Frequently Asked Questions
Contents
How does TransFS work?
How much will I save?
What do you mean by “auction”?
How do you protect me?
How can this service be free?
What information do I need to complete your form?
How long does your process take?
Do you sell my information to the processors?
What if I am not ready to start an auction?
What have other customers said about you?
Why did you start TransFS?
How can I contact you?
How can I get started?
Am I Obligated to Choose One of the Bidders?
Get Started!
Contact Us
Call us at (877) 890-1170
Email us at help@transfs.com
We are available M-F 9am – 7pm (CT)
200 S. Wacker Dr., 15th Floor
Chicago, IL, 60606
How does TransFS work?
The TransFS auction process takes the form of four simple steps. These steps are illustrated in the graphic below. For more details on how it works please visit our How It Works page.
How much will I save?
Our credit card processing comparison typically saves merchants like you an average of 40% on their credit card processing bills.
We can’t think of a faster and easier way to add to a merchant’s bottom line.
What do you mean by “auction”?
We are able to find you a better deal on credit card processing by allowing processors to* compete for your business* (just like LendingTree does for home loans). This competition takes the form of a “reverse” auction where you enter your information and credit card processors bid for your business.
After all of your bids are in, our software goes to work to compare these bids for you and show you which one is the least expensive.
Worried about your contact information being sold? Don’t be. We never share your contact information with the bidders during this process. We only pass along your information to the winning bidder once you have chosen one. Please view our privacy policy for more details on how we protect your information.
How do you protect me?
We require credit card processors that bid on our system to:
- Use transparent interchange plus pricing (learn more)
- Provide transparent statements for the length of your tenure as a customer
- Provide contracts with no cancellation fees
We also complete extensive diligence on all processors on our site before they are allowed to bid for your business. This helps us to ensure that only the best companies in the country are able to win your business.
How can this service be free?
We get paid by the winning processor only if you choose one and decide to sign up with them. Since the processors pay us, we can keep the service free for businesses.
What information do I need to complete your form?
- Business name, address and owners names and addresses
- A rough estimate of the percentage of your sales broken into: in-person, online, mail-order, over the phone
- A rough estimate of your monthly volume and average transaction size
- If you currently accept credit-cards (this is optional): Previous month credit-card processing statement (Fax or PDF)
How long does your process take?
It should take about 5 – 15 minutes to complete our form. After that we will typically have your bids ready within 24 hours (usually even faster). We will send you an email at that time asking you to review them and to choose a new processor.
Do you sell my information to the processors?
We don’t sell your information to the processors who bid on our site (or to anyone else). We only pass along your contact information to the winning bidder when you choose one (so you can connect and close the deal).
Please see our privacy policy for more details on how we protect you and your information.
What if I am not ready to start an auction?
If you aren’t ready to start an auction but want to know if you are currently getting a good deal (or what a good deal is if you are a new merchant) you can use our Credit Card Processing Calculator.
The credit card processing calculator is a free tool (just like our auction) that will quickly let you know if you are getting a good deal on your processing or what a good deal looks like for your business.
What have other customers said about you?
Here are a couple of testimonials from our customers that we have received and we continue to receive more every day.
“We were really under the gun to get our app out to the world and obtaining a merchant account was holding us up. When I found TransFS, it was a dream come true. It relieved a lot of the stress we were feeling, which meant a lot to us. I highly recommend TransFS.”
- Chris Winn (Co-Founder of Bloom Apps)
“TransFS saved us 200 basis points, about 50%, on our credit card processing and it only took 30 minutes. TransFS makes shopping for credit card processing painless and for that we are very appreciative.”
- Michael Farb (Co-Founder of CaptainU)
Why did you start TransFS?
Our own frustration (we’ve been in your shoes) with the financial services shopping process showed us that there was a need for a better way to procure small business financial services. When we didn’t find anything that we deemed to be doing a good job of solving this problem we decided to build TransFS.
How can I contact you?
Sure! You can reach us via email at help@transfs.com, via phone at (877) 890-1170 or via mail at 200 S Wacker Drive; 15th Floor; Chicago, IL 60606.
How can I get started?
Ready to get started? Just click the button below.
Am I Obligated to Choose One of the Bidders?
No! At no point in the process are you obligated to do anything. If you just are curious, or are shopping around, or don’t like the bids you get and decide not to choose one, that’s perfectly fine with us.
Once you have selected a processor then we release your contact information to the processor you chose, so that it can follow up, but still, there is no obligation.
However, you will have to sign a contract to establish your merchant account with that processor. Fortunately, all the processors on TransFS are required to have a zero-cancellation-fee policy. If you want to quit and close your account with them, you can do it and cancel the contract at any time without penalty.
