Dublin-based fire.com seeks to support corporate, SMEs, sole traders and self-employed workers with quick and simple integrated payments solutions.
What is fire.com – what problems are you solving?
fire.com is the complete solution for integrated payments. It is designed for businesses and other financial institutions to get easy access to a range of payment services. It supports the opening of accounts, debit card processing, direct debits, FX, open banking and bank transfers – all accessible via a powerful API.
At fire.com we believe in change and are committed to making payments more accessible, safe and transparent. We remove key blockers to business banking today, by giving customers total control over their payment services and speeding up the time it takes them to pay out, get paid and reconcile.
How has Brexit impacted how European and UK companies deal with trade and payments – what is expected and what are some of the plans your clients have put in place?
Many of our customers have opted to open a fire.com account due to the ability to quickly and easily open a dual-currency account in euro and sterling. By retaining pools of funds in both currencies, businesses are in a better position to trade into the eurozone. This is particularly the case if the business both makes and receives payments in euro/sterling. For funds that do have to be changed, we offer an attractive Foreign Exchange service set at the mid-market rate.
At fire.com we have taken extra steps to ensure our customer accounts will not be affected by Brexit through the creation of a new UK entity, Fire-UK. Fire-UK was authorised by the FCA as an e-Money Institution in July of this year, while our Irish entity, Fire-EU, has been regulated as a Payments Institution by the Central Bank of Ireland since 2010. With this authorisation comes the assurance that we will continue to provide the same payment services to Irish and UK customers, irrespective of the final outcome of Brexit.
What are automated payments? How do they work and how do they benefit corporates?
For corporate customers we offer a fully featured API allowing them to integrate fire.com’s payment services with proprietary or third-party systems. Through the fire.com API, businesses can automate volume pay-outs, receive payments and reconcile in real-time. This is a much neater solution for corporates compared to the traditional payment methods offered by business bank accounts. By enabling the automation of payments, we are allowing customers to dramatically reduce the time they spend on their payment processes. Giving them the time and space they need to focus on growing the business.
What can a start-up gain from opening a fire.com business account?
The fire.com business account is a good fit for sole traders and self-employed people, due to the speed of set-up and access to payment services, 24/7. We aim to have all new business accounts open within 48 hours following approval of online application, and set-up is free. Through their fire.com account, users have access to a range of payment services – from SEPA to BACS to Faster Payments. Our business accounts are pay as you transact, with no hidden fees, and statements are provided in formats that compatible with all major accounting tools including Xero, Quickbooks, Sage, Free Agent and Zoho.
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