Did you know that Paxum manually review EFT withdrawals?
 

"Each request is reviewed before being sent out to the processor, to ensure that it meets the requirements."

I received funds from a sponsor, requested an EFT withdrawal 4 hours later... it's now 3 days later, and my money still isn't in motion. They've admitted they haven't even looked at my request yet.

No mention of what these requirements are. :disgust

I did an EFT last month and it took exactly 8 days to get in my account.
It's good specially for EU banks.

The point is that your withdrawal is delayed for an arbitrary period pending review. Mine has not progressed beyond the "Submitted" stage in 3 days. They have not even begun.

that sucks... I always use my card and withdraw funds via ATMs.

That's the bit I don't understand.

Withdrawal by card at an ATM anywhere in the world? Automatic! Instant!

Withdrawal to a verified bank account on file, the same one every time? BZZZT HOLD FOR MANUAL REVIEW

it takes up to 7 days

So it takes a week so they can maximize their interest profit holding people's

Your money is always in motion ...

That's only once the withdrawal is validated and gets passed over to the company they use for making the actual payment into your account.

What they don't make clear is that the quoted period does not include the time the request is awaiting manual review by Paxum staff.

I'd really like to know what they're reviewing. I've had to send them sensitive documents to prove my identity - numerous times, too - yet there's still someone who decides whether a withdrawal request that I submit is legitimate. Why?

that's why i try like hell not to use them

thats absolutely fucking stupid

The longer they hold your money, the more interest they make.

Wired transfer have resolved all my problem so far with paxum. :winkwink:
It's costly but its the only way i can get the money out :2 cents:

Well that's nice... after waiting 3 days I just received notification that my withdrawal was rejected. No further information on why.

ACH is in the USA US Fed
EFT is in Europe ECB

What is the intermediary for Australia? like external bank to an Australian bank
What is there other that the antiquated (an overpriced) bank wire? Or, do you mean sending the funds to a credit card account (Visa net)?

That's really a bullshit!

LOL .... what interest? 0.01 percent per year?

I notice Paxum requires you to enter birthday and nationality on the withdrawal form, now. That's a change that makes a lot of sense.

The interest argument is not totally moot. If you keep millions on deposit the interest rate may be higher -- today unless it in billions -- demand deposits are paying chump change.

What they can do is creating millions of dollars on their bank account. Than they can use that to invest in the company or lent it out to others. buy bitcoins etcetra.. Or they can use it to produce a Hollywood movie... If the money keeps coming in, there is no problem, but else ......

And if they want to run with the money it is better everyone waits a few days before getting suspicious that something is going on.

- just speculating about money that is in motion :)

We use a 3rd party processor for our EFT withdrawals. We manually review each EFT withdrawal request prior to submitting it in order to avoid delays or problems.

Rowan, your EFT was rejected as you didn't meet the full requirements. We notified you in a ticket of the situation and you have made the requested adjustment in order to proceed. You can now re-initiate an EFT withdrawal and it will pass through okay. We do apologize for the inconvenience.

For everyone's reference, we do not earn interest on any funds held inside Paxum. Paxum's goal is to provide top service to all our customers. It certainly doesn't help us accomplish that if withdrawals are unnecessarily delayed.

Thanks :)

Good to know thank you for the explanation :thumbsup

Thanks for the explanation Ruth.

Would it be possible to always include the reason with every rejection?

Or even better, have someone from Paxum contact you right after the rejected transfer and try to solve the issue together.

It would help avoid threads like this and people worrying about the worst case scenarios happening. ;)

There's a central bank in every country. There's one in Australia.

Probably very cozy with the UK, NZ, Canada; but that's for another thread.

good luck with that. i switched most of my payments to check or paypal

Their ball, their rules.

yeah we will see about that.

I'm struggling to understand why an EFT withdraw to a validated bank account would work once, then fail the next time, when the only difference between the two is the amount. Why does each need to be approved separately?

Actually, I had to ask. All I received was an email saying the transfer was rejected. No further information was offered until I asked in the ticket.

Nope. I've now discovered the second withdrawal attempt has been quietly RETURNED.

No notification at all, and again I have to update the ticket asking why and what to do next.

Why is it so difficult to get funds out of Paxum? It's been 10+ days since I initiated the withdrawal.

if im correct there is no office building. they communicate on skype phone and other remote ways. its scary

36 hours later with no response, so I guess the accounting department have gone home for the weekend.

Coming up to two weeks since I requested this withdrawal.

This company is incredibly unprofessional. I'm not going to go as far as saying incompetent, because maybe they're trying the best to work around a fucked up system held together with sticky tape and bandaids...but I'm kinda thinking it.

i can feel you worry man. stop doing transfers with them. :2 cents::2 cents: find another way

If you haven't noticed, let me bring it to your attention; there is a world government low level financial war that has been going on against porn for years. VISA and the banking system are the tools in play (IMHO)

Most of the mainstream businesses do not have these problems -- ever notice that?

These payment middlemen have constant regulatory burdens placed on them continually -- just to fuck with your money. I really don't know how much of the epassporte debacle was real fraud or the result of government manipulation. Maybe, one thing led to another ...

No real choice.

It's either Paxum or Payoneer.

The affiliate program stopped bank wires (which worked almost perfectly for several years) and forced affiliates to move to third party money movers.

Six months ago I had cleared funds in my bank account less than 30 hours after the end of each pay period.

Now, I have to specifically request withdrawal of those funds from Paxum, and then twiddle my thumbs, and wonder when/if they'll arrive in my bank account.

dayum spam me the program on pm

After messing me around for two and a half weeks, including making me change my username twice (including using a different domain), Paxum have now stated that EFT withdrawals are no longer possible to Australian accounts.

Thanks Paxum. You rock.

And my funds are still fucking stuck there.

Perhaps try to exchange it to paypal?

This could have more to do with the Australian government and its banking system than anything intentional on the part of Paxum or their policy.

Paxum is dealing with the porn market -- and the financial industry and the world governments know it. This may have a lot to do with the Payoneer/FirstChoice split -- I have no firsthand knowledge of this being the case but is seems more obvious now?

This is a long standing problem in the adult industry affiliate segment -- aggregation or transfer of small payments under $1K is a problem. Lawful Porn is a legal activity -- nobody asks where you get your money when you spend it in normal business transactions (notwithstanding large sum investments).

Finally got my funds.

It cost $50 for a wire plus ~$10 charged by my bank.

It took 21 days of dicking me around, and I've had to pay a ripoff wire fee, but I've finally got my funds.

Looking forward to the next round... I get paid by my sponsor in 7 days...