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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.
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  |
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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.
This has not been discussed at all, however I will send the suggestion along. Thank you for your feedback 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).
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. Each individual case would be evaluated accordingly and a decision would be made based on the facts in the case. Why do wires take 3+ business days to clear?
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. |
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In regard to ANONYMIZING PROXIESWe 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. |
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LOL Yep, that's me |
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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.
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.xslPersonal 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. 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!
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. 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) Please post any questions you have regarding our service in this thread... Why do you post this thread in "Bitcoin Discussion" if you don't even provide any services in Bitcoin? 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. 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.
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 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. |
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I just want to know about the paper check because I don't do traditional banking. i would have to go to a check casher. Optimally I would like to go to the bank it was drawn on for free.
Checks are issued by First Bank. Ok tell me if I'm understanding this correctly. If I want to directly deposit to my Canadian bank account from Paxum it's going to cost me $50.00? Why?
We do not yet offer International EFT, so you would have to use our Wire option, which has a $50 USD transaction fee. International EFT is on our list of future implementations. Of course, you could also use the Paxum Mastercard. You can request it without any funds in your account, and there is a $2 USD ATM withdrawal fee. All our fees are listed directly on our site under the header 'FEES'. |
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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. 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? Belize is the location of the card issuer for the Paxum Mastercards. Hence, some parts of the agreement are governed by those laws.
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 |
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I posted proof that PaxumRuthwas outted an ePassporte person in another forum in December 2010.
Zero disputing it.
A Mod removed my link and pic.
I actually saw the pic before it was removed, it proved no such thing. It only showed someone called Ruth saying it was possible to retrieve funds from epassporte for a fee. It was isolated, out of context, and there are at least three or four ways in which the statements made by that Ruth (which might or might not be the same Ruth) could be interpreted without in any way implying that she is an "ePassporte person". Not the kind of proof that would fly with anyone, in my opinion. It may well be that Paxum and ePassporte are one and the same, but so far I have not seen anything to indicate it. And the nature of the attacks has been underhanded to say the least, reflecting much more poorly on you and Aurum than on the Paxum reps. So if you are right and there is something about them that isn't kosher, you have done us all a disservice by going about it in such a sly, underhanded and unintelligent way. It would have been much more helpful for you to present your evidence earlier, in full and without the stupid intrigue. PLEASE SEE THE POST BELOW WHICH FULLY EXPLAINS THE SITUATION YOU'RE REFERRING TO. Oh no, that's a different "Ruth", like the different "Chris" BitcoinExpress. We are conspiracy loonies, or desperate people attacking competitors (by the way Paxum is not my competitor, and Bitcoin represents about 3% of my revenue). I will invite ANYBODY to find ANY thread on the internet with AurumXchange attacking a competitor. We better shut up and let nature run its course. I tried to do a nice thing to the users of this forum and warned them and all I got is getting attacked for it. Let's nature run its course. I have been in this business before Paxum, and I will be after they are gone.
Wow. Low. The thread is from here: http://www.webhostingtalk.com/archive/index.php/t-985938.htmlAnd the comment from RuthB is a QUOTE of RxNetwork: 10-21-2010, 07:06 AM
we have some solutions to get locked funds of epass wallets back, but you have time only before 7November to do it. it costs around 25% from the total locked amount and printscreen needed. PM me if interested
aurumxchange why do you continue to deny that you rape goats? I have not seen one single contradiction to my claim! Not one single shred of evidence that you do not rape goats!! |
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Are you still mad that Gretzky went to LA?
hahahahahahahaha |
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6.1. Paxum reserves the right to terminate this agreement with the User for reasons below: Will the user be able to withdraw his money after the account is terminated? 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. And second question: This Account Agreement is governed by the laws of Canada and/or Belize as such laws are applied to agreements entered into and to be performed entirely within Canada and/or Belize by Canada and/or Belize residents. I don't understand the phrase "Canada and/or Belize". If you are a canadian incorporated company, where does Belize come from? Belize is the location of the card issuer for the Paxum Mastercards. Hence, some parts of the agreement are governed by those laws. |
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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.
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 |
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Check - instant upon receipt via the postal service So I could get my money deposited and available for use within approx 24 hours if I sent you a personal check using Next Day mail (fedex for example)? You don't wait for the check to clear? We do not accept regular checks for deposit, but only certified checks, international money orders, cashiers checks, tellers checks. What bank are paper checks drawn on?
I will find out for you I have a question: I heard it takes up to 7 business days for a deposit to clear paxum and then get into mtgox/tradehill. Why so long? Dwolla is only 3 business days. (even that is too long if you ask me, considering they already verified my bank account my making deposits to it)
We offer the following options for deposit: Wire - takes 3-5 business days Check - instant upon receipt via the postal service EFT (ACH) (US Only) - 5-7 business days P2P transfer (from another Paxum client) - instant We will be adding more funding/withdrawal options soon, and we are currently working with our provider to decrease the time on our EFT loads. What about going the opposite direction? What if I sold BTC and then withdrew the funds from MtGox->Paxum->Checking. How long would that take? Same amount of time in the opposite direction. For withdrawal we have the following options: Wire - takes 3-5 business days Check - takes as long as the postal service takes to deliver to your area EFT (ACH) US Only - 5-7 business days To an already existing credit card - 5-7 business days To Paxum Mastercard - instant We will be adding more funding/withdrawal options soon, and we are currently working with our provider to decrease the time on our EFT loads.
It's great how fast and active you guys (and gals) are with replying here. We're here to help our clients. Thanks for your support! |
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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! |
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I have a question: I heard it takes up to 7 business days for a deposit to clear paxum and then get into mtgox/tradehill. Why so long? Dwolla is only 3 business days. (even that is too long if you ask me, considering they already verified my bank account my making deposits to it)
We offer the following options for deposit: Wire - takes 3-5 business days Check - instant upon receipt via the postal service EFT (ACH) (US Only) - 5-7 business days P2P transfer (from another Paxum client) - instant We will be adding more funding/withdrawal options soon, and we are currently working with our provider to decrease the time on our EFT loads. |
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If anyone has any questions about Paxum, we're here to help. |
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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.comContact me directly: ICQ #233-854-608 Email ruth@paxum.comAIM/YM/SKYPE - PaxumRuth Thanks |
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How exactly does one pronounce the name? Pack sum?
Yep, that's how it sounds out |
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You are 100% wrong about this. Chris Mallick is in no way involved with paxum or any company. We have never even spoken to the guy.
If paxum was ran by chris mallick in any way - would the industry that he hurt the most use another company ran by him? Please do some look into some of our clients and you will see that we are in no way related to mallick.
Only connections : We hired an ex employee of his. He stayed with us for two weeks and took another job. We hired him due to his knowledge in the business. He had no connection with the fall out of epassporte.
Our names : We both are named Chris
Industry: We both have adult industry connections.
I'd either like you to retract what you said about our company and the accusation you made or for a moderator to remove these flat out lies.
I will not retract ANYTHING. The moderators on this forum is welcome to ban me if they want to. I AM DOING THIS TO PROTECT THE GOOD PEOPLE IN THIS FORUM, and to protect Jered. Thank you for your promise to cease further discussion on this topic. I'm sure nobody wants to spend the day going around in circles. |
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Hi Ruth and Chris:
Please pay no attention to the troll... he has his own agenda, and you have been nothing but gracious and patient with your explanations. I considered Paxum as a method for funding my exchange accounts, but decided to get my BTC elsewhere instead. However, if I were in the States or Europe right now, I would probably switch to Paxum right away.
I for one am very happy you guys are on board, and as long as you stick to the statements you've made to us regarding chargebacks, it should be a very good match with you and Tradehill.
Cheers,
Thanks Piper! We're happy to be here  |
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@PaxumChris
You are playing word games again and are get to get hung.
Let me ask it this way as these people can be classified as Board Members, Contractors, Advisors, etc... and not employees.
Are you saying that Michael Olsen (one of the epassporte masterminds) was the only person involved with Paxum that was associated Chris Mallick in anyway shape or form?
Before you answer that you need to decide how you will handle the fact that OxyMoronEnt (owned by Chris Mallick) is a financial stake holder and business partner with Paxum. Explain the registry firms in Belize and Antilles utilizing the exact same process agents. Deny Shaliza Somani's aka MiddleMen Productions (50% owned by Chris Mallick).....
@JohnSmiith
I didn't copy your avatar, This is a highly published pic and I have been using it for a year with this name internet wide. It was a coincidnce.
We could go back and forth all day long like this, but the fact of the matter is that you are wrong, plain and simple. This is ALSO why you have NOT been able to provide any proof/evidence of your erroneous accusations. Paxum is in NO WAY related to Epassporte. Our thousands of customers are more than happy with our service, we are the dominant alternative payment method for the adult industry, which is an industry that was SERIOUSLY AFFECTED by the downfall of Epassporte. Common sense will hopefully prevail among prospective clients of Paxum, particularly in light of our continued growth and success. We are Canadian incorporated, registered as a money services business, and customer feedback illustrates we are providing a great service. If anyone has any questions that are DIFFERENT from those above, and have relevance, then please feel free to post them. |
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