (http://tunnelbroker.net/) since my ISP does not yet support IPv6, and the first IPv4 addresses will run out (in the Asia-Pacific region) by the end of the year.

If your considering Paxum as a replacement for your funding source, you need to be aware of the fees. I found them hard to find on their site, but it appears there is a $5 USD fee for transfers to and from your bank account via ACH.
There is also a $1.00 fee to transfer funds from Paxum to Paxum account.

So, what this means to us miners is this:
You sell your BTC on your exchange for USD. Then when you transfer your USD to Paxum from the exchange, you will incur a $1.00 charge.
Then, when you want to transfer your USD to your bank account, it will costs you $5.00!!!!

So, you will need to figure that it will now costs you $6.00 in fees when you sell your BTC and then get that money to your bank account.  With Dwolla, the total charges only equated to $.50

On top of these super high fees, you will be forced to provide photocopies of your personal information to Paxum in order to comply with their TOS.  You have to send in a photocopy of your ID (passport or drivers license) and then to prove your address, you need to send them a photocopy of a utility bill.  I DO NOT like doing this with any web base company! Hell, I dont even like giving this kind of personal information to my own brick and mortar bank!

If you plan on using Bitcoins as a secure and private currency, I highly recomment NOT using Paxum as a funding source to buy or sell Bitcoins.

Yeah I don't like this. Being a web based company and asking for such personal information doesn't make me feel comfortable at all.

Also why does it cost so much to deposit direct into a bank or maybe I'm missing something. So My question is this, If I wanted to transfer funds from my Paxum account to my Canadian bank account how much would that cost me since the Paxum Mastercard is only available to US customers.

I was under the impression the card was open to all customers, but denominated in US funds.

Yeah now that I read it closer it says USD not US. *sigh*

So if I wanted to transfer funds from Paxum to my Canadian bank account how much will that cost?

Just to correct one thing mentioned here.

Paxum transfer by personal account is 0.25 and paxum transfer by business acount is $1.

So if you as personal account holder send money to any other personal/business account it would cost you 0.25 thus if you deposit your funds thats allready in paxum to an exchange the deposit fee would be 0.25 and when you withdraw from an exchange it would be $1, all these fees are fixed fees.

Why do you post this thread in "Bitcoin Discussion" if you don't even provide any services in Bitcoin?

Because  eventually paxum will actually provide a better service to bitcoin than dwolla ever could. If T T Tradehill was dwollas second biggest customer/merchant then its to Paxums benefit to keep the community up to date regarding their service. This issue has been thrown around in the forums for days now... read up!

Thats correct Clipse, I didnt realize there was a difference in personal and business fees.  But, still, it will cost miners $1 to withdraw from the exchange to Paxum.
You also need to be aware that to send or receive to Paxum from your bank account, that is a flat fee of $5 both ways.  So, it will still cost a total of $6 to transfer money from the exchange to Paxum and then to your bank. :(  That is significantly higher than the $.50 it would cost for this same transaction chain at Dwolla

Unfortunately, pretty much every company's terms of service can be summarized that way. We can do whatever we want, take your money, send you nothing, and you can't do anything about it. Your ultimate recourse is always, of course, to sue them.

Yeh, you are right that it cost more than the 0.50 with dwolla but from what I can see this is the only alternative we have now (afaik dwolla is still accepted by mtgox) and dwolla was allways US only so with Paxum atleast non-US citizens have a real alternative. Trust me trying to move Libertyreserve around is way more expensive for alot of non-US users so this Paxum method is relieving.

I'm sorry you had difficulty locating our fees. The link is visible in our menu headers on our website - FEES

Link - https://www.paxum.com/payment/fees.php?view=views/fees.xsl

Personal accounts are charged $0.25 USD per P2P transaction
Business accounts are charged $1.00 USD per P2P transaction.

We have a strong Know Your Customer policy, and strong Anti-Money laundering protocols in place. This requires that we ask for certain documentation in order to verify your account. All documentation is kept offline on a secure server.


To transfer funds to your Canadian bank account you would currently need to use our Wire option, or Check withdrawal option. International EFT is on our list of future implementations.

Please do note, the Paxum Mastercard is available INTERNATIONALLY - WORLDWIDE. You do NOT need to be a US customer in order to request the Paxum Mastercard. You do NOT need to have any funds in your account before requesting your Paxum Mastercard. All Fees are listed on our site (as linked above)


We were asked to do so in the Tradehill thread about adding Paxum. It was suggested we start a new thread to cover all questions people may have.


Many of our clients have the Paxum Mastercard which enables them to transfer their funds instantly and withdraw them immediately at a local ATM, or through purchases made online or in a store (the Paxum Mastercard is a fully useable credit card embossed with name, expiration date, CVV, etc). ATM withdrawal is $2 USD per transaction. Daily limits are $2,500 USD and you can withdraw that as one lump sum if you prefer.

As stated, all fees are visible on our site. We do not have any hidden fees.

I signed up any ways just to see what the site UI looks like and how it works. I noticed that I'm able to add my Canadian bank account to the list of EFT bank accounts to withdraw or deposit to. I'm confused about this. If I add my bank and try to make a transfer will it just fail since you don't support International EFT?

When can we expect support for International EFT?

This one totally irked me as well. Was considering paxum, but after this one - no go, and probably will not consider it even if they change this thing. Wtf? i already have paypal to phuck me up, I don't need a second one

I think this rule regards your use of an AP in the course of communications with them, not your use of an AP in general.  It's part of the whole "know your customer" thing.  IOW, you can hide from others all you like, but you can't hide from your banker.  :)

It has nothing to do with "know your customer". When you log into the site you have to provide your credentials. I think it is more likely that they try to use IP addresses to detect fraud. With IPv4 addresses running out in the next 2 years, more and more users are going to be using shared IP addresses until they make the leap to IPv6. I don't see how they are going to distinguish between ISP-level NAT and an annonymising proxy.

If I set up my router to tunnel all HTTP traffic, I would have to take  specific steps to avoid using my "proxy." I suppose the easiest way of doing it would be to leave HTTPS traffic alone (since it is supposed to be encrypted and authenticated anyway). Paxum appears to use HTTPS by default.

First of all, they are not a bank. Second, they already request quite a lot of personal documents, so tracking the IP won't help that much. And third, real banks don't care how you access their internet bank. They care about whether it's really you who's logging in to the internet bank. I can log in to the banks where I'm serviced from any place, using any kind of connection, and I never hit any limitation from their side. That's talking about some major european banks of course, I don't know about smaller banks though.

In regard to ANONYMIZING PROXIES

We need to know who the person is that creates the account, who logs into the account,  who transfers the funds, etc, in order to prevent fraud and identity theft.

This is NOT a Major rule, and is simply in the TOS to protect against abuse of our system. Fraud prevention is one of our top priorities, and this is simply an additional security measure to prevent against fraudulent use of our system.

If at any time a Paxum account is terminated for the ANONYMIZING PROXIES Terms of Service clause, please do note that ALL FUNDS will be delivered to the Paxum client in question should the account be closed. (by check, or wire).

Paxum is NOT an anonymous payment service, and we do follow a strict KYC policy to protect against fraudulent use of our system.

I hope this addresses your concerns. :)

1) When you dismiss your cheap and unprofessional programmers/admins? 
2) When you replace your ugly and unprofessional site backend?

Your current system is a joke: near to zero usability and full of security holes.
Your software is unstable for almost a year, and still not progress here.
Please STOP hiring cheap php "programmers".

Would Paxum ever consider switching from playing the middle man, and just let people exchange their currencies to Bitcoin directly on their site? Would be another source of revenue, and an advantage against Dwolla.

:)

A few posts above I was said that's it's highly unlikely for a client to receive his funds if account is closed due to violating TOS. Sorry, I don't want to nitpick, but in terms of financial things when e.g. funds of a whole exchange with thousands of users would depend partially on you, this is too important.

Why do wires take 3+ business days to clear?

This has not been discussed at all, however I will send the suggestion along. Thank you for your feedback :)


Each individual case would be evaluated accordingly and a decision would be made based on the facts in the case.


Wires take 3-5 business days to arrive to us. As soon as we receive wires to fund accounts we deposit them immediately to the appropriate account.

Can I fund my Paxum account with my U.S fund account that I have in Canada? It is a TD U.S fund account.   

I see on your home page that unverified account can still receive fund.

Can they also do peer to peer transactions?

So if I want to add funds to my EUR account using a bank transfer, it costs $50?
Don't you think it is a bit too much?

I opened an account with PAXUM but then saw the requirements.
I don't send my documents to no one, noway, nohow in this day and age. I'll find another bitcoin exchange source to conduct business with. So PAXUM is not for me. Bikerbum

P.S. Please close my account. I requested on site but got no responce.

How long do accounts take be 'Verified' once all the information has been submitted? Just so I know how long to wait. :P

If you managed to upload all the documents correctly, which I think is humanly impossible, then it would probably take about 24 hours. 

At least that was my experience - generally they would have a document reviewed within about 24 hours of me uploading it.

Why does your company pay 2 people to chat on the forum of a relatively small community?

Edmonton and Quebec are no where near each other.

http://maps.google.com/maps?saddr=Edmonton,+Alberta,+Canada&daddr=Quebec,+QC,+Canada&hl=en&ll=49.037868,-86.132812&spn=47.767663,114.169922&sll=37.0625,-95.677068&sspn=56.637293,114.169922&geocode=FYwCMQMd7EU8-Skj_96ARSKgUzFdFfZKDKAfQQ%3BFVMpygId1OvA-ymTiNsFipa4TDEDOujwYy3Fjw&mra=ls&z=4

I'm not a Paxum employee, but:

1) maybe this isn't all they do, and

2) maybe they think bitcoin has a good chance if growing in the coming months/years, and asking two employees to stay in touch with the community is not a bad idea

Paxum: what are your plans for offering the ability to transfer funds to/from a local bank account of yours in countries further afield? eg. Australia, New Zealand etc.

I tried progressively removing the dots but still no page found, so tried www instead of www10 but still no page found, so tried the search on main page of the wqww which took me to

http://www.fintrac-canafe.gc.ca/search-recherche/1-eng.asp?QU=Paxum&x=1

Which is a page found, but its basically a page claiming it never heard of any Paxum...

-MarkM-

http://www10.fintrac-canafe.gc.ca/msb-esm/search-recherche/msb-details-119556-eng.html
found here: http://www10.fintrac-canafe.gc.ca/msb-esm/search-recherche/search-eng.html

We are working on adding EFT for additional countries. We hope to have this service available soon.


Thanks Rino for providing the correct FINTRAC link to Paxum's MSB registration :)

ok, here's my question -- why is paxum using their blog to promote a porn site?

For a limited time Adultcontent.nl is offering a special 10% discount when you pay with Paxum.. ! Check out the... http://fb.me/1gzvxtK3R

http://twitter.com/#!/paxuminc/status/108980453863718912 (http://twitter.com/#!/paxuminc/status/108980453863718912)

I also wonder about this for NZ.

Hi,

I clicked on Proof of Identity and am greeted with the following:

"Please upload a scanned image of a document containing your address."

My passport does not contain my address and maybe can be amended.

And for the address part:
    * Proof of Address, one of the following:
          o Bank statement
          o Utility Bill
          o Phone Bill

But Phone Bill is not available in the drop down further down.

Sorry for being picky and look forward to a smooth process.

Edit: This is a very picky process and am now at my third attempt to upload my passport. I have trouble believing it can be so difficult for me to complete this to your satisfaction.

Can the Paxum prepaid card be loaded by an online bill payment?

Hi!
I have a question: You participate in CRS exchange of information? ;)
If so, with which countries?
Where can I find this information?

I am having problems verifying my account, I did all the verification process and when I contacted the Paxum support they asked me to send my ID in their chat support. I don't know why but this looks kinda suspicious to me  :-\