Fire Open Payments – a new way to get paid
March 12, 2020
The arrival of Open Banking represents a major change in the way consumers and businesses will use financial services. By opening up access to the account to regulated third-parties, it enables innovative new ways to pay and be paid – exactly the mission fire.com set out on nearly a decade ago.
Fire Open Payments is a new feature from fire.com combining our Euro and Sterling accounts, Open Banking and our payment request to enable businesses to accept account-based payments from customers. Whether you’re selling online, face to face or remotely, Fire Open Payments enables you to distribute payment requests to your customers, who can then pay you in a simple, frictionless and safe way directly from their bank or payment account – with the funds settled and reconciled automatically into your fire.com business account.
Integrating the acceptance of account-based payment flows is straight forward. You may create payment requests in the fire.com business account portal or use our API to integrate Fire Open Payments with existing systems for a fully automated collection and reconciliation service. The service is suitable for fire.com business customers of every size, from small start-ups to large corporates accepting tens of thousands of payments a day.
Cost-effective – Accepting payment via open banking is cheaper than other ways to get paid. There’s one, simple, low fee. Reduced chargebacks. Instant reconciliation.
Fast – Funds settle into your fire.com account quickly – typically within six business hours. Payments are executed via Faster Payments (Sterling) or SEPA Credit Transfers (Euro).
Secure – Fire Open Payments is one of the safest ways to collect payments. All parties are securely authenticated, minimising opportunities for fraud.
Currently available as a beta for UK & Ireland business customers, try it now by signing into firework and creating a Payment Request, or check fire.com/fireopenpayments to find out more about the service.
Fire Open Payments is also available as a white-label for banks, gateways and acquirers who are looking to quickly deploy compelling account-based payment solutions to their customers. Check fire.com/pisp-as-a-white-label or contact email@example.com for further information.
Owen O Byrne
Chief Product Officer, fire.com