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Author Topic: TradeHill - We now support deposits and withdrawals of funds via Paxum.  (Read 14348 times)
Jered Kenna (TradeHill)
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July 28, 2011, 05:25:56 PM
 #1

The first of our payment changes is now live. More announcements coming soon.

TradeHill now supports deposits and withdrawals of funds via Paxum.
To learn more about Paxum and setup an account go to www.Paxum.com.

Currencies Supported Include:
- US Dollar
- Canadian Dollar
- Euro

Depositing funds to TradeHill is as simple as initiating an internal funds transfer on Paxum’s website. Fees are extremely low: : 25 cents on a deposit to TradeHill and $1.00 upon a withdrawal from TradeHIll. The $1.00 fee will be waived for the first month.

You may fund your Paxum account using:
- Internal Transfer from another Paxum Account Holder
- ACH Transfer from your bank account
- Wire transfer from your bank account
- Physically mailed money order
- Physically mailed check

Paxum also allows for some interesting ways to spend your TradeHill funds including ATM and debit cards.

We’re happy to be working closely with Paxum and look forward to continuing to provide our customers with reliable, trustworthy methods to deposit and withdrawal funds with TradeHill.

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July 28, 2011, 05:28:00 PM
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What's the average time it takes for a deposit to clear?  I would gladly switch if they could beat the 3 business days it takes dwolla.  Heck, I might switch anyway since dwolla seems to be playing fast and loose.

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Jered Kenna (TradeHill)
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July 28, 2011, 05:37:40 PM
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What's the average time it takes for a deposit to clear?  I would gladly switch if they could beat the 3 business days it takes dwolla.  Heck, I might switch anyway since dwolla seems to be playing fast and loose.

As quick as an ACH can get in. They seem to be faster processing it on their end than Dwolla from what I've heard but will always be limited by the banks. If you're sending a large amount then you can justify the $50 wire fee and get your funds in the same day most likely.

They also except checks / money orders and provide you with a debit card you can use at an ATM etc.
At the moment it's being manually approved but we will tie in to the API soon which will allow you to put a withdraw in on TradeHill and then walk to a nearby ATM and withdraw cash. Or pay using your debit card.

Jered

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July 28, 2011, 05:39:09 PM
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TradeHill now supports deposits and withdrawals of funds via Paxum.
How are Paxum different to Dwolla?

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July 28, 2011, 05:39:22 PM
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Paxum is a great service, I use them for about 9 month on some occasions (when it's easier for a client to pay through them for example)
They are very responsive and have representatives on other boards, so if it gets traction here i'm sure they will be happy to handle questions on this board as well.

Only downside for me personally, is that they are based in Canada and EFTs/ACHs travel realistically speaking 5-7 business days from US, wires a bit less.  Loading and unloading funds have their own fees depending on a method used.

Payments inside the system are instant and relatively cheap. Different withdraw methods and they have their own debit atm card for those wanting it, merchant API available.

Thumbs up TH!
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July 28, 2011, 05:41:38 PM
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Awesome I have been waiting for this.
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July 28, 2011, 05:43:35 PM
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What will Paxum do when criminals start using phished bank accounts to ACH funds to Paxum and then onto TradeHill to buy Bitcoin with stolen money? Will Paxum eat the loss or will they start pulling funds out of TradeHill's account as Dwolla did?
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July 28, 2011, 05:46:00 PM
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Paxum is a great service
Yeah, so is Dwolla.

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July 28, 2011, 05:49:12 PM
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Am I reading this right? It costs $50 to transfer funds to/from my bank to Paxum?  That's a deal killer.

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July 28, 2011, 05:50:03 PM
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Paxum is a great service, I use them for about 9 month on some occasions (when it's easier for a client to pay through them for example)
They are very responsive and have representatives on other boards, so if it gets traction here i'm sure they will be happy to handle questions on this board as well.

Only downside for me personally, is that they are based in Canada and EFTs/ACHs travel realistically speaking 5-7 business days from US, wires a bit less.  Loading and unloading funds have their own fees depending on a method used.

Payments inside the system are instant and relatively cheap. Different withdraw methods and they have their own debit atm card for those wanting it, merchant API available.

Thumbs up TH!
Good news for Canadians! I look forward to using Tradehill as an alternative to Cavirtex! Smiley
Jered Kenna (TradeHill)
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July 28, 2011, 05:50:13 PM
 #11

What will Paxum do when criminals start using phished bank accounts to ACH funds to Paxum and then onto TradeHill to buy Bitcoin with stolen money? Will Paxum eat the loss or will they start pulling funds out of TradeHill's account as Dwolla did?

They've confirmed with us that they have better fraud protection methods in place and this won't be a problem. If they are defrauded they won't pass it on to TradeHill.

Of course Dwolla told us this as well but Paxum has been in business a lot longer, done a lot more volume and faced a lot more fraud in the past and remained strong.

Am I reading this right? It costs $50 to transfer funds to/from my bank to Paxum?  That's a deal killer.

That's for a wire. ACH is $5

Jered

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July 28, 2011, 05:52:00 PM
 #12

TradeHill now supports deposits and withdrawals of funds via Paxum.
How are Paxum different to Dwolla?

It looks like verified accounts require you to send them a scanned photo ID

Quote
5. What is the difference between unverified and verified accounts?
When you signup for an account with Paxum, your account is unverified by default. Unverified accounts have limits on transactions they can perform.
Under different international laws and know your customer rules we are required to identify all our clients. In order to verify your account and obtain higher transaction and withdrawal limit please send us a photo id that clearly states your name, date of birth and place of issue via your online account management interface or by fax.

https://www.paxum.com/payment/faq.php?view=views/faq.xsl

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July 28, 2011, 05:56:08 PM
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Ok, so it looks like you can get money in for $5.00 by sending them a check.

You get money out for $5.00 by ACH.

Do you need the prepaid Mastercard ($45 a year) to use the ATM?  I assume so.  Then you can get money out via ATM for $2.00

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July 28, 2011, 05:56:14 PM
 #14

Some one from Admins please whitelist user PaxumChris  - I can confirm its Paxum's rep, ready to address questions that community may have.
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July 28, 2011, 08:11:23 PM
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What happened to SEPA?  Cry
PaxumChris
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July 28, 2011, 08:25:21 PM
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Hello Everyone ,

I thought i'd register here to address some of the concerns that some of you may have.

TradeHill now supports deposits and withdrawals of funds via Paxum.
How are Paxum different to Dwolla?

I am not too familiar with Dwolla and how they worked so I will not try to attempt to explain how we differ from them. I will tell you why people have decided to use our service.
We provide you INSTANT access to your money with some of the lowest fee's within our industry. You are able to withdraw your money instantly using our mastercard that we send you any ATM's world wide. You are also able to use the card any point of sale locations aswell. Other withdraw methods include EFT(ACH) Wire & Check but most of our clients really enjoy having INSTANT access to their funds via atm without having to wait.


Ok, so it looks like you can get money in for $5.00 by sending them a check.

You get money out for $5.00 by ACH.

Do you need the prepaid Mastercard ($45 a year) to use the ATM?  I assume so.  Then you can get money out via ATM for $2.00

Yes to withdraw from the ATM machine you would need the mastercard and that does indeed have a $45.00 yearly fee. You are able to request the mastercard once you verify your account with us. You do not need to have any money in your account to request the card. Your account will just show a negative balance and will adjust once you start receiving funds into your account.


Am I reading this right? It costs $50 to transfer funds to/from my bank to Paxum?  That's a deal killer.
You will find that fee to be pretty average with setups like ours. An alternative to Wiring in money would be ACH or check and those are cheaper alternatives.
What will Paxum do when criminals start using phished bank accounts to ACH funds to Paxum and then onto TradeHill to buy Bitcoin with stolen money? Will Paxum eat the loss or will they start pulling funds out of TradeHill's account as Dwolla did?

Good question. We take fraud VERY serious. No one will be able to wire or ach us ANY money until we are 100% positive of their identity. Due to the high amount of fraud that is involved with ACH reversals any users who want to go this route for funding or withdrawing funds is expected to take further verification process steps that our verification team. We take fraud and account verification VERY serious. We play by all the rules that have been set by mastercard and even some of our rules to insure account safety and low fraud rates.

Regarding reversals - here is the exert from our terms of service regarding this.

(e) User acknowledges and accepts that in case of any Transaction disputes, Paxum presumes that all Transactions by User are authorized by and are the liability of the User;
(g) User agrees that all Transactions initiated are final and not reversible;
(i) User agrees that any disputes that arise between Users are not the responsibility of Paxum;


If anyone has any more questions regarding our service take a look at www.paxum.com - we outline everything pretty clearly regarding fee's and account limits. If you have any questions feel free to hit me up at chris@paxum.com and I'll get back to you.

I'll try to keep an eye on this thread aswell Smiley

Regards
Chris


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July 28, 2011, 08:38:11 PM
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What happened to SEPA?  Cry
I second that! Cry

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July 28, 2011, 08:48:30 PM
 #18

Paxum is a great service, I use them for about 9 month on some occasions (when it's easier for a client to pay through them for example)
They are very responsive and have representatives on other boards, so if it gets traction here i'm sure they will be happy to handle questions on this board as well.

Only downside for me personally, is that they are based in Canada and EFTs/ACHs travel realistically speaking 5-7 business days from US, wires a bit less.  Loading and unloading funds have their own fees depending on a method used.

Payments inside the system are instant and relatively cheap. Different withdraw methods and they have their own debit atm card for those wanting it, merchant API available.

Thumbs up TH!
Good news for Canadians! I look forward to using Tradehill as an alternative to Cavirtex! Smiley


+1

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July 28, 2011, 08:53:08 PM
 #19

Hello Everyone ,

I thought i'd register here to address some of the concerns that some of you may have.

TradeHill now supports deposits and withdrawals of funds via Paxum.
How are Paxum different to Dwolla?

I am not too familiar with Dwolla and how they worked so I will not try to attempt to explain how we differ from them. I will tell you why people have decided to use our service.
We provide you INSTANT access to your money with some of the lowest fee's within our industry. You are able to withdraw your money instantly using our mastercard that we send you any ATM's world wide. You are also able to use the card any point of sale locations aswell. Other withdraw methods include EFT(ACH) Wire & Check but most of our clients really enjoy having INSTANT access to their funds via atm without having to wait.


Ok, so it looks like you can get money in for $5.00 by sending them a check.

You get money out for $5.00 by ACH.

Do you need the prepaid Mastercard ($45 a year) to use the ATM?  I assume so.  Then you can get money out via ATM for $2.00

Yes to withdraw from the ATM machine you would need the mastercard and that does indeed have a $45.00 yearly fee. You are able to request the mastercard once you verify your account with us. You do not need to have any money in your account to request the card. Your account will just show a negative balance and will adjust once you start receiving funds into your account.


Am I reading this right? It costs $50 to transfer funds to/from my bank to Paxum?  That's a deal killer.
You will find that fee to be pretty average with setups like ours. An alternative to Wiring in money would be ACH or check and those are cheaper alternatives.
What will Paxum do when criminals start using phished bank accounts to ACH funds to Paxum and then onto TradeHill to buy Bitcoin with stolen money? Will Paxum eat the loss or will they start pulling funds out of TradeHill's account as Dwolla did?

Good question. We take fraud VERY serious. No one will be able to wire or ach us ANY money until we are 100% positive of their identity. Due to the high amount of fraud that is involved with ACH reversals any users who want to go this route for funding or withdrawing funds is expected to take further verification process steps that our verification team. We take fraud and account verification VERY serious. We play by all the rules that have been set by mastercard and even some of our rules to insure account safety and low fraud rates.

Regarding reversals - here is the exert from our terms of service regarding this.

(e) User acknowledges and accepts that in case of any Transaction disputes, Paxum presumes that all Transactions by User are authorized by and are the liability of the User;
(g) User agrees that all Transactions initiated are final and not reversible;
(i) User agrees that any disputes that arise between Users are not the responsibility of Paxum;


If anyone has any more questions regarding our service take a look at www.paxum.com - we outline everything pretty clearly regarding fee's and account limits. If you have any questions feel free to hit me up at chris@paxum.com and I'll get back to you.

I'll try to keep an eye on this thread aswell Smiley

Regards
Chris




Hey PaxumChris,
   If I deposit today in my account, in the US, how long should I expect to wait before it's credited in my Paxum account?

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July 28, 2011, 08:54:19 PM
 #20

Forget Paxum!  When will you accept Epassport? Tongue

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