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We are Fee Fighters. We are the ones who aren’t afraid to go out there and make sure you’re getting a good deal on credit card processing. We take those extra fees on confusing statements and turn them into completely transparent, lowest cost, great customer service processors who go through a tough screening process to be on FeeFighters.
We are still passionate about transparent financial services, and offer only that, but now with a kick as we move into overdrive to save you money.
Bottom line: We may be getting a face lift, but that’s the only change you’re going to see. Same great site, same value proposition, just a little more badass.
TransFS in Press Update
In case you missed it, TransFS has been all over the news the last week or so. Being human, it’s only natural to be proud and share your accomplishments… so here is a recap of our recent press hits for you to enjoy (and us to gloat over):
The Wall Street Journal: Comparison Shopping Online is for Small Businesses Too
TechCrunch: TransFS Raises $510K for Credit Card Processor Comparison Shopping Site
ReadWriteWeb: Save on Credit Card Processing Fees with TransFS
Crain’s Chicago Business: Sean Harper, CEO of TransFS, Talks Strategy
Chicago Sun-Times: Startup “Bootcamp” Excelerate Already Boasting Dividends
TheNextWeb: Check Out the Five Hottest Midwest Startups
Image thanks to http://www.flickr.com/photos/41893519@N07/4040697914/
Having had the fortune to attend SxSW (also known as South by Southwest) this year, I am very excited for TransFS to be part of the action next year. Please vote for our panel, “David vs Goliath: Internet Startups Battle Money Giants.” Industry leaders, including TransFS’ own Sean Harper, will talk about taking on giant corporate institutions to help the little guy (whether it’s consumer or small business owner) save money.
SxSw is crowdsourcing 30% of it’s voting criteria, so please vote here!
Description of the panel is below:
The financial services industry has been shrouded in mystery for decades. The internet is finally transforming the financial services landscape by empowering consumers and businesses to research, compare, and demand better prices and service by knowing the competition. Mint.com, LendingTree, TransFS and BillShrink caused paradigm shifts which put power in the hands of the customer instead of big institutions cashing in on a lack of knowledge. This panel will leverage the experience of thought leaders in the industry to explore the trends which have led to their success: transparency, honesty, free for user models, disseminating information, etc. The panel will also explore what’s at stake in the future both for consumers, small businesses, and big institutions. Is there such a thing as too much transparency? Does the acquisition of startups spreading transparency undermine their value proposition?
TransFS on TechCrunch!
We were very happy to report our funding through TechCrunch last night. Check out the details here.
Several times a day, TransFS users ask us, “Which is better for me, Square or a traditional credit card processor?” To make life easier, we created the Square Calculator, a tool which lets business owners quickly and easily see which choice is more cost effective for their situation: Square or a merchant account. There’s no signup or lead generation form; merchants can see which option is better for their business clearly and in a matter of seconds.
Below is a screenshot which shows the side-by-side, apples-to-apples comparison that business owners see when they enter in their information.
The Square Calculator works by comparing the main drivers of fees – average transaction size and monthly volume of the merchant. It also gracefully handles the case of a merchant already owning an iOS device, such as an iPhone or iPad, in the cost comparison calculation. In addition, merchants who want to see a more exact comparison based on their particular credit card mix of credit, debit, reward, and business credit cards can do so – again with no signup or personal information required.
The Square Calculator then takes these inputs and runs a real-time fee analysis between Square’s rates and an average of the credit card processors that participate in the TransFS.com comparison shopping marketplace for merchant accounts. Because the rate structures for Square and merchant accounts vary widely, the Square Calculator relies on TransFS’ proprietary software to translate between these different pricing mechanisms to provide an apples-to-apples comparison.
Check out the calculator, then start an auction on TransFS to get bids from credit card processors.
Check out the official press release here or feel free to email me with questions or feedback: stella@transfs.com
Discount Collected
One of the ways processors confuse business owners is by having misleading statements. For example, look below at the final line of this business’s credit card processing statement. The logical assumption is that the amount being charged is $130.83
Not so. There is a sneaky line item called “discount collected” which is hidden in the “Settlement/Discount” section. This, plus the 130.83 is what the account is actually being charged.
While the business owner is led to believe that his processing fees are $130.83, in reality they are $469.82.
This leads to the phenomenon where business owners believe they are paying a low rate, but actually are paying many times that amount. When looking at your (often complicated) credit card processing statement, don’t take for granted the amount the processor wants you to think you are being charged. Instead, make sure to check your bank account and calculate your fees based on the true charge.
Learn more about how to reach merchant processing statements here.
To compare bids from top-tier credit card processors, check out the TransFS marketplace. A few minutes can help you save (average) 40% on your processing bills.
In response to a question we get very frequently from TransFS users, “Which is better, PayPal or a merchant account?” TransFS has launched the PayPal Upgrade Calculator, a tool which lets business owners quickly and easily see which option is more cost effective. There’s no signup or lead generation form; merchants can see which option is better for their business clearly and in a matter of seconds.
Below is a screenshot showing the calculator which displays PayPal vs. merchant account fees side by side for easy comparison.
The PayPal Upgrade Calculator works by looking at the main drivers of fees – average transaction size and the monthly volume of the merchant. In addition, there are optional questions about on-site or off-site transactions and name displayed on the credit card statement for those merchants who have specific needs that require PayPal’s Website Payments Pro offering. For ease of use, industry standards for these values are displayed so that merchants can get a sense for how their business compares to the average online e-commerce site.
Check out the calculator and start a free auction for binding quotes now.
Check out the official press release here or feel free to email me with questions or feedback: stella@transfs.com
A TransFS user recently asked this question:
I’m a startup company so it’s very difficult to estimate my monthly processing volume in six months time. I imagine that it’s be at least ten times higher than it is now. How does this affect the pricing I get from processors now? Can I be more competitive in six months time?
Here is our answer:
Do your best in estimating but don’t worry too much about it. Credit card processors determine pricing based on three variables: industry, ticket size, and monthly credit card volume. Two of those are not likely to change, and the third is understandable. Processors have the same pricing until you reach certain levels or tiers of volume. These tiers are different from processor to processor, but are similar in terms of scale. So for example, you get similar pricing if you process $500 and $10,000 per month. Pricing is even similar between volumes of $10,000 and $100,000.
The good news is, with TransFS, it is easy to reshop your processor should your sales drastically increase. If you’ve signed up with a processor without a cancellation fee (like any processor on TransFS) it’s as easy as filling out a new auction form and switching if you find a better deal.
More realistically, you may find a better deal in six months because the marketplace has become more competitive rather than your volume increasing to such a high level that pricing will change significantly.
TransFS is very happy to announce a new functionality which lets merchants screen credit card processors by gateways on marketplace. Now, when merchants come to TransFS to comparison shop credit card processors, they can see which processors can easily integrate with their existing gateways.
The screenshot below shows the form which merchants fill out to get bids from processors. Picking a gateway is as easy as clicking on the drop down menu.
This screenshot gives an example of what a merchant would see when learning about which gateways a particular credit card processor on TransFS supports.
Check out our new screening tool by starting a free auction for binding quotes now.
Check out the official press release here or feel free to email me with questions or feedback: stella@transfs.com
Ignite is a high energy networking event where individuals present an interesting topic for 5 minutes. The event is worldwide with local organizers rallying around the spirit of innovation.
Interestingly enough, Ignite plays a significant role in the history of TransFS. A few years ago, a Booth student named Sean Harper brought the event to Chicago. The organization of the event was passed down to many others through the years until one day, a friend of mine asked me to take over.
This was a few months ago, and I had no idea that Sean was the original organizer. As I began compiling marketing materials and looking at past websites, I was shocked to find out the random TransFS link.
To carry on the tradition, TransFS is sponsoring the new and improved Ignite, and Sean will be one of the speakers. The event is Wednesday June 9th at TechNexus (200 S Wacker Drive) networking and food @ 5:30. Presentations start @ 6:00 PM. Buy tickets here.
