Tag Archives: Paxum

Thinking of using Paxum? Think twice about that!

Thinking of using Paxum you might want to think about about that for one very simple reason … they will absolutely nickle and dime you to death so it just doesn’t make it a financially feasible option.

The amazing part is they advertise themselves as having “low fees”. LOW? SERIOUSLY?! They call this bullshit low?!

  • $1 charge every time you use your Mastercard at any store.
  • $2 charge every time you use your Mastercard at the ATM machine.
  • $44.95 per year just to get the card in the first place.
  • $2 fee from most affiliate programs – so that means just to get paid money that is owed you, it will cost you $2!
  • $.50 to transfer money from your Paxum wallet to your Mastercard – that is in addition to the fees you already paid to get your money in the first place
  • $8.95 to withdraw money from your Paxum account and have it deposited into your own checking account.
  • $1 just to verify your checking account in the first place
  • $1 to change your pin #
  • $.50 if your transaction is declined.
  • $.50 if you use the ATM to find out what your balance is
  • $.25 to $1 to send money to send money to another Paxum user
  • $50 to add money to your own Paxum account via wire
  • $5 to $25 to load money on your Paxum account via certified check or money order
  • $40 for a charbeback

 

So if an affiliate program pays you via Paxum you are charged $2. Now you have the money in your Paxum wallet you can pay $8.95 to withdraw it to your checking account.  That is after they charged you the $1 to verify your account in the first place. Or you can pay $.50 to have it transferred to your Paxum Mastercard. Then from there you must pay $2 to withdraw it via ATM (limited on how much per day you can withdraw). Alternatively you can just use as a credit card and shop with it. Of course that will mean you must pay $1 every time you use it at any store. That of course doesn’t includ the $44.95 per year fee to have the card int he first place.

But the best part of all is that if someone screws you and you need to chargeback a transaction you never authorized in the first place, that will cost you $40!

 

 

Warning PAXUM Users

This post went up at GFY and since Paxum use is becoming more popular I wanted to make sure to help get the word out.

Both me and a friend did some withdrawals in the last few days from an atm machine in the Netherlands. Different atm machines, same bank.  All attempts did not work out: no money came out of the atm and the message appeared : Connection failed.   But to our surprise the money was withdrawn from our accounts.

After sending support tickets to paxum, we get the following reply:  Since the funds were not reversed to your Paxum MasterCard we can start an chargeback procedure, procedure that has a $40 fee and takes around 45 days to be completed.

Paxum Ditches Bitcoins

Paxum which is a company that came up after the ePass fiasco has been struggling to find it’s way.  Most recently they have announced an issue with Bitcoin.

Here is their official announcement about it.

Over the course of the last two weeks, Paxum has been in communication with our banking partners, Mastercard, and our auditors to evaluate the best interests of Paxum (and its clients) in relation to Bitcoin.

After much discussion and consideration it has been decided that, though Bitcoin’s are not illegal, they are considered high risk. At Paxum we do not want to jeopardize our clients, or our business model, in any way. In light of that, and after considerable consultation, we have chosen to take the pro-active step of ceasing all business with Bitcoin and Bitcoin Exchangers.

This situation has also been discussed with Bitcoin Exchangers, who completely understand the motives behind this decision.

Thank you for your time.

Thinking of using Paxum? Maybe you should think again

With ePass gone, what is a webmaster to do?  Some are looking into using the new service called Paxum.  It works a lot like ePass did only they tend to be a little more above board when it comes to record keeping, so we at least give them credit for that.

But what I don’t like about them is how fucking expensive they are.  They boast “low fees” but what they call low fees I call fucking outrageous.   There is the $45 a year fee for the privileged of doing business with them,

Then there is the $2.5 fee to ATM money out on top of the $.25 per transaction fee for transferring the funds from your e-wallet to your card, then there is the $1 fee the charge you to change your pin code, the nearly $50 they charge you to replace a lost or stolen card, which does not include the $50 to $100 express shipping fee they will charge you to mail you the card, $50 per wife fee, $5 to load money to your account from ACH and the list goes on and on of fees they charge you.  It’s really fucking insane how much this company charges you to handle your money.  I don’t fucking get why people use them.   Here is their full list of fees.

I get people don’t like checks but holy fucking shit, is this really the only solution?

Before you do think about using them, if you are fine with the insane amount of money they charge you read this ….

Here’s Tranza’s (from GFY) personal experience with Paxum.  So far it’s not looking like Paxum has their shit together.

Ok, I didn’t want to bring this to the boards, but enough is enough.

I opened my Paxum account in November.

After sending my docs, and getting my account accepted (which took a couple of weeks), my card was finally shipped.

I got hit with a $45 card fee on December 15. And was told that my card was sent on Dec 23.

So far so good (I’m not happy to pay a fee even before I get the card, but what ca I do, right?).

On January 17, after no news or card, I talked to Ruth, from their support, about my card. She guaranteed that it was shipped on Dec 23, and that I should get it within 2 weeks.

On February 3, no card yet, I contacted Ruth. She apologized, said that it might have been lost in the mail, and told me she was going to send me a new card, through express shipping, and it would take 1 week for me to get it.

Today I received a card, with a postal office stamp from January 18 (I figure it was the first card sent?)!!

Fine, fuck it, I’m happy to be able to use it finally.

I go to the ATM, and try to withdraw some money. It shows “insufficient funds”. I’m like: WTF? I have almost $3k on that account!

I go online, and find out I had to transfer my money from the checking account to the credit card. No biggie.

I do that, and check my statements. And what do I find on the statements???

I got hit with a SECOND $45 card fee on February 3rd. AND a $95 EXPRESS SHIPPING FEE!

WTF!!!

Cliff notes: Got hit with a $45 fee on December 15th. The card was only mailed on January 18th. On February 3rd I talk to support because I didn’t get my card yet, they send me a new one and charge me a $140 fee, without my approval!!

I really do hope I get a full refund on those fees. AND I hope you guys improve your game. So far I’m not impressed at all!