Paxum: Instant Loading via Credit Card Added

[Yankee (BitInstant)]

Paxum New Feature: Instant Loading via Credit Card Added

Paxum is pleased to announce the addition of a great new feature to help make your use of our services more convenient than ever! Today we increased your Account Loading Options with the implementation of our new Instant Loading via External Credit Card feature!

If you need money in your Paxum account fast, and you have an external credit card, you can now fund your Paxum account INSTANTLY through this valuable new service.

Every Paxum client may use this option; personal and business account holders alike. You will find this new loading option listed with our other options under the "Add Funds" tab within your Paxum Account Control Panel.

In order to fund your account via this new loading method you must first add the applicable credit card to your Paxum account. This can be done quickly and easily within your Paxum Account Control Panel under My Account>>>Profile Settings>>>Credit Cards - "Add Card".

Once the external card is added, a token payment will be deducted from your credit card in order to verify the card. After this simple verification process is completed the new Instant Loading via Credit Card option will be fully available for your account.

Should you have any questions regarding this new feature, please open a customer support ticket through the Message Center in your Paxum Account Control Panel and we will be happy to assist you.

IMPORTANT NOTE: Paxum cannot accept 3rd party credit cards to fund your Paxum account. You must ensure the name on the external credit card you add exactly matches the name shown in your Paxum account information, or we will be unable to complete the transaction.

With the ridiculous Paxum fees, by the time you get money out wou'll be in negative balance.

Not advocating using this option, just alerting the forum members of it.

[kitich]

With all my respect to bitinstant, but you have ~2% fee from paxum to TH/GOX. They has 4.5% from CC to Paxum, not a big different imho)

[Yankee (BitInstant)]

With all my respect to bitinstant, but you have ~2% fee from paxum to TH/GOX. They has 4.5% from CC to Paxum, not a big different imho)

Our 2% fee covers the Fees that Paxum charge for a transfer, the CC loading fee is very high hence the reason I wrote "With the ridiculous Paxum fees, by the time you get money out wou'll be in negative balance. "

Not advocating using this option, just alerting the forum members of it.

Cheers

[runeks]

I only pay $0.25 for a transfer from my Paxum account to Mt. Gox, I've always considered them very cheap is this regard.
No sure about funding though, as I've never done that.

[Jered Kenna (TradeHill)]

Any time you bring credit cards in to the mix fees involved need to go up to compensate for risk etc.
I don't blame Paxum at all for this. If TradeHill accepts credit cards directly in the future we will be taking on considerable risk as well.
With that said, it's a simple choice. If you want to use credit cards you have to take the negatives that go along with it.
It's nice that the option exists for those that want to use it.

I can recall a lot of people trying to get in at $2, $3, $4 that spent days waiting on Dwolla / Gox and ended up actually buying at $20 or closer to $30. I'm sure they would have been happy to eat those fees and get their Bitcoins a little sooner.

Now if Paxum starts passing their fraud losses on to the exchanges that is completely different.

[Yankee (BitInstant)]

Now if Paxum starts passing their fraud losses on to the exchanges that is completely different.

Thats what OKpay does with their credit card top up, I wouldn't be surprised if Paxum does the same.

If you load your OKpay account with a credit card, then fund your exchange and the card gets chargebacked for any reason, the exchange takes the loss.

[Jered Kenna (TradeHill)]

Now if Paxum starts passing their fraud losses on to the exchanges that is completely different.

Thats what OKpay does with their credit card top up, I wouldn't be surprised if Paxum does the same.

If you load your OKpay account with a credit card, then fund your exchange and the card gets chargebacked for any reason, the exchange takes the loss.

If that's the case they will be getting slammed with fraud like Dwolla was (is?).
If they're passing it on to the exchanges and the exchanges can't opt out of credit card Paxum transfers then I don't expect them (including TradeHill) to continue using it. So far my experience with Paxum has been 99% positive and the only major problem was actually due to the bank's error. I would hate to see them go.

[srneto]

I was, yes was, signing for a Paxum account. After validating my e-mail, i gave up when i ready this:

WARNING:  IT IS STRICTLY FORBIDDEN TO USE YOUR CHECKING ACCOUNT AND/OR YOUR CARD FOR GAMBLING AND/OR GAMING ACTIVITIES, NARCOTICS, PRESCRIPTION DRUGS, WEAPONS AND KNIVES, UNLICENSED LOTTERIES, BITCOIN, FIREARMS OR AMMUNITION OR ANY OTHER ILLEGAL ACTIVITY. FOR MORE DETAILS PLEASE READ OUR  TERMS AND CONDITIONS..

[FreeMoney]

I was, yes was, signing for a Paxum account. After validating my e-mail, i gave up when i ready this:

WARNING:  IT IS STRICTLY FORBIDDEN TO USE YOUR CHECKING ACCOUNT AND/OR YOUR CARD FOR GAMBLING AND/OR GAMING ACTIVITIES, NARCOTICS, PRESCRIPTION DRUGS, WEAPONS AND KNIVES, UNLICENSED LOTTERIES, BITCOIN, FIREARMS OR AMMUNITION OR ANY OTHER ILLEGAL ACTIVITY. FOR MORE DETAILS PLEASE READ OUR  TERMS AND CONDITIONS..

Interesting ordering of forbidden activities, bitcoin and unlicensed lotteries between weapons and guns which appear to be two separate things to them. I guess we'll know we've arrived when we're listed twice.

[srneto]

OKPay.com is the way then. Have to do the paper work to use it. But already have a Bitcoin addres there to send my bitcoins to use.
They got a customer.

Cya Paxum...or not ;-)