Firepay
Firepay was a payment method that allows users to make and receive online payments quickly and easily.
In December 2007 Firepay took the decision to cease trading. An alert sent to customers advised that payments could no longer be made or received from later that month and that free withdrawals could be made until May 2008. After that a $25 processing fee would be charged to take leftover funds out.
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Firepay was a payment method that allows users to make and receive online payments quickly and easily.
In December 2007 Firepay took the decision to cease trading. An alert sent to customers advised that payments could no longer be made or received from later that month and that free withdrawals could be made until May 2008. After that a $25 processing fee would be charged to take leftover funds out.
With 1.5 million users, Firepay never really took off in the same way as its main competitor PayPal, which had 153 million accounts at the time of Firepay's closure.
How did it work?
In order to use Firepay customers were required to hold a valid US bank account. Firepay worked in a similar way to a pre-paid credit card. Once you added some cash to the account you could start using it to pay for goods and services. Signing up for Firepay was free and there were no service charges or fees to use the system. Transactions went through instantly with the cash being electronically moved within seconds.
Was it safe?
Merchant's did not have the opportunity to view or record customer's banking details, which made falling victim to potential hackers much less of a risk than using a debit card. As such, Firepay has been considered to be a safe and secure method of online payment.
With 1.5 million users, Firepay never really took off in the same way as its main competitor PayPal, which had 153 million accounts at the time of Firepay's closure.
How did it work?
In order to use Firepay customers were required to hold a valid US bank account. Firepay worked in a similar way to a pre-paid credit card. Once you added some cash to the account you could start using it to pay for goods and services. Signing up for Firepay was free and there were no service charges or fees to use the system. Transactions went through instantly with the cash being electronically moved within seconds.
Was it safe?
Merchant's did not have the opportunity to view or record customer's banking details, which made falling victim to potential hackers much less of a risk than using a debit card. As such, Firepay has been considered to be a safe and secure method of online payment.
