Here's the real story. Cliff notes version.
- Paxum is one of few such services for adult webmasters.
- You will definitely have to provide photo ID and proof of address.
- You stand a good chance of having to do other stuff too like having to scan in a credit card, provide utility bills.
- Paxum tends to be much pickier than most other such providers with their documentation requirements.
- Paxum is regulated by FinTrac. But this is primarily for money laundering and not consumer protection. Sometimes in the past it is debatable that they have tried to present an alternate picture of what FinTrac regulation is. Customers should be aware that it appears there is little government oversight as far as Paxum goes.
- Paxum has policies such as if your provided ID expires they will demand you update it. Under some circumstances your access to funds could get suspended if you are unable to meet the requirements in time.
- Occasionally people report issues getting funds from local ATMs.
- There are a series of fees you should be aware of for various things which your current bank might not charge you for.
- There is no known traditional security breach where full access was granted to the general public but there has been a past security breach where most account holders could get the personal details of other account holders including phone number and address. Most people did not consider Paxum to be very up front about this data breach.
https://gfy.com/showthread.php?t=1110227
- Some people report issues with customer support but the support personnel here on the board seem decent.
Possible alternatives: Payoneer, Paypal (for non-public stuff, risky), some other smaller providers.
I suggest doing a search on the board prior to making a decision. It's your call. Good luck.
