The Death of Paxum

I'm sure that Paxum are using Choice bank only for prepaid cards. But surely they have money in the bank, which are now frozen. And that could be a serious problem for their future.

First Choice / Payoneer is done.

The money is also on Paxum being done.

Liquidity and confidence is everything is this game.

Without one you cannot have the other.

Going to be a tough few weeks for the cam girls.

We pulled out of all of these companies some time ago. It was not a popular decision but the writing was on the wall when they seemed to have a new bank every month.

Run for the hills fellas. Save yourselves.

1)Paxum is not out of business
2)No paxum funds are "frozen"
3)Choice bank was ONE of the withdrawal options we offered.
4)Business as usual for us. We will announce things soon.

I would give this post a like if there was a feature like that.

Thanks for the update!

I remember hearing that about one other company you used to work for.
It made my wallet lighter by 20k+

Fearmongering is a GFY staple, Chris.

I hope all sponsors paying with FCP can move to Paxum, those will be great news....

Paxum Statement Regarding Choice Bank

Paxum Inc would like to address any concern our clients may feel after the recent news regarding Choice Bank Limited. On April 9th 2018 Choice Bank Limited informed its customers that it has been forced into a constrained position by the regulatory authorities.

Paxum would like to reassure our customers that this is an issue between Choice Bank and its regulatory authorities directly, and it is completely unrelated to Paxum. Paxum is just a customer of Choice Bank.

As a result of the news from Choice Bank we regret to inform you that Paxum cards can no longer be loaded via transfer to card. However it is important to note that any funds that currently exist on any Paxum card issued by Choice Bank are fully available and can be used as normal at the ATM and for POS purchases.

We are grateful that only a small portion of Paxum users are affected by Choice Banks situation, as it only relates to the Paxum issued card. All other aspects of Paxum services are operating normally, and regular service is uninterrupted. We apologize for this inconvenience caused to Paxum card-holders by Choice Bank, and we are working hard to promptly implement our new card solution.

As part of our commitment to providing a reliable payment service, and as a result of lengthy card issuing delays through Choice Bank over the last few months, Paxum had already been exploring alternative card issuing options and we have finalized a backup card. New cards are currently being printed. There will be no additional cost to the user for the new card, and we should have everything completed within 4 weeks. We will update clients as soon as the new cards have been shipped and implemented.

In the beginning of March 2018 Choice Bank experienced problems loading funds to cards and at that time Paxum pro-actively introduced Instant Withdrawal to External Credit/Debit card as an additional instant withdrawal option. Many clients have tried this option, and we recommend it for any Paxum client seeking instant access to their account funds while a replacement Paxum card is being implemented. Please note, some restrictions do apply.

Paxum payment solution has always been more than just a card, which is why problems that our card issuer Choice Bank is experiencing will not cause any long-term damage to Paxum's ability to provide consistent secure global payment services.

Paxum offers multiple withdrawal options (Wire, EFT/ACH, External Credit/Debit Card, and Transfer to Other Accounts), instant payments worldwide, and we still offer instant withdrawal. Paxum cards will be back very soon, and we look forward to continuing to serve our clients payment needs in the meantime.

Does business as usual include your main service not working properly for weeks?

Sounds like at least 2 - 3 months before everyone has their cards and it's working again, hopefully.

sounds like they are buying time

They are ending their relationship with choice.

All I know is that my Paxum account was closed because I live in the USA.
I don't understand anything else about it.

You can still open US business account.

Ouch! I can't transfer to card, either. Hope to get the new one. Some sponsors even told me to switch to other payout option and don't want to make Paxum payouts.

a lot of reading damn it

Chaturbate in his letter suggest move to Paxum...

Exoclick and BongaCash removed Paxum. Some of Paxum big clients still don't understand...

I gathered that from Ruth's statement, which did exactly what I asked, and laid out their position and transition.

I must have missed the email explaining that.
There was no such message in the admin that I saw.
Without any direction on how to proceed it doesn't seem like they want me to have an account.

yes, but you can not own credit card

There is NO "credit card". Paxum does not offer "credit".

It is a pre-paid debit card. You HAVE TO put money on the card first, before you are able to use it - thus pre-paid and NOT credit.

You would need to ask probably but I know that some people just "switched" from US personal accounts to US business accounts and then they didin't need to change anything, they can receive payments as they used to, no need to update payment info on sponsors. Anyway no cards for US business accounts.

Why wouldn't they ask us to do it?
They make money from us right?