Paxum

Paxum is an increasingly popular e-wallet provider that hosts a variety of services to help you with your money. In order to accommodate its users, Paxum has a couple of different account types. They are the Paxum Personal Account and the Paxum Business Account.

The Paxum Personal Account is just what the name suggests – an account for regular individuals who want to be able to make safe money transactions online. It has a number of important features. Personal Account users are able to send money to everyone who has a Paxum account, receive payments straight to their e-wallet, load money into their account and withdraw their money in a couple of ways, including via check (which can take a couple of weeks) and with a direct wire transfer. There is even a Paxum Prepaid MasterCard, making it possible to spend Paxum dollars anywhere in the world that MasterCard is accepted.

The Paxum Business Account is tailored for doing business. It has several services which are aimed at helping businesses conduct their transactions. Granted, many of the services are the same as offered in the personal account – such as the ability to receive money, to load money, to send money and to withdraw money from the Paxum wallet into a regular bank account. However, a Business Account also grants users the ability to make mass payments all at once (important to any small or large business handling regular invoices), accept Paxum payments on the business’ website (crucial if you are selling things online and especially if you are hoping to boost sales through impulse buys) and maintain several accounts for your employees and co-workers.

There are fees. This seems like an unfortunate thing (mostly because it would be nice to have these services for no price) but the money is how Paxum stays in business and stays reliable. Luckily, the fees are reasonable. The MasterCard, for example, costs a simple $44.95 a year, for both account types. Receiving the card is free, along with activation.

Maintaining your general account costs nothing, though you may incur fees depending on how you want to load funds. For example, if you are a Personal Account holder and want to put money into your account via check, the fee is $5.00 USD. If you want to load the money through a direct wire transfer from your bank, you will pay $50.00. While Paxum allows people from all over the world to set up an account, those the company deems "risky" – such as people residing in countries with sanctions in place, like Cuba and Libya – will face additional limits that other users do not need to cope with.

Proof of identity and location is required.