Quote:
Originally Posted by Mark_Paxum
I hate to disagree but we exist to make money providing a peer to peer service world wide especially for adult transactions and nothing else.
When you are buying a $10 domain or banner the vendor expects the payment upon delivery of the service, a check or wire is not going to be a time/money efficient means to pay. Just like Paypal, we exist because people need instant transfer and paypal doesn't allow adult.
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Alas Mark, this is where I think you are trying to close your eyes to reality.
What as EPass used for? It wasn't for minor $10 transactions. People were paying their hosting bills, buying content, taking ALL of their webmaster income via Epass. Why? Without a check going through your bank, there are few ways for most people to be tracked.
If I take the scuttlebutt and suggestions made online, by both Epass, the banks, and other people, one of the issues that Epass apparently failed at was identifying their clients. The US government (as well as others) don't like systems set up to allow the free flow of cash without tracking. It should come as no surprise that when Epass failed, the traffic to the St Kitt's bank suddenly became something like 40% from Russia. Hmmm!
As for Paxum's Canadian registration and all, let's make this clear: Paxum is not a bank, only a money transfer agent (no different from, say, Vigo). The money on deposit with BMO is assured only up to about $100,000. That's it, that's all - unless you play the many, many account game. Even then... there is potential for refusal to cover.
http://en.wikipedia.org/wiki/Canada_...ce_Corporation
Now, my good question of the day is this: When money is in a Paxum account, who actually holds it? Is the money on the card and held by the issuing bank, or is it in Paxum (not a bank, just a transfer agent) control? This is the question that Epass really didn't want to answer. Perhaps you can help us out here.