Hi Oprano Mark from Paxum Inc has crashed the aprty

[moneyman]

Originally Posted by rhetorical

I still don't get why I need any kind of ewallet thingy. It just sounds like a recipe for disaster as was shown. I owe somebody money, I can pay them with paypal without having to tie up any currency. I can mail them a check. I can tranfer via bank transfer. If I need a cc, I use my own Amex, Visa or whatever. So under what circumstances (apart from hiding the transaction from...that organization whose name shall not be spoken) would this deal be of any use?

Paxum is a means to pay other Paxum users, for example you want to pay a coder, designer, content guy $100 now for services, sending a check or wire takes time and money.

Let's say the 2 parties are in different countries, sending a check by mail would take time and typically foreign checks cost the eprson depositing it money and they put a hold on it until it clears, a wire will cost both parties money too.

Paxum like paypal provides a service where 2 people can trasact business instantly. For personal accounts it's only 25 cents and for business accounts only $1 to pay another paxum party.

Everyone responsible person has to do their taxes, this is not about what you declare or what you don't. It's no different than when you get wires or checks, you should act according the the law.

[RawAlex]

Originally Posted by Mark_Paxum

Paxum is a means to pay other Paxum users, for example you want to pay a coder, designer, content guy $100 now for services, sending a check or wire takes time and money.

Let's say the 2 parties are in different countries, sending a check by mail would take time and typically foreign checks cost the eprson depositing it money and they put a hold on it until it clears, a wire will cost both parties money too.

Paxum like paypal provides a service where 2 people can trasact business instantly. For personal accounts it's only 25 cents and for business accounts only $1 to pay another paxum party.

Everyone responsible person has to do their taxes, this is not about what you declare or what you don't. It's no different than when you get wires or checks, you should act according the the law.

what you left out in all of this is that the guy in the receiving country has little or no obligation to report the transaction, which effectively happens invisibly outside of the country, allowing webmasters in many countries to avoid a tax burden. This is doubly useful for webmasters who use their "e-wallet" funds to buy other services, as they can then double dip - show the invoice as an expense, and not actually have to show income.

Services such as Paxum, Epass, and the like would not exist if all transactions had to be reported in the receiving country. It would all but eliminate the benefits.

[moneyman]

Originally Posted by RawAlex

what you left out in all of this is that the guy in the receiving country has little or no obligation to report the transaction, which effectively happens invisibly outside of the country, allowing webmasters in many countries to avoid a tax burden. This is doubly useful for webmasters who use their "e-wallet" funds to buy other services, as they can then double dip - show the invoice as an expense, and not actually have to show income.

Services such as Paxum, Epass, and the like would not exist if all transactions had to be reported in the receiving country. It would all but eliminate the benefits.

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.

[softball]

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.

I use PayPal at the moment. They have been around a long time and they work. Why do I need to take a chance on a new service that is doing exactly what the now infamous EPassport did. And as RawAlex pointed out, there are some pretty dodgy companies on your client list and your office is a mailbox.

[moneyman]

Originally Posted by rhetorical

I use PayPal at the moment. They have been around a long time and they work. Why do I need to take a chance on a new service that is doing exactly what the now infamous EPassport did. And as RawAlex pointed out, there are some pretty dodgy companies on your client list and your office is a mailbox.

I don't think it's a good idea for me to bash or comment on our past and present competition. We run a solid business and have systems in palce to protect our future and those of our clients.

All our clients are special to us, we value each and everyone and appreciate them choosing to use Paxum.

Our office is not a mailbox, I already replied to a question about it on the first page of this thread.

Our mailing address for recieving checks and correspondence is
3484 Des Sources Blvd., suite 205
Dollard-des-Ormeaux, Quebec
H9B 1Z9
Canada

Our corporate office where I work along with a number of in house people is
6600 Trans Canada Highway, Suite 750
Point Claire, Quebec
H9R 4S2
Canada

I hope that answers the questions.

[Toby]

Originally Posted by Mark_Paxum

We run a solid business and have systems in palce to protect our future and those of our clients.

All our clients are special to us, we value each and everyone and appreciate them choosing to use Paxum.

Spoken like a sales manager. Given the recent demise of ePassporte and Paxum being relatively new you can certainly understand people's reluctance to trust an unproven entity with their money.

A more detailed explanation of those systems you have in place to protect you and your clients would likely go a long way toward building some of that needed trust.

[moneyman]

Originally Posted by Toby

Spoken like a sales manager. Given the recent demise of ePassporte and Paxum being relatively new you can certainly understand people's reluctance to trust an unproven entity with their money.

A more detailed explanation of those systems you have in place to protect you and your clients would likely go a long way toward building some of that needed trust.

We are a Canadian company, licensed by the Canadian Government after stringent checks on our business and officers, to be a money transfer business.
You can verify that by going here
you just put Paxum in the first box on
http://www10.fintrac-canafe.gc.ca/ms...earch-eng.html

We have the license from mastercard International to issue accounts in all countries (excpet for those on the UN embargo list sucvh as Iran, N.Korea...)

We do not lend or borrow against the funds we hold, we actually keep 10% more than in the client balances from our cash.

Canadian banks are very safe and solid, you hardly ever hear of one going under, our main account is with one of the larger banks in Canada. BMO Bank of Montreal.

Very few people at Paxum have acess to client information or account balances. Including me, I manage 7 account reps, none of us has access to any personal information or can see balances let alone move any funds around.

The owner and accountant have that clearance and access rights. It is safer and better this way.

I hope that addresses your concerns.

[RawAlex]

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.

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.