Topic: Paxum Questions and Concerns - page 3. (Read 14745 times)

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

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.

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 plan on using the Pirate Party 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 and my ISP disclosing that they may tamper with my Internet access (27e). 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 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.

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

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.

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

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.

hahahahahahahaha

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.

Are you still mad that Gretzky went to LA?

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?

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

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.

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

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!

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?

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 [email protected]
AIM/YM/SKYPE - PaxumRuth

Thanks

Yep, that's how it sounds out