FirstChoice Pay Going Out Of Business – Alternatives

FirstChoicePay

Update: How To Get Your FirstChoice Pay Money Back

 

FirstChoice Pay Alternatives For Adult Payouts

FirstChoice Pay is going out of business, and it’s causing even more issues than Paxum no longer supporting USA personal accounts. Because of the Paxum debacle, this definitely puts a bigger strain on US domestic models and affiliates than it does people in other countries. This is especially true for models in countries where payouts are difficult, as well as domestic people working with foreign entities that might offer wire instead of ACH or check payouts. While wire transfers are affordable in most other parts of the world, they’re fairly expensive in the United States.

 

No More Payments Will Go Into Accounts

Merchants, whether it’s a camming site, clip site or some other network, will no longer be able to pay into FirstChoice Pay accounts. If you have FirstChoice set for your payouts, they will most likely reach out to you as soon the payment doesn’t go through as a result. It’s best to be preemptive, and indicate an alternative for accepting payouts.

 

New / Replacement Debit Cards Will Not Be Issued

If you have not yet received a FirstChoice Pay debit card, or you need to request a new one (lost of stolen), you are out of luck. No more cards are going to be issued. If you have funds in your FirstChoice Pay account, the company is claiming that they’re coming up with a plan on how to transfer those funds. Reach out to their support to get added to a list to receive a follow-up at a later date that will include instructions on how to retrieve funds.

 

Paxum Also Impacted By Choice Bank

FirstChoice Pay isn’t the only company impacted. The Choice Bank regulatory debacle is also impacting Paxum payouts again. While FirstChoice is completely closing-up shop, it appears that the Paxum freeze is only temporary. This isn’t the first time there’s been “hiccups” with Choice Bank, and every time one of these “hiccups” occur, FirstChoice and Paxum are always impacted.

 

Official Statement On Choice Bank Homepage

There’s a message / press release that, as of July 4th, 2018, has been posted to the Choice Bank homepage. The announcement gives notice of the Choice Bank Liquidation and names Mr. Cedric Flowers as the liquidator appointed by the Central Bank of Belize. You can see the announcement contents below:

Ref: SUPD/6635/2/35/1/18 Vol. XVI (I 08)

4 July 2018

To Whom It May Concern

Re: Appointment of New Liquidator

Reference is made to letter dated 29 June 20 I 8 Ref: SUPD/6635/2/35/1/18 Vol. XVI ( I 03) with respect to the appointment of a liquidator for Choice Bank Limited further to the revocation of Choice Bank Limited’s international banking licence.

Please be advised that with effect from 4 July 2018, the Central Bank of Belize has appointed Mr. Cedric Flowers to replace Mr. Henry J. Hazel as the liquidator for Choice Bank Limited in accordance with section 26 of the International Banking Act, Chapter 267, Revised Edition 2011 of the Substantive Laws of Belize and section I 06(5) of the Domestic Bank and Financial Institutions Act, 2012.

Mr. Cedric Flowers has full power and authority to perform the functions of liquidator for Choice Bank Limited with the legal rights and duties as such under the laws of Belize.
Respectfully,

Cedric Flowers

Liquidator – Choice Bank Limited

 

FirstChoice Pay Website To Remain Online Until October

A popup has appeared on the FirstChoice Pay website, stating that their website will remain online until October 1st, and it will shut down after then. It’s advised to make sure to copy your account information right away, as it’s going to be needed for the Choice Bank claim! You can see the content on the FirstChoice Pay

Firstchoice Pay has ceased its business activities and will no longer be able to receive or process any further payments. Therefore, your card is no longer active and cannot be used.

Our website will remain live until October 1, 2018, and customers will still be able to log in and view their account.

For your convenience, we urge you to download any financial statements you might need for your personal records before October 1, 2018.

For more information, please visit our updated FAQs.

 

FirstChoice Pay Alternatives

 

Domestic (USA) Performers

Performers in the United States are going to have some issues with European companies that don’t provide check or ACH payouts. Because Paxum recently ditched USA personal accounts, that platform is not a feasible alternative. Performers can open a Paxum Business Account, but to do that, the performer is going to have to file a company. That’s not the biggest issue in the world, and there are even some perks for going that route.

There’s a good chance that a lot of these European companies might start supporting check or ACH for US performers. Either that or adopting crypto as a new form of payout. Otherwise, the wire transfers (which come with heavy fees and large min payouts) might not be appealing to domestic performers.

 

International Performers

Performers outside of the United States have some different options available. Paxum is still available outside the USA, and there’s a good chance that many networks will be adopting Paxum as an alternative. This is a good option for domestic networks looking to pay foreign performers without the steep wire transfer fees. Also a good option for international companies payout international performers. Paxum works very similarly, but as the added bonus of being able to transfer funds in between accounts. Crypto could definitely be an alternative for many companies.

 

Cosmo Payments Forms (International Payouts)

Cosmo Payment is a company that seemed to have been formed in response to the Choice Bank fiasco. Not much is known about this company, outside of the fact that they’re partnering with many of the camming sites. Rumors are spreading and we’ve heard mixed information on the network. Currently, there’s limited countries being supported, but the company claims that there will be more countries added soon.

 

Cryptocurrencies (Bitcoin, Mainstream and Adult)

Cryptocurrency continues to gain traction in adult, and the Choice Bank / FirstChoice Pay fallout has definitely fueled that. In the search for Paxum and FirstChoice alternatives, networks have adopted crypto for payouts. Even before this entire debacle, crypto has gained traction in the industry. Sites have started adopting the mainstream coins (Bitcoin, Ethereum, ect). There have also been adult-oriented currencies that have been developed. These coins are even starting to power various camming and clip sites.

 

More Choice Bank / FirstChoice Pay News

 

BongaCams Supporting Cryptocurrency Payouts – Popular camming site BongaCams has announced that performers and studios are now able to accept payouts via multiple cryptocurrencies. Currently, the supported coins are: Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.

Paxum Finds Choice Bank Alternative – Paxum has found an alternative bank and they are issuing temporary cards until the fully functional cards arrive. Paxum is processing cards and applications as fast as possible. The company reports seeing massive amounts of new applications in the wake of FirstChoice Pay going out of business.

Streamate Partners With Cosmo Payment – Steamate has partnered with Cosmo Payment for model and studio payouts. Cosmo Payment only supports a handful of countries, but plans on adding more.

Chaturbate Adding Cosmo Payment and ePayments – Leading camming site Chaturbate has added two Paxum / FirstChoice alternatives. Performers can now accept payments via Cosmo Payment with ePayments coming soon.

YouKandy Goes Out Of Business Due To FirstChoice Pay – YouKandy has gone out of business. Via Twitter, they cited funds being held by FirstChoice Pay as the reasoning. Because they weren’t able to access their funds, they weren’t able to payout the models they owed.

Customs4U Can No Longer Pay Out Models – If anyone has been questioning whether or not Customs4U is even paying out their models at this point, that has been answered. Customs4U still lists FirstChoice Pay as the only cashout option.

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