FIREGROUP ONE/FIREPAY TO CEASE PROCESSING UPON PRESIDENTS SIGNATURE

[mgibson99]

Originally Posted by fathead

Maybe they will sell the US portion of their business to a private investor?

Why would anyone buy it?

[mgibson99]

Originally Posted by carramrod

From Firepay:
All US FirePay accounts holders will continue to be able to make purchases and receive payments from non-gambling, online merchants, as well as "Deposit From" and "Withdraw To" their US bank account.

What this means to me is that by stopping gambling transactions, they are no longer a means of funding gambling sites. Therefore Firepay will simply be another E-Wallet (like Paypal) and will be allowed to transfer to-and-from US bank accts.

For non gambling purchases, Paypal is far ahead of the curve. I suspect that the majority of the other e-wallets (Firepay, Neteller, etc) are used primarily for gambling. It will be interesting to see if they make an aggressive push into the non gaming market to challenge Paypal's dominant position.

[fathead]

Originally Posted by mgibson99

Why would anyone buy it?

Neteller is a huge cash generator.

The gambling bill really only affects credit cards, the banks have already said that they don't have a way to block checks or electronic transfers and that it would be extremely expensive to implement such a strategy. Most banks already block credit card use for gambling purposes. The bill has a 'no penalty' loophole for the banks if they are unable to block everything.

Unfortunately Neteller is a public company. If they were still private, I imagine they could continue to operate with no problem using non credit card transactions. The key is either to take the company private or sell the US portion of the business to private investors and then focus what is left of the operation on the non-US portion of the business, expanding more into Asia.

[sdaddy]

Although it could have been sooner, I was pleased to see that Firepay did send notice to all US residents about this sudden decision. Also, Firepay allowed an important 10 day grace period to continue to receive payments from gambling merchants. I hope than any other money transfer service that decides to leave the U.S. market will do something similar.

[venetian]

Firpay is on my **it list right now. I am new with them and have a limit (weekly). When I went to deposit last night they only would allow 1/2 of my usual deposit amount. When I emailed them and asked why they said;

FirePay reserves the right to periodically adjust our funding limits due to various risk reasons.

We apologize for any inconvenience this may cause.


Sincerely,

Asadul
FirePay Customer Service Agent
FirePay.com - Instant. Safe. Secure.
email: info@firepay.com

What??? Am I now a risk because I only have one more day to use their services??? I am so done with them. Hmmm easy for me to say since they are getting rid of me