Paxum Suspends All US Accounts – Here’s Your Options

Paxum

Paxum Suspends All United States Accounts On Jan 10th, 2018

Paxum has announced that they are suspending all United States personal accounts on January 10th, 2018. All business accounts will not be effected. If you’re using Paxum for accepting payouts, this might come as an alarm! There’s a couple things you can do, including switching to a different form of payout, upgrading to a business account or starting a Paxum Bank account. Here’s everything you need to know.

 

Here Is the Official Email Announcement:

48 Hour Notice – Paxum Personal Account Closure

We regret to inform you that Paxum will be changing the way we work with USA Customers. USA Business Account-Holders will not be affected by this change, but unfortunately Paxum will no longer be providing services to USA Personal Account-Holders.

Please be advised that your Paxum Personal Account will be closed on Wednesday, January 10th 2018 at 10:01 ET (Eastern Time). Paxum Business Accounts will remain open and available after this date.

We understand this will not be welcome news to USA Personal account-holders, and we’d like to take a moment to explain the rationale behind this policy change. There are several factors involved in this decision, including:

  • Verified USA Personal Account-Holders represent a notably small percentage of our business and revenues, while an incomparable amount of company resources is consumed by the needs of USA Personal Account-Holders through support services, legal requirements and regulatory compliance. 
  • We expect regulatory compliance in the United States to become more complicated and burdensome in the future, particularly with regards to individual users. From a business standpoint we cannot justify the continually growing expense of an even greater percentage of company resources for a small percentage of clients.

We would like to thank every single one of our loyal USA Personal account customers for their continued support and use of our services over the years. We weighed this decision for a long time, but regrettably we have a duty to allocate our resources in a way that best supports the growth and improvement of our company and service for the majority of clients.

We invite you to withdraw your funds without any fees before Wednesday, January 10th 2018 at 10:01 ET. All fees will be automatically waived for your withdrawal prior to the stated deadline.

Important Recommended Next Steps For You

  1. Log-in to your Paxum personal account and make sure the bank account information is accurate and up-to-date inside your account. You can find this in the section My Account >> Profile Settings >> Bank Accounts 
  2. Withdraw your funds without paying the fee by either ACH or WIRE to your bank account. 
  3. Transfer your funds without paying the fee to your active Paxum branded card issued by Choice Bank. 
  4. To avoid future payment delays, promptly update your payment method with companies that previously paid you via Paxum. 
  5. Export your full Paxum personal account statement for your historical financial records. You can do this by visiting the Statements section of your account. Export is available in CSV or PDF formats. Once your account is closed you will no longer be able to access statement information.

*Important Note: Paxum branded cards issued by Choice Bank will remain active after USA Personal account closures. Any remaining funds can be accessed and emptied by the card-holder. However, there will be no way to add new funds after Paxum personal account closure.

Steps We Will Take at January 10th 2018

  1. Any Non-USD current account funds in your Paxum personal account will be automatically transferred to your Paxum USD current account. 
  2. All Non-USD current accounts for USA Personal Account-Holders will be automatically closed. 
  3. All active card-holders of a Paxum branded card issued by Choice Bank will automatically receive a pro-rated refund of the most recently paid annual fee. This pro-rated amount will be calculated based on the number of days that have passed since the date the annual fee was last charged. 
  4. If the funds have not been cleared by the personal account-holder themselves by January 10th 2018 at 10:01 ET, then all USD Funds will be automatically cleared from your Paxum USD current account and either sent to your listed US bank account via ACH or WIRE, or to your active Paxum branded card issued by Choice Bank. Normal account fees ($5 USD for ACH, or $50 USD for WIRE) will be charged for automated funds clearing after the stated deadline. 
  5. All USA Personal Account-Holders accounts will be closed effective January 10th, 2018 at 10:01 ET.

Please note: if you are a Paxum USA Personal Account-Holder with an active verified Paxum USA Business Account, your Paxum Business Account will remain open and available for use after the stated deadline, however your Paxum Personal account will be closed, no exceptions.

 

 

What US Paxum Account Holders Can Do

United States performers who are using Paxum for payouts have a couple different options on the table. There are still ways to continue to receive payments via Paxum. But it might be time to start looking for alternatives. If that’s the case, you’ll want to withdraw your remaining Paxum balance and update the cashout methods with the different sites. Here’s all the options available for models.

 

Switch To A Paxum Business Account

It is possible to switch over to a Paxum business account. With a business account, you’ll be able to accept payouts and withdraw those payments directly to a bank account. The fees are pretty reasonable, only $5 per ACH transfer. If you’re still wanting to use Paxum, this is probably the best route to go.

 

Signup For Paxum Bank

It’s also possible to signup for a Paxum Bank account. This takes a little bit more effort to get started. For one, you’re going to have to mail Paxum a physical copy of the filled out application to even get started. There’s a good chance that alone is a deal-breaker for the majority of people. Especially since there’s plenty of Paxum alternatives out there.

 

Find Paxum Alternatives For Payouts

If you’re not interested in a Paxum business account or Paxum Bank, it’s time to start looking for alternatives. Most networks do offer multiple ways to cashout balances. FirstChoice, check and ACH are very common payout methods. Below you can find a list of Paxum alternatives. Clicking the links will take you to a directory displaying the networks that support these different kinds of payouts.

List of Paxum Alternatives For Performers:

FirstChoicePay – FirstChoicePay works very similarly to Paxum. Most of the networks that offer Paxum payouts also support FirstChoicePay. You can use a debit card or transfer the balance to a bank account.

Check Payouts – Good old fashioned checks. Usually sent via USPS with a discrete corporate name on the check.

ACH / Direct Deposit – Get your money deposited directly into the bank account. A good number of the networks offer direct deposit payouts for US performers.

Wire Transfer – Not the best option for US performers, as US wire transfer fees can get really expensive. I’d highly recommend trying to go with any of the other Paxum alternatives before looking at wire transfers, but it is still an option.