Quote:
Originally Posted by AzteK
Will you have a sufficient prudent reserve for clients to with draw money all at once in the case of a bailout?
If you're confident with your program, are you willing to insure your clients funds?
What is your contingency plan you have in place in case issues arise with Master Card and or your banks?
Has there been a security penetration test done on your website? What were the results? Where are the results?
Has there been background checks done on your employees?
and many many more people are failing to ask...
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Hi guys Octav here.
To answer your questions:
1- we do not invest in any way peoples money it sits cash in our bank account 100%. additionally we keep 10% of our own money extra for a total of 110% as a reserve for balancing funds from the different bank accounts we deal with (canada, belize).
Also we are regularly audited by both the bank and Mastercard regarding the programs and in case there was any single problem with the money available be sure we would have been closed down already. We always hold at any time 100% of the funds that people deposited plus extra 10% of our own funds as explained before.
2- we do not insure the money with a third party insurance company for the reason that the premium for such service is very high and that fee would have been to be passed to paxum account holders. Nobody will use Paxum if we were to ask as an example $500 per account insurance premium.
What I may suggest if insurance is an issue for you or for anybody else, you could contact your own insurance company and ask them to insure only the portion of the money you hold in paxum and pay your own premium that they will ask. We will fully comply with any Insurance company that represents you in order to allow them to issue that insurance for your funds.
3- we have several banking partners and in case of any issue we will of course not let our business collapse and switch accounts. That should never happen as we are following all rules and regulations to the letter.
4- yes it has been. paxum system has full PCI compliance meaning there are no known security issues.
5- yes we do very strict background checks for employees handling sensitive data (account access, account paperworks, etc) and as a matter of fact only very few people have security level access to that data.