Just An FYI On The Paxum Thing

[Greenguy]

In case you're concerned...

I'm reading there's a problem with the bank that backs the Paxum ATM cards. This doesn't affect any of us in the US as we haven't had cards since the big change a couple weeks back. It also doesn't seem to affect withdrawing funds to your bank because I had one go thru this morning

So, FYI

[Ramster]

I am told that Paxum is getting new card set up and they will be shipped out. I was really counting on the Paxum ATM withdrawals for cash while in LA so I'm using my own money instead, boooooo lol. In the meantime I did set up bank withdrawal as I do not want my cash sitting there if it doesn't have to be.

I do truly believe things will be alright but prefer to be safe lol

[Greenguy]

I've been contacted by 2 sponsors so far that are suspending payments via Paxum because it seems some people are under the impression that their funds are frozen, which is not the case. I've been assured by Ruth that "The problem is EXCLUSIVELY related to the prepaid cards for Paxum. We have a new card issuer in place already and we have replacement cards being printed now. We should have those with clients within 4 weeks. In the meantime we do offer wire, eft, ach, and external credit/debit card as withdrawal options." & that they will be sending a mailer out today addressing everything.

I can understand everyone's concern based on what happened with ePassporte, but this is nothing like that.

[Ramster]

Originally Posted by Greenguy

I can understand everyone's concern based on what happened with ePassporte, but this is nothing like that.

We hope

I'm not trusting it any further for now. I will eave my account open and see what happens but I won't be quick to take payments in there for a few months until I see it has all unfolded in a good way.

[Greenguy]

I'm not gonna panic - it's just so much easier than waiting on a check & cheaper than a wire or Paypal.

[Greenguy]

Just got the email:

Paxum – New Cards On The Way!

On April 9th 2018 Choice Bank Limited informed its customers that Choice Bank had been forced into a constrained position by the regulatory authorities. 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.

It is important to note that Paxum was only MINORLY and TEMPORARILY affected by this situation.

The only change in our current business is that Choice Bank issued Paxum cards can no longer be loaded. Any existing funds on the cards can be withdrawn as usual at ATMs or by using the card for POS purchases.

All other aspects of Paxums business are operating as usual; transfers, withdrawals, adding funds, creating new accounts, etc.

Paxum has finalized a backup card and new cards are currently being printed. There will be no additional cost to existing card-holders for the replacement card, and everything should be completed as scheduled.

In the meantime, after a non-stop effort to secure a faster solution and in response to the overwhelming influx of recent new Paxum account-holders switching their business to us, Paxum has secured temporary replacement cards that will be issued to customers as early as next week! These cards will be automatically provided to existing card-holders at no additional cost as well. Card status updates will be visible in accounts next week.


The limits for the temporary card will be $2,000 USD loading per day and $20,000 USD maximum loading per month. The highest balance allowed on the card is $5,000 USD which is fully available for POS purchases at any time. Clients can also use the card for ATM withdrawals up to $1,000 USD per day. Those will be temporary limits and will be increased later.

Paxum will focus on verifying all new clients as swiftly as possible. Then, in a few weeks, we will issue our regular logo branded Paxum card again at no extra cost for existing card-holders. The regular Paxum card will have higher limits than the previous Paxum card. Please log-in to your account from time to time to check for new announcements as we will update clients of our progress.

Paxum offers multiple withdrawal options (Swift Wire, EFT/ACH, External Credit/Debit Card, and Transfer to Other Accounts), instant payments worldwide, and we still offer instant withdrawal so clients can continue to access their funds while awaiting a card replacement.

Paxum payment solution has always been more than just a card. We treasure the relationships we have made with our many valuable customers over the last 9 years, and we sincerely appreciate the continued support you provide. We look forward to seeing our customers at upcoming conferences and events, and we would like to once again thank you all for choosing to use our payment solution for your payments. As a Paxum customer we consider you part of the Paxum family, and we look forward to serving your needs into the future.