Quote:
Originally Posted by Mefo
Exactly this, I'd like to pay our affiliates etc on time and it's hard to explain that money is just "lost". I just heard back from Paxum, they don't know where it is and now I have to hope our bank can actually pull it back.....
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I understand that, but banking regulations keep getting tougher and tougher and transferring money overseas is just not easy, more and more banks are opting out of being involved in setups like Paxum rather than deal with the responsibility of complying with all the US banking bullshit - even if they aren't US banks they need to be able to deal with US banks so they have to be, and stay in compliance.
Services like Paxum are great when they work but you need to have a backup plan in place. By transferring to a 3rd party and then to your payees you are, statistically, literally doubling the chances of a delay because each transaction is now 2 transactions.
Personally I only use them for smaller vendors whenever possible, so I can avoid $45 wire fees on payouts under $1000 or so. The smaller payouts add up, but if there is a delay, (and sooner or later there will be) I can always rush out and do a Western Union or Moneygram to avoid being late on payouts. I have delays as well from time to time, I think we all do. I generally ask my payees what they would prefer, and most of the time they will prefer to wait and receive their payouts through usual methods - but if they are in a rush I can take care of them.
I think the most important thing is to be proactive and communicate, everyone in this business has been stiffed once or twice and most of us get pretty nervous when there are delays, because occasionally they have become permanent. (epassporte, etc.)
But in every case where there was bad news the communication went to hell first, followed by easily disproved lies and finally silence.
So to differentiate yourself, be communicative, be honest, and get a backup plan in place.