Does anyone use paywithfire?

[dotbloup]

Hi,

Paywithfire is an online financial entity from Ireland which allows to collect money to a € and £ account thanks to BIC and IBAN.

In other words, it looks like a business bank account in Euro & sterling account that you could open online.

However their website don't mention that it is possible to transfer the money to another bank through a wire transfer. Plus, it's been several months now, that it is in beta mode.

Fire for Business

 

[JohnLocke]

They are an e-wallet or not? Did you try to contact them to check how fast they response and if they are operating already?

 

[dotbloup]

They are an e-wallet or not? Did you try to contact them to check how fast they response and if they are operating already?

Fyi, This company states that it is possible to open a bank account from remote and they takes small fees on cash in and cash out transfer.

 

[dotbloup]

I am sorry not to give lots of information. In fact, their website does not help, they don't discover terms of service and privacy policy until you subscribe to the service. They are pretty vague about their E-wallet gateway. The only case study they have is the one of a charity business.

All of that looks really junior to me.

 

[dotbloup]

So, last news about it.

I have met an Italian entrepreneur who wanted to open an account at paywithfire. He went through the process and submitted an Application for a business account in order to get an additional Sterling account & prevent problems related to the volatile GBP exchange rate after the Brexit.

He told me, he received an email asking him to give what this Italian man considered to be trade secrets. I don't know what was the content of those questions but i guess that the people of paywithfire wanted to know a lot about his business.

This Italian man said that he was ok to give all the figures, number of employees, sales volume, turnover, org chart... but then, he said "no" when it came to explaining what made his products more competitive than others.

 

[JohnLocke]

Yeah it is some of the strategies these guys have to get personal data from people which they use for whatever purpose. They must be doing lot's of money with it since they keep and maintain such sites for long term.

 

[negon]

If you want to test this processor / bank or whatever they are you may only give them a small percentage of your total earnings and wait for months or even a year to see how this will work.

 

[pornhub]

I have been using them for some time back, but they didn't wanted my business (selling online P**N) so they blocked my account and freezed my money

 

[allan]

Strange how they first can take on a business and then freeze an account! Shouldn't they pay out the account balance!?!

 

[dotbloup]

Stick with a real bank. In fact, after investigation, i have discovered that the operation lead at paywithfire for business accounts was also the help desk for business bank accounts. They ask you questions about your payment gateways because the company behind paywithfire also owns a payment gateway in Ireland and they want to encourage to use their payment gateway. That is definitely not serious.

 

[redeye]

Stick with a real bank. In fact, after investigation, i have discovered that the operation lead at paywithfire for business accounts was also the help desk for business bank accounts. They ask you questions about your payment gateways because the company behind paywithfire also owns a payment gateway in Ireland and they want to encourage to use their payment gateway. That is definitely not serious.

Thank you for the update.. great to have you here.

 

[andreas]

At least they are fast in response to tickets! I don't want to use them.

 

[dotbloup]

Just to give an update. I wanted to give the full picture because clearly i know that many people who incorporate in Ireland or in the UK have difficulties to open a bank account in the UK or Ireland when they are non resident.

However, it is better to stick to the major big banks.

I have also discovered thanks to this italian entrepreneur that Paywithfire wasn't part of the irish system to pay irish tax.

More importantly, after this person applied and sent all the due diligence to paywithfire to open a bank account. He received an email where he was asked to give details about his marketing strategy and advertisement strategy to get customers. Since his activities are related to the internet he found this pretty intrusive. In fact, he told me that in his case, if he would have shared information about marketing that means he should have gave up trade secrets because that was made the difference with competitors.

Then, he understood they had no understanding of business setup. This entrepreneur had a company for publishing purposes on his website and one for billing purposes. He told me the operation lead of paywithfire didn't understand that it was possible that somebody could use a US company for publishing purposes on the website & billing company behind that. However, with the payment gateways, it happens all the time.
What he didn't like wasn't the fact they asked. He felt fooled because when he applied at paywithfire.com everything made believe that you had just to fill out the form upload the company formation documents and required documents and that's it.

We also asked to tell from where the business will be operated (from which country)

He has been asked to give details about the goods and service he wanted to sell.

When he received questions that was not related to a bank, he decided to give up. Don't forget we talk about a so called business bank account offer with NO credit card, NO overdraft, and a fee for incoming and outgoing transfer.

 

[DeepDrilling]

Thank you for your review and complete information about this service. I have read about paywithfire for some time ago in another post!

 

[maxmoney]

are they the same as firepay?

 

[Harry Evans]

Hello. Many Customers tried for opening an account with paywithfire. The support service is a disaster and Fire support is a waster-time!
Moreover they say to authenticate the documents by a Socilitor and then they don't approve the account.
Bad service and no secure business or personal account. Don't trust!

 

[zarzar]

Hello I opened an account with paywithfire. it works perfectly but your company has to be held by the UBO and it has to operate a full and clean business (no high risk) more over they are not an acquiring bank. so do not even try to ask them credit card processing.

they are a start up and they do not have credit card yet.

but for incoming and outcoming wires it is great and they are a regulated bank backed by the Irlande national bank which is a great point to Secure your money.

cheers fellas

 

[JohnLocke]

Thanks for your review, what service would you use them for?