MONTREAL — Paxum has announced the introduction of an Escrow Transfer feature to its global wallet-based payment service.
According to the company, Paxum Escrow Transfers enable users to initiate payments that must be approved by both the buyer and the seller before the funds are released.
“Our new Escrow Transfer feature offers Paxum clients increased security and flexibility for payment management,” says Business Development Manager Ruth Blair. “Escrow Transfers provide clients with the option to issue a payment that can be held for a specified period of time before it is released with the approval of both the sender and the recipient.”
“In addition,” Blair adds, “once released, the funds can be withdrawn to one or multiple Paxum accounts.”
Blair explains that payments initiated via Paxum Escrow Transfer are placed in “suspended” status during a buyer-defined period of time until both the buyer (the issuer of the payment) and the seller (the payment’s recipient) have approved the payment.
Escrow Transfers can be initiated by any verified Paxum business or personal account holder. For clients that receive payments that they then distribute to others (such as cam studio owners), the Escrow Transfer option allows direct distribution, through either individual or bulk payments, of the incoming funds to other Paxum account holders.
“For example, prior to Escrow Transfers, cam studio owners would receive full payment for all cam models under his or her care. After receipt to the cam studio owner’s Paxum account, those funds would be split into payments that would then be sent to the cam models via P2P transfer,” Blair explains. “Now that Escrow Transfers are in place, cam studio pwners can receive payment without full deposit to their own Paxum account. Rather than withdrawing all funds to their own account first, payments can be directly distributed from within the Escrow Transfer section.”
“This will be particularly helpful for such clients when reporting their income for tax purposes,” she adds. “In keeping with Paxum’s well-known slogan, ‘Pay With Ease,’ Paxum Escrow Transfers are simple to complete and cost exactly the same to send as regular Paxum P2P transfers.”
Escrow Transfers are available to all verified Paxum users, with the option located in the Transfer Funds section of the Paxum user interface.
For more information, visit Paxum.com.