Amidst all the talk about credit card surcharges, an online business has developed a service to help business owners keep more of their money.
Chicago-based start-up FeeFighters aims to help merchants save money on credit card fees and also conducts reverse auctions to solicit bids from credit card processing facilities.
Since the company’s launch in 2009, FeeFighters has saved customers $30 million in processing fees, with a typical user saving 40% in fees.
The company also plans to expand its current payments business product to other business financial services.
FeeFighters emerged out of the frustration of co-founder Sean Harper, who was building an eCommerce store focused on satellite radio equipment and accessories.
He began shopping for credit card processors and realised how hard and time-consuming the process was going to be, prompting him and classmate Josh Krall to create their own hassle-free website.
Any assistance in the way of credit card fees is bound to be well received by customers, so why not develop a similar service here in Australia?