Web Genre Fluency 1- Web Based Cash Account (FirePay)
FirePay is a means by which to manage funds online, in the field of electronic funds transfer (EFT). Most web based cash accounts, like FirePay, operate like an internet credit card. By utilizing funds from a variety of sources like credit cards, debit and checking accounts as well as savings accounts, FirePay affords its users the opportunity to participate in e-commerce without divulging their financial information to outside sources. FirePay acts a buffer where financial information is given to only one source, for a specified transaction amount, and once deposited, that money in the FirePay account can be used like a credit card at a vast number of online commerce sites as well as other sites. EBay and Amazon.com both either accept FirePay or offer similar web based cash account services (PayPal) to greater facilitate online purchases and help consumers avoid the nuisance of credit card declines.
In using FirePay, there is real time access to my e-funds, there is no waiting period for funds to clear before I can deposit into my FirePay account. By using FirePay to purchase my buy-in fee at Paradise Poker.com, the greatest benefit of the service is realized as I can receive payouts for a greater amount than my initial deposit. I can then re-deposit this money back into my bank account with an ETF or let it ride.
Another benefit to using this service is that FirePay offers very detailed account summaries and constant updates via email. Their security is top notch, as I have never had a problem collecting funds or making transactions using their services. There is a pretty scrutenous screening process to prevent tampering and account meddling. This here is the initial signup page (right). It asks some general questions and then it asks for a password as well as a secret question with a secret answer. You can also update your password and secret question at any frequency you choose.
The only problems I can find with the FirePay service are that there exists no real precedent in the operation of such service. Certain risks exist since this isn’t actually a banking service and the money on such an account isn’t federally insured. While it can work to the customers benefit that the service isn’t regulated by standard banking regulations, it might be a hazard as the service reserves the right to invest in liquid assets with the money I deposit and keep the interest earned as a result of the deposit.
While most of the writing language is strait-forward, you actually have to dig through the website in order to discover the fine-print for the agreement. Also, the information most troubling is ordered at the bottom of list of Terms and Agreements. I think a re-prioritizing of the list is in order and the significantly negative aspects of using this service should be listed at the top.