Paxum Announces New Working Debit Cards (After Choice Bank Closure)

Paxum

Temporary Paxum Cards To Arrive Within Weeks!

Paxum, an adult-friendly e-wallet that was greatly impacted by the Choice Bank debacle has announced that they’ve found a new banking partner and new cards are to ship soon. There’s even a temporary replacement card that they are providing until the official cards arrive. Some performers might see these new cards within a week!

 

Choice Bank’s Regulatory Issues And Impact

For those that don’t know, earlier this month Choice Bank reported some regulatory woes that forced all transactions to stop for both Paxum and FirstChoice Pay, who went out of business. Paxum and FirstChoice Pay were the only two major e-wallets that services the adult industry and other high-risk verticals. Although all the funds already loaded to a Choice Bank debit card (which both services used), no new funds could be sent using either platform. This created a major inconvenience for a number of performers, affiliates and companies.

 

Paxum Reports Business Increase Due To FirstChoice Pay

In the announcement, Paxum reported a major influx of new account holders; both personal and business. This is due to FirstChoice Pay going out of business. While Paxum’s service was only temporarily interrupted, FirstChoice Pay is not coming back. FirstChoice was widely used by many performers and affiliates. There is even a couple sites that relied solely on that service for payouts. With FirstChoice gone, Paxum is the only major service providing an e-wallet solution to the adult industry, and many companies using FirstChoice have adopted Paxum as an alternative.

 

Paxum Is Expediting The Shipment Of Temporary Cards

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 within 4 weeks. In the meantime, 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 beginning 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 Personal Accounts Not Supported In USA

It’s important to note that Paxum personal accounts aren’t supported in America. Performers and affiliates in the United States can still accept payments through Paxum, but they must sign up for a Paxum Business Account. In order to open an account, you must file a company. There are many advantages to doing this, and it’s something everyone should consider, but not an option every performer or affiliate is interested in pursuing.

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