Blog
Everything we have written about payments.
233 articles since 2010 on chargebacks, reason codes, interchange, gateways and the fees hiding in your statement.
Jan 17, 2020 · Chargeback Management
Guide to Automating Chargeback Responses
Chargebacks are debit or credit card charges that have been disputed by customers. Sometimes these come in the form of chargeback fraud, but other times they are legitimate. When a chargeback happens, you have to deal with the acquiring bank and other entities in order to dispute it. Regardless of t
Jan 10, 2020
How Does Stripe Make Money?
Stripe is one of the world’s most popular options for credit card processing, payment gateways, and merchant accounts for business owners. But how does Stripe make money on the services they provide? Fees One of Stripe’s primary sources of revenue comes through the fees they collect from merchants.
Jan 2, 2020
Can Stripe Payout to PayPal?
Stripe and PayPal are known as two of the most user-friendly and versatile merchant account and payment gateway providers available. When it comes to payment processing partners, they are two of the top choices for small business owners. However, one common question from merchants is whether or not
Jan 1, 2020 · Payments
What Forms of Payment Does Stripe Accept?
Stripe is one of the most popular merchant account and POS service providers in the world, especially for small businesses looking to accept payments via credit card. With an easy to use API and tons of features, Stripe has made a name for itself as a top choice in credit card processing for merchan
Dec 31, 2019 · Payments
Is Stripe Safe?
Stripe is one of the most popular platforms for payment processing and merchant account services. The Stripe dashboard is easy to use, their virtual terminal is full-featured, and their transaction fees are reasonable. But is Stripe safe? Whether you have a Stripe account or are thinking of getting
Dec 4, 2019 · Payments
How Long Does Stripe Take to Pay Out?
Stripe is one of the most popular payment processing and merchant services providers, allowing companies both small and large to accept credit card payments easily. But now that you can accept payments as a merchant, you need to know the answer to a key question: how long does Stripe take to pay out
Dec 2, 2019 · Business
How Much Does Stripe Connect Cost?
Stripe Connect is an extremely popular platform for merchants, but what it costs can depend on what your specific needs are. This post will tell you what Stripe Connect is, why you might need it, and how much Stripe Connect costs for businesses with various needs. What is Stripe Connect? Stripe Conn
Oct 5, 2019 · Payments
How Do Credit Card Processing Companies Handle Fees on Refunds?
Refunds and chargebacks are some of the more difficult aspects of processing credit card transactions for merchants. To make matters more complicated, different companies have different ways of handling refunds. As a business owner, you want your credit card processing fees to be refunded if a custo
Oct 5, 2019 · Payments
Is Square Becoming Just Another Run-of-the-Mill Payment Processing Company?
When Square first launched, it was a new kind of payment processing company. There were a lot of things that made Square stand out. For one, they offered affordable and easy to use all-in-one payment gateway, POS hardware, credit card processing solutions for merchants. For small business owners, th
Jun 17, 2019 · Business
Merchant Services for Transportation
The transportation and moving industry has unique needs when it comes to merchant services like payment processors, merchant accounts, and POS systems. This article will talk a little bit about what your merchant services options are if you own a transportation company, along with some special consi
Jun 4, 2019
Review of Sofi Loans
Sofi Loans is a company offering a number of different types of loans to customers. To that end, Sofi offers personal loans, mortgage loans, student loans, private loans, and other types. Here, we’ll dive into their offerings and tell you more about what they are, and more importantly, whether or no
May 28, 2019
Best Payment Gateways
When you’re trying to choose a payment gateway provider, all the choices can be overwhelming. There are some great companies out there, all offering a variety of products, options, and packages. It can be hard at first glance to tell what the pros and cons of are for each. This post will go through
May 20, 2019
The Pros & Cons of Using Stripe as a Gateway
Stripe is one of the most popular service providers offering payment gateway software solutions for merchants. Stripe takes the process of technical integration with gateways, and makes the process easy for business owners. This post will discuss what Stripe is and how it works, and then outline the
May 13, 2019
Guide to Buying POS Hardware
With the incredibly vast selection of POS hardware available for your business, shopping can be overwhelming. Between barcode label printers and POS terminals, you need a system with components that are all compatible with one another. You also have a whole slew of different brands to consider, all
May 10, 2019
How to Limit Your Credit Card Fees
When it comes to running a business, credit card fees are a fact of life. These fees come in many forms, and each takes a small chunk out of every single transaction you process, so limiting them just a little bit can net you enormous savings in the long run. With a few tips, and […]
Apr 23, 2019
Watch Out for These Awful Merchant Accounts
In the world of credit card processing, there are endless companies that provide merchant accounts and credit card processing services. But many are opportunistic, offering low-quality or outright scam-like service that will do anything they can to make some quick money—even if it means ripping off
Apr 19, 2019
Overview of Credit Card Payments & Types of Credit Card Fees
When you read the features of a certain credit card, explanations of the fees tend to look like they’re in a foreign language. Whether it’s a rewards card or a card meant just for business owners, there lots of numbers, talk of different fees and rates, cash advances, monthly fees, balance transfers
Apr 9, 2019
Merchant Services for Salons and Spas
The world of beauty and self-care is continuing to grow and expand. From trending hair treatments to timeless deep tissue massages, salons and spas have the opportunity to greatly diversify their services to meet the needs of every woman and man. However, a salon is only as profitable as their payme
Apr 1, 2019
Deceptive Marketing Practices
From social media to pop-up ads, the whole online world is awash in advertisements. Deceptive marketing practices can be found everywhere you look. In fact, nearly all types of deceptive advertising has exploded in the Internet age, and well-known companies can be just as guilty as anyone else. This
Mar 22, 2019
Payment Gateway Vs. Payment Processor
Whether you are a consumer, brick-and-mortar business owner, or involved in eCommerce, it is important to know the difference between payment gateways and payment processors. Unfortunately, this is a difference that can be hard to establish and the two are often confused. Let’s break it down and dis
Mar 14, 2019
Guide to Merchant Services for e-Commerce
Credit card processing services are an important aspect of most businesses. And with many businesses moving some services or products online, understanding credit card processing is more important than ever. Even if you’re not a full-fledged, exclusively online-based merchant, you might still be abl
Feb 21, 2019
How to Negotiate a Credit Card Processing Deal
Choosing a processing company can be one of the hardest steps in getting your business off the ground. This guide will lead you through all aspects of the contract and help you negotiate the best possible deal therefore saving your business money. Check it out now!
Jan 29, 2019 · Best Credit Card Negotiation
How to Close a Merchant Account
Closing a merchant account is a process that all business owners should be familiar with. Go about it the wrong way and you could befit with fees, retained funds or other challenges. Fortunately, these are easily avoided with some tips and best practices. Keep reading and learn everything you need
Jan 27, 2019 · Best Switching Processors
How Do I Switch Merchant Services?
Switching merchant services can be huge pain! Read our guide that will provide all you need to know to successfully switch merchant services in order to maximize your profits. Check it out now!
Jan 21, 2019 · Credit Card Negotiation
How to Get a Late Credit Card Payment Waived
Late credit card payments can have a devastating impact on your credit score, not to mention the lost profits from late fees. This guide will help you get a late credit card payment waived. Check it out now!
Jan 21, 2019 · Business
What to do When Your Business is in Financial Distress
No one’s denying it—times are tough, and small businesses everywhere are feeling the brunt of the slumping economy. Even businesses who have never before felt a cash crunch are beginning to wonder how they will handle things if sales don’t increase—soon. The worst thing a business owner can do when
Jan 10, 2019 · Payments
Payment Gateway Comparison: Know Your Fees
If your business uses a payment gateway or is thinking about using one to facilitate online and mobile payments, take a look at this article to help you understand the fees involved .
Jan 8, 2019 · Best Samurai Payment Gateway
Payment Gateway Comparison
As a business owner, you know the necessity go a payment gateway. Do you know the different types of payment gateways? Check out this comparison guide to ensure you are using the one that maximizes your business’ profits. Read more now!
Jan 7, 2019 · Best Credit Card Negotiation
Video: Statement Analysis
Sometimes people will ask what we do. Basically we translate credit card into english and act like an accountant or lawyer fighting for our clients money. Here is a video of us explaining some of the fees on a statement.
Dec 15, 2018 · Best Chargeback Management
Chargeback Prevention 101
Chargeback prevention is an important part of your business in order to not cut into your profits. The simple methods outlines in the article can help your business prevent unnecessary chargebacks. Read it today and stop wasting time and money on chargebacks!
Dec 15, 2018 · Best Chargeback Management
Chargeback Rebuttal Process
Chargebacks are a a part of doing business, but do you know the steps to take when your business rebuts the chargeback? Follow this guide to help you make the most effective case and save your business from loss of profits. Check it out now!
Dec 15, 2018 · Best Switching Processors
Finding the Best App For Credit Card Processing
Is your business looking to process credit cards through an app? Check out this article to learn the key things to consider when choosing which app is best for your company. Read it now!
Dec 15, 2018 · Business
The Best Credit Card Processing Companies for Small Businesses
The credit card processor you choose for your small business can have a huge impact on every aspect of your business. Use this guide to ensure you are choosing a processor that is right for your needs. Read it now!
Dec 15, 2018 · Best Credit Card Negotiation
Your Definitive Guide to Credit Card Processing Fees
Your customers want to pay with credit cards. That means your business pays a processing fee. This guide will help you understand everything there is to know about credit card processing fees. Check it out now!
Dec 14, 2018 · Credit Card Negotiation
A Complete Guide To Getting Better Interchange Fee Rates
Interchange fees are assessed every time a credit or debit card are swiped. This means that it is imperative your business is getting the best rate possible to minimize expenses. Use this guide to assist you in negotiating a great rate for your company now!
Dec 14, 2018 · Best Credit Card Negotiation
A Guide To Credit Card Processing Fees And Rates
Credit cards are the way of the world these days. It is important as a business owner to understand everything related to credit card processing fees and rates to ensure you are maximizing profits while minimizing expenses. Check out this article to learn everything you need to know about credit c
Dec 14, 2018 · Payments
Payment Gateways: A Convenient Way To Implement Online and Mobile Payment Methods
If your business is looking to increase productivity by adding mobile and online purchasing than a payment gateway will help facilitate those transactions. This article will cover how to set up a payment gateway, take advantage of payment gateway features and understand the support a business shoul
Dec 14, 2018 · Payments
What is PCI-DSS compliance (Payment Card Industry Data Security Standard compliance) and what do you need to know?
PCI DSS compliance is an incredibly important issue for your business. Data breeches can cause hard to your reputation and impact your profits. Check out this complete guide to ensuring you are following all the security compliance regulations and protecting your business and your customers. Rea
Dec 12, 2018 · Business
A Comprehensive Guide To Credit Card Processing Companies
A credit card processing company will help your business in a lot of ways. Do you know what goes into credit card processing? This article will walk you through all the components of credit card processing. Check it out now!
Dec 12, 2018 · Payments
Card-Not-Present (CNP) Transactions
Card not present transactions are any transaction where the physical card is not available to swipe. These types of transactions have become more and more prevalent with the increase in online shopping. Educate yourself on everything you n need to know about card not present transactions by readin
Dec 12, 2018 · Best Chargeback Management
Chargeback Fraud
Chargeback fraud is quickly growing as credit cards are more and more widely used, especially in online transactions. This article will provide you with everything you need to know about chargeback fraud so you can be an educated business owner. Check it out now!
Dec 12, 2018 · Business
Interest Rates 101 for Businesses
Loans are often utilized in small business to jump-start or run a business. Therefore, it’s important to understand interest rates and how they effect your loan. This article will teach you all the important information you need about loans. Read it today!
Dec 12, 2018 · Business
Reading & Understanding Your Credit Report & Score
Your credit report and score can affect so many aspects of your business. It’s important you understand what your credit score is and are able to obtain a credit report so you can look for fraudulent activity. This guide will walk you through every thing you need to know about credit reports and s
Dec 10, 2018 · Payments
Guide to Payment Gateways
Payment gateways manage credit card processing for card not present transactions and card present transactions for your business. This guide will teach you everything you need to know about payment gateways so you can ensure your payment gateway is a good fit for your business. Check it out now!
Dec 9, 2018 · Payments
Payment Gateways
Payment gateways are essential to your business if you take credit cards. This all-encompassing guide will teach you everything you need to know about payment gateways. Read and learn now!
Dec 3, 2018 · Credit Card Negotiation
7 Misconceptions about Credit Card Statement Auditing
Your business has statements and records from credit card sales and purchases. These can be audited at any time, but there are some misconceptions that you need to know. Check out this article to see if you are making some of the mistakes that could be costing your business time and money. Read i
Dec 3, 2018 · Payments
All You Need to Know About Credit Card Processing
If you own a small business or are thinking about starting one you MUST familiarize yourself with credit card processing, as it is the way of the world! Find out everything you need to know in this article. Read it now!
Nov 30, 2018 · Business
The Best Payment Gateways
There are so many payment gateways to choose from. This guide will help you determine the one that is the best fit for your business. Check it out now!
Nov 29, 2018 · Payments
How to Process Card-Not-Present (CNP) Transactions & Avoid CNP Fraud
Card not present transactions are becoming more and more common. That means as a small business owner you need to understand how to process these transactions while avoiding fraud, which could lead to major profit losses for your business. Check out this article to learn more!
Nov 28, 2018 · Best Chargeback Management
What are Chargebacks?
Any business that accepts credit cards will run into chargebacks. This article will provide all the information you need on chargebacks and help you understand them so you can minimize these disruptions to your business. Check it out now!
Nov 21, 2018 · Business
Managing Your Businesss Growth
The only thing worse that not growing, can be growth itself. We see tons of businesses who grow each day and others who seem to wilt and die. How can we learn from the businesses who are doing a great job and growing? The most important things are: Focus and Direction of team Process
Oct 4, 2018 · Payments
[Case Study] Coffeeshop Owner Says FeeFighters is “Amazing”
FeeFighters Saves Campus Coffee Shop $7,000 in Annual Credit Card Processing Fees Manndible Café Uses Free Online Comparison Shopping Site to Reduce Inflated Processing Fees, Slash Card Expenses by 40% and End Contract Nightmare that Sapped Profits and Owner’s Patience “How can I be paying more?” an
Oct 3, 2018 · Payments
Payment Gateways
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. If you want to process transactions over the internet, you will need a payment gateway. I often find that people are confused about what the payment gateway does vs
Oct 2, 2018 · Payments
Typical Interchange Rates for Ecommerce Merchants
We are frequently asked “how much is interchange”, in particular by online businesses. Interchange is the highly complicated system by which Visa and Mastercard charge the merchant money which is then passed along to the card issuer (i.e. Capital One or MBNA / Bank of America). It makes up the major
Oct 2, 2018 · Chargeback Management
[Weekly Kick] What is a Chargeback?
Tis the season for…chargebacks. What exactly is a chargeback, and what happens when one occurs? More importantly, what should you as a merchant do to deal with chargebacks and how can you prevent them in the future? Sean answers these questions in this week’s FeeFighters Weekly Kick. What is a Cha
Oct 2, 2018 · Payments
[Weekly Kick] What is a Gateway?
This week, the FeeFighters Weekly Kick is about gateways. Sean, the CEO of FeeFighters, explains exactly what is a gateway and why you might need to have one. For more about gateways, click here. What is a Gateway Video Transcript: To accept credit cards online, you need not only a credit card pro
Oct 2, 2018 · Payments
What Happens When A Credit Card is Swiped?
It seems as simple as sliding a credit card through the terminal and signing a slip, but what actually happens behind the scenes is a pretty intricate process. Information flows through many different channels, so take a look at this infographic to get a behind the scenes look at what happens when a
Oct 1, 2018 · Chargeback Management
Chargeback Ratio
Your chargeback ratio is the number of chargebacks divided into the number of total credit card processing transactions. If your chargeback ratio gets too high your merchant account could get restricted. For example there could be a reserve, or your account could get canceled. Different underwriter
Oct 1, 2018 · Payments
What is Interchange, Again?
FeeFighters uses Interchange Plus pricing in our credit card processor marketplace. The biggest chunk of change that processors charge is Interchange, but what does that really mean? Two of the things that confuse merchants the most are: Why they are charged different amounts when different kinds of
Oct 1, 2018 · Payments
What is the Difference Between a Credit Card Processor and an ISO?
A FeeFighters user recently asked this question: Sometimes I see entities refer to themselves as credit card processors and sometimes as ISOs. What is the difference between these two? Here is our answer: The Green Sheet defines credit card processors (also known as merchant account providers) as: P
Sep 24, 2018 · Business
What You Should Know About the Newegg Data Breach
FeeFighters is a growing company based in New Jersey. The company offers credit card comparison services and negotiates to reduce the existing fees if the companies are unprepared to change their processors. Most technology fans prefer Newegg as their online electronics retailer. Newegg is one of
Aug 31, 2018 · Best Samurai Payment Gateway
Meet Samurai: The Most Powerful Way to Accept Payments Online
At FeeFighters, we’ve been helping business owners comparison shop credit card processors for years. One complaint kept resurfacing over and over for online merchants: what to do about the gateway? Learn a little bit about a samurai economics mindset.
Jan 20, 2018 · Business
Best Practices for Issuing 1099s
For many businesses, January is the time of year to send out tax information to their employees. For salaried and employees on your payroll, this is accomplished by W-2 filings provided to both employees and the IRS. However, what if you employed independent contractors, retained attorneys or paid o
Nov 21, 2016 · Payments
Lowest Credit Card Processing Costs
Lots of business owners ask us “how much does it actually cost to process a transaction?”. Sometimes they are just curious, and sometimes they want to know for purposes of evaluating what is a good deal. While none of the big credit card processing companies will ever come out and tell the world the
Nov 21, 2013 · Business
Do You Know What Your Competition Is Up To?
Keeping abreast of the competition is key in getting ahead. You don’t have to be in the dark about what your competitor’s plans are if you use a little legal recognizance. Here are a few tips to help you get an idea of what’s coming. Follow Them Most companies are using social media these days to a
Jul 23, 2013 · Business
Personal Guarantee
A personal guarantee is when one of the owners or principals of a business extends his/her personal credit to back up liabilities incurred by the business such as business loan. Corporations in the US and most other countries have limited liability for the owners. That limited liability was an imp
Nov 23, 2012 · Payments
Small Ticket Rates
Visa and Mastercard both have special, lower interchange rates for small transaction sizes. Visa and Mastercard tend to create new interchange categories when they want to attract a new kind of merchant that has not previously accepted cards. Small ticket merchants (think convenience stores, parki
Nov 21, 2012 · Business
90% of Startups Fail Within 1 Year? Think Again.
It’s a statistic I’ve heard time and again, and one that is often brought up when I mention I work at a startup: 90% of new businesses fail within a year of operation. Mark Henricks, reporting for BNet, recently reported that the factoid is completely incorrect…in fact, no one quite knows where it c
Nov 21, 2012 · Business
A Surprising Sales Strategy That Works
Have you ever read one of those annoying sales letters online that are blatant advertisements thinly veiled as a letter from a concerned business person who wants to help others? Headlines such as “I made a million dollars and want to show you how to do the same!” or “I Want to Teach You What […]
Oct 21, 2012 · Business
Business Credit 101
If you’re in business for yourself, then you certainly understand the importance of establishing business credit. After all, when you’re granted a large job or need to expand your business, you’ll likely need to have a line of credit to tap into in order to carry the weight of the up-front expenses
Oct 4, 2012 · Business
6 Basic Marketing Strategies for Websites
Often times when I’m shooting the breeze with people who run startups, a question that comes up is “How do people find you?” There is no secret sauce, and the answer is different for different companies. For us, there are 6 main ways that we think people find us. SEO (Search Engine Optimization)
Oct 4, 2012 · Payments
Credit Card Processing Fees for Gas Stations or Convenience Stores
This summer and autumn, interchange fees and rising gas prices have drawn some attention. The majority of people pay for gas with a credit or debit card now and gas usually has pretty low margins for the retailer. The economics of gas station operators have been severely impacted by this combinati
Oct 4, 2012 · Payments
Easy PCI Compliance
PCI Compliance rules, designed to ensure that credit card numbers are not kept on merchants’ computers in a form that are easy to steal, is a good thing, nobody like having their credit card stolen and fraud hurts everyone. However, it is expensive and complicated for everyone who accepts credit ca
Sep 24, 2012 · Payments
Credit Card Processing – the Fraud Fallacy
One way that credit card processors justify their markup over interchange (which is commonly more than 0.50% – 50 basis points) is that they require the markup to cover the cost of fraud and returns, which sounds reasonable. In reality, the merchant bears the first responsibility for fraud and retur
Jul 23, 2012 · Payments
Largest Merchant Acquirers
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. Here is a list of the largest merchant acquirers in the U.S. as estimated by the Nilson Report. In this context the definition of Acquirer is a little bit strained
Jul 23, 2012 · Business
Stupid Bait and Switch Marketing
I was reading the New York Times, learning from Thomas Friedman about the myriad of Islamic uprisings that are about to occur and I was presented with the attached ad. Here is a another great example of dumb advertising (see a video on the same topic). Bluepay is an ISO (independent sales organizati
Jul 4, 2012 · Business
3 Tips for Minimizing Risk in Ecommerce
I just discovered the website My Wife Quit Her Job, and let’s just say I’ve done quite a bit of browsing through the site’s many fantastic articles and resources. Steve Chou’s experience running a wedding linens online store and using his experience to create even more value by sharing with readers
Jun 22, 2012 · Payments
Merchant Account Without Personal Guarantee
By default, merchant account providers require a personal guaranteefrom their customers. The reason is that most small businesses would not be able to function without the continued involvement of the owner(s), so extending credit to a business without the owner as guarantor runs the risk that the
Apr 4, 2012 · Business
Take charge of pci compliance
Restaurants in Louisiana are suing makers of their point-of-sale systems after hackers stole tens of thousands of dollars by stealing credit card numbers. These restaurants maintain that companies who made and resold the systems should pay up on the fines put forth by payment processors after the ha
Mar 23, 2012 · Business
Feefighters Acquired
FeeFighters Acquired! Recently FeeFighters was acquired by Groupon. It has been 3 years since we started the company as a hobby and 2 years since we raised angel money and went full time on the business. Our goals have always been to help small businesses run more efficiently, and by teaming up wi
Mar 7, 2012 · Business
Does Your Business Need a Facebook Store
You may have seen that little Store tab on a Facebook page recently and asked yourself, “does my business need a Facebook store?” On the plus side, many Facebook store applications are free to integrate and launch and everybody and their grandma is on Facebook during all waking hours. On the minus s
Feb 14, 2012 · Business
5 Blogs Every Startup Founder Needs To Follow
One of the coolest parts of being part of the startup community is the amount of information and success / failure secrets that are shared between founders. Here are some high-quality resources for learning great lessons from world’s top entrepreneurs and investors. Mixergy If you want the ultimate
Feb 9, 2012 · Business
Does Startup Density Predict Success?
According to Paul Graham, startup density is what saves startups in places like Silicon Valley, as it provides: An environment that encourages startups Chance meetings with helpful people A social norm of optimism Now, the idea that high startup density (a large number of startups relative to your c
Feb 7, 2012 · Business
How To Find The Perfect Domain For Your Startup
This is a guest post from Natasha Murashev, a former FBI agent turned Googler who is now learning Ruby on Rails and working on her own startup. It may seem like every single great domain in the world is taken (I mean, how do you describe some of these new startups with ridiculously misspelled or […]
Feb 4, 2012 · Payments
How to Tell an Interchange Plus Quote from a Tiered Pricing Quote
Users often ask me how to tell an interchange plus quote from a tiered pricing quote. First, some background: Interchange is the wholesale rate your processor pays Visa and Mastercard (and is not negotiable) Interchange plus pricing is the best way to ensure you are not getting ripped off because it
Jan 31, 2012 · Best Samurai Payment Gateway
5 Project Management Tools That Will Triple Your Startup’s Productivity
If you’re working in a startup, chances are the only project managements tool you have around is your whiteboard. The whiteboard is great for brainstorming ideas, but as your company continues to grow and you bring on more and more people, you might want to upgrade to a more formal web-based project
Jan 31, 2012 · Best Samurai Payment Gateway
Take Your Business’ Credit Card Strategy into the Modern Era
Imagine making a number of important purchasing decisions on your small business’s credit card with your current interest rate in mind, only to receive a notice from your credit card company shortly thereafter, informing you that your rate had been doubled for no reason. Seems like a money-wasting n
Jan 20, 2012 · Samurai Payment Gateway
How Can A Free Conference Call Be Free?
At FeeFighters, we’re constantly on conference calls with other companies. We’re a scrappy startup, so we use free services when we can. I’ve been using a free conference call line from freeeconferencecall.com for the past year, and wondering – how is it free? I chose freeconferencecall because they
Jan 18, 2012 · Samurai Payment Gateway
Psych 101: Controlling This Tendency Will Make You Happier and More Productive
Your coworker is late. You’re angry. “He’s always late!” you say to yourself. Instead of thinking of the myriad of external sources that could potentially explain his tardiness, you default to the fact that he is always late. Does this sound familiar? When we do this, we are guilty of the fundamenta
Jan 16, 2012 · Business
How to Use Mobile Marketing to Snag Local Customers
If you own a retail store and haven’t yet tried location based marketing, you might want to put it on your radar. Jonathan Bellinger, the digital strategy director of the marketing communications firm, JWT New York, told Entrepreneur in an interview last week that, although there is currently a gap
Jan 12, 2012 · Business
5 Tips for Finding Your Startup the Perfect Office
Late last year, we decided it was time to find ourselves a real office. This was a big step in the annals of FeeFighters, because we’d never had our own office…we just shared coworking space or worked from home. So, Sheel and I started our Epic Office Search. Here’s what I learned: 1) Make a […]
Dec 21, 2011 · Business
3 Metrics to Watch For in Ecommerce
By SUZANNE Sure you have a website and maybe you even have lots of traffic. But in the grand scheme of website marketing, that’s really not the most important goal to achieve. After all, A website owner who experiences tons of traffic can still be slow in sales. That’s why it’s important that if y
Dec 10, 2011 · Business
Start Using Video To Market Your Brand Online
First it killed the radio in 80s and now it’s changing the face of online marketing. Video is the way of the future for marketing your brand online and if you still haven’t taken the plunge, it’s about time you do. Video will helps build an audience, extend your reach, and even increase conversion r
Dec 8, 2011 · Business
3 Questions for Vetting Potential Startup Ideas
By STELLA I meet with a lot of folks who want to do a startup. They tell me they have ideas every day and they wonder….”Which idea should I pick?” Luckily, I have the same problem and am constantly thinking of businesses whenever I encounter issues. Recently, I’ve developed a three question approac
Dec 5, 2011 · Payments
PCI Compliance Got You Down? Check out Samurai’s Javascript Integration
Say PCI Compliance and most business owners will shudder. For ecommerce companies, there is an easy way to get PCI compliant using Samurai via our Javascript integration. Here’s a video of Sean explaining exactly how it works. Video Transcript: Hi, I’m Sean from FeeFighters and I want to tell you
Dec 2, 2011 · Business
A HARO Cautionary Tale: One Reporter’s Annoyance
A few weeks ago, I wrote a post about how to get the most from HARO. HARO, help a reporter out, is a tool that journalists use to get sources for stories. If you didn’t think my advice was timely, check out this unusually long request from a top small business blogger looking for a source […]
Nov 29, 2011 · Business
5 Ways Technology Can Help Avoid Procrastination
By ANDY Procrastination is something we all battle no matter how organized or motivated the person. Even those who never miss a beat at work likely have a few projects at home that could use their attention. Because the Internet, TV, and cell phones are the biggest enablers to our procrastinating wa
Nov 27, 2011 · Business
Ho, Ho, What? Small Businesses Waste $340 Million on Credit Card Processing Fees During Holiday Season
With all the chatter about consumer spending over Black Friday weekend, my thoughts turned to small businesses. More specifically, small businesses and credit card processing (are you surprised?). With a great influx in slaes over the holidays, I wondered how much extra small businesses were paying
Nov 21, 2011 · Business
What if Occupy Wall Street Protesters Did a Startup Weekend?
While watching the news showing scenes from the two monthversary of Occupy Wall Street last week, a thought crossed my mind: what would happen if the protesters decided to do something a little more practical with their time that would further their goals of job creation. How about participating in
Nov 21, 2011 · Business
What if Occupy Wall Street Protesters Did a Startup Weekend?
While watching the news showing scenes from the two monthversary of Occupy Wall Street last week, a thought crossed my mind: what would happen if the protesters decided to do something a little more practical with their time that would further their goals of job creation. How about participating in
Nov 9, 2011 · Business
Inventory Management Tips
When was the last time your business audited its inventory management system? Chances are it’s been way too long. It’s estimated that in the retail industry alone, inventory inaccuracies due to bad systems in place account for nearly 15% or more than $5.59 billion in losses, according to the 2008 Na
Nov 3, 2011 · Business
15 Things You Didn’t Know About the Restaurant Industry [Infographic]
At FeeFighters, we help many of our customers in the restaurant industry save money on credit card processing. It’s an interesting industry we wanted to learn more about, and in our research we found all this fun stuff that we put into an infographic! We were surprised to learn that people spend $1.
Oct 4, 2011 · Payments
FDMS Nashville
FDMS Nashville is one of the major credit card processing networks(otherwise known as credit card processing front end), owned by First Data. FDMS Nashville is one of the most commonly supported networks and works with lots of payment gateways and POS systems. First Data usually interacts with com
Oct 3, 2011 · Payments
Cancellation Fees: Merchants don’t like them and neither do we
The Merchant Maverick posted an article on cancellation fees today. In it, the Maverick mentions that cancellation fees are something that unhappy merchants consistently list as an annoyance. In fact, in a lot of cases merchants don’t even realize there are cancellation fees listed in their contract
Oct 3, 2011 · Payments
Dynamic Descriptor
Dynamic, or “Soft” Descriptors reduce chargebacks, here’s how: A merchant’s “descriptor” is the description of the transaction that shows up on the customer’s credit card statement. Usually it includes the name and phone number of the business. Typically the merchant’s descriptor is defined on the
Oct 2, 2011 · Payments
Top 10 Payment Gateways
Payment Gateways are a layer of software that sit between your software / website and the credit card processor. Q: Why can’t I integrate directly into the processor? A: In some cases you can, but the processing networks are really old, have difficult APIs and are private networks not exposed to t
Sep 21, 2011 · Payments
Samurai Haiku Press Release
Samurai, FeeFighters’ new gateway, is so elegant and easy to use, we decided to write a press release in haiku to tell you about it. Samurai, The New Simple and Powerful Way To Accept Payments FeeFighters Launches Samurai to Simplify Gateway Marketplace Chicago, IL 9/21/2011 FeeFighters Launches S
Sep 19, 2011 · Business
FeeFighters Loses BBB Accreditation Over Investigative Blog Post
Earlier this year, we wrote an investigative blog post criticizing the BBB’s pay-to-play policies. Many of you (including the Today show) were interested in our research. A few months later, we received a nasty letter from the BBB threatening that they would freeze our accreditation if we didn’t tak
Sep 19, 2011 · Business
Mergers and Acquisitions (M&A)
By SEAN M&A Basics There is a general process that holds true for M&A processes. For purposes of this discussion, we will be taking the potential buyers point of view. This walk through is of course a simplified, high-level walk through but it should provide a useful base. We will be adding more det
Sep 4, 2011 · Business
Getting More from Paid Advertising
This is a guest post from our friends at ReTargeter. By now virtually everybody knows that online advertising is crucial to driving sales and spreading awareness for your business. Over $72 billion will be spent on ads in the United States alone by the end of 2011, and online advertising is the fast
Aug 29, 2011 · Payments
[Case Study] FeeFighters Saves Small Business Advocacy Council 60% on Credit Card Processing Fees
By STELLA At FeeFighters we work every day to help small businesses lower their credit card processing fees. When I joined FeeFighters I looked around at local small business organizations that I could join. I wanted to find one that I thought had small business interests at heart. I joined one
Aug 26, 2011 · Payments
Is Braintree’s great customer service worth getting a terrible deal on credit card processing?
Braintree is a payments company that has done a great job of attracting startups, including some very successful ones like 37signals and Living Social. Their website is much easier to understand than most merchant account providers, and people say good things about their customer service. Also, thei
Aug 22, 2011 · Business
7 Financial Mistakes to Avoid in Business
Inc. Magazine interviewed Brian Hamilton, who is the CEO and co-founder of Sageworks, an Inc. 500 honoree. His company deals with financial information, and he had this advice for all entrepreneurs about what financial mistakes to avoid in business. Mistake #1: Counting on Money That’s Not in Hand
Aug 19, 2011 · Business
3 Ways to Attract Quality Employees
A company’s success largely depends on the quality of their employees, and their ability to attract employees who will make a positive addition to the company. But many small businesses are at a disadvantage simply because they normally can’t afford to pay for many of the perks that their larger c
Aug 18, 2011 · Business
Women Owned Businesses to Be Awarded More Government Contracts
The federal government is making strides in ensuring that women owned businesses get a larger piece of the funding pie. And rightfully so. Last year, only 3.4% of all federal dollars were granted to women owned businesses, despite the fact that they account for 11% of total business revenue and emp
Aug 17, 2011 · Payments
[Question] What Kinds of Debit Transactions Will the Durbin Amendment Impact?
There are traditionally two kinds of debit transactions, PIN debit (where a customer enters their Personal Identification Number into a keypad to complete the transaction) and signature debit (where the transaction is run as credit and the customer signs). Recently a customer asked whether the new l
Aug 16, 2011 · Business
Why is a Sales Pipeline Vital to Your Cash Flow?
When many small business owners hear the word sales, or come across a discussion of how to increase their conversion rates, they automatically tune out. But the truth is that sales are what allow a small business to keep operating, and unless owners master the art, they’ll never be able to take thei
Aug 12, 2011 · Payments
[Case Study] Made in America Manufacturer Bearse Saves Money With FeeFighters
Tom Auer is owner of Bearse Manufacturing, a Made in America supplier of sewn goods to both the government and private sector. Recently, more of his customers were interested in paying by credit card. He picked a credit card processor but soon knew something fishy was going on when he couldn’t under
Aug 9, 2011 · Business
Follow-up: The BBB Sends FeeFighters A Nasty Letter
A month ago, I wrote an article decrying the Better Business Bureau as nothing more than a scam. It was a popular post… it raised the eyebrows of the folks at the Today show, who published it on their website. Around the same time, we received our huge plaque from the BBB telling us that we were [
Jul 23, 2011 · Business
What is the Next Pinterest?
Initially launched in 2010, Pinterest has quickly jumped from being the secret of a cool few to one of the lead sources of head scratching from men everywhere. While some might argue that social bookmarking could replace the actual act of consumerism itself, there is no doubt that sites like Pintere
Jul 20, 2011 · Sales & Marketing
We Spent $1951 on Facebook Ads Featuring Beer. Here’s What Happened.
We weren’t having a ton of success with Facebook ads, so we decided to try an experiment. I read an article, where a startup found out that its best performing Facebook ad was one that featured…beer. Now the choice of featuring beer is interesting because our target audience is business owners who a
Jul 19, 2011 · Business
Solopreneur? Here’s How to Find a Tax Preparer
If you run your business as a sole proprietorship, you may have noticed something fishy around tax season: it can be downright difficult to find a seasoned tax preparer who is willing to take on solopreneurs as clients. Why? Most schools are great at teaching the ins and outs of corporate taxes, b
Jul 18, 2011 · Business
[Case Study] More Money for Medical Expenses With GiveForward
GiveForward is an awesome Chicago startup that helps loved ones raise money for family members who need help paying out of pocket medical expenses. They have helped families raise over $5 million so far! One of their biggest expenses? You guessed it…credit card processing fees. Video Transcription
Jul 13, 2011 · Business
Tech Boom or Bubble? Take a Look at the Data!
Rampant speculation. Overvaluation. Unrealistic growth expectations. With such language being used to describe current market conditions we can’t help but wonder – are we headed for another Dot-Com bubble? FeeFighters teamed up with our buddies at Kissmetrics to produce the infographic to help you d
Jul 12, 2011 · Business
Retargeting 101
Lately we have received emails from customers and friends who say things like “I saw your ad on the Chicago Tribune” or “You guys must be spending on a lot on marketing. I see your ads everywhere.” In both these examples people are being retargeted by FeeFighters with a display ad. Here is an […
Jul 11, 2011 · Business
Can You Teach Entrepreneurship? New Study Says Absolutely.
A new study out by Babson College reveals a lot about entrepreneurship—some of which seems contrary to what we think we know. For instance, most people would assume that the kids of an entrepreneur would grow up and begin their own business, but according to the study, having parents who own their o
Jul 8, 2011 · Business
Three Ways to Reinvent Your Business
Today’s economic numbers were less than thrilling. If your business is still struggling in the sluggish economy, it might be time to take a look at things a little differently. Many small business owners are using this time try out novel ideas, here are a few ideas: Pair Up Have you ever done busin
Jul 5, 2011 · Business
Five Steps to Better Supplier Deals
The products that you buy from suppliers and vendors likely account for a large portion of your expenses. While it may seem like a lot of trouble to ask for and then negotiate a 2% savings on your invoices, those tiny percentage points can add up to big dollars annually. Before you approach your
Jul 1, 2011 · Business
Do You Know What Makes Up Your Credit Score?
Since most small business owners rely on their personal credit to set up accounts with vendors and get credit in other venues, it’s important to maintain the best possible credit rating. And in order to do that, you have to know what areas of your credit history affect that score. Here’s a rundown
Jun 30, 2011 · Payments
[Case Study] How the Rebel Retailer Saved Money on Credit Card Processing
If you’re a Chicagoan, you’ve most likely walked past City Soles, a landmark shoe store located right off of the Damen Blue line stop. Here’s how City Soles’ owner, Scott Starbuck, found FeeFighters and saved himself a headache as well as thousands of dollars on credit card processing. Video Trans
Jun 30, 2011 · Payments
[Case Study] KC Startup Zappn Wonders What Rev Figures To Use For Merchant Account Application
Kansas City based startup Zappn helps merge the real world and the mobile world. One stop third party payment processors like PayPal did not appeal to Zappn cofounder Brock Masterson, so he turned to FeeFighters for other options. Stella: So tell us about Zappn. Brock: Over the past 5 years Zappn ha
Jun 21, 2011 · Business
The Truth About Small Business Lending
Banks have been in the news recently for their unwillingness to give loans to small businesses. Just how bad is the small business loan market? The infographic below speaks for itself.
Jun 16, 2011 · Business
The BBB is a F*&#ing Scam
What is the BBB? Many people mistakenly think that Better Business Bureau is a government agency that is a consumer watchdog making sure that companies do no wrong. Unfortunately, that is completely false, just an image that the company gives. The BBB is legally a C-Corporation that is much closer t
Jun 7, 2011 · Business
Should You Hire MBAs at Your Startup?
Three of the FeeFighters have MBAs. Four of us spent time as management consultants and another guy was a banker in a past life. Everyone seems to hate MBAs / Bankers / Consultants in the startup world… so why do we like them? First – what do the “experts” say about MBA’s? Mark Suster says the […]
Jun 3, 2011 · Payments
Surprise Reserve
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. One of the toughest things that happened to me with a previous business was that I got hit with what I called a Surprise Reserve on my merchant account. Our sales ha
Jun 1, 2011 · Business
5 Reasons to Join a Startup Right After College
I graduated from college in the summer of 2009, the heart of the recession, when having jobs upon graduation was a mere memory of better economic times. The summer before I had a consulting gig at a Big Four firm which offered me a full time job post graduation. Mind you, this was the summer of […]
May 27, 2011 · Business
3 Tips for Landing a Job at an Awesome Startup
In my last post I talked about why you should leave your corporate job and join a startup. In this post I want to talk about how you can get a job at an awesome startup like FeeFighters. When I left to join a startup I had 7 years of commercial banking experience, which […]
May 26, 2011 · Business
Deciphering Google and Square’s Announcements
This week has been hot for mobile payments with Square’s dashing product launch and today’s news from Google. Some analysts purport that Google is throwing its hat in the ring to compete with Square in the mobile space…but does today’s announcement really toe the line with Square? Here’s a quick ana
May 24, 2011 · Business
Square Register – The First Step in Going After Visa and Mastercard.
Ever since Square started sending out free credit card readers people have wondered and speculated as to where the company would eventually go. Yesterday they announced Square Register, a free iPad-based POS system and CardCase,a virtual wallet product. Square is attempting to create an alternate p
May 5, 2011 · Business
Why Are Google’s Ads So Compelling?
Google’s ads consistently make me tear up. They are moving, compelling, and emotional….not really expected from an ad for a company known to always be on the cutting edge of technology. The latest two ads for Chrome feature a Dad using Chrome to easily chronicle the life of his daughter (so cute) a
May 5, 2011 · Business
Why Outright’s Accounting Software Rocks
Outright, online accounting software for small businesses, seeks to streamline business accounting. How are they different from other business accounting sites? Let’s take a look. 1) Easy to Use– Figuring out how to use Outright takes just a few minutes. Their user interface lends itself well to exp
May 2, 2011 · Payments
Visa and Mastercard v. Retailers: Who has the power?
The pace of articles relating to credit card fees is accelerating at a rapid pace due to the credit card legislation going through congress. In fact, there are so many articles flying around that it is hard to keep up. So, what does that mean for FeeFighters and for you? It means that we should [
May 2, 2011 · Business
[Weekly Kick] What is a personal guarantee?
Lots of times FeeFighters users ask us what a personal guarantee is and when/why they have to sign on. This week’s kick addresses that issue as Sean talks the basics on personal guarantees. Video Transcript: When you apply for a merchant account, the credit card processor, and we’ll probably ask you
May 1, 2011 · Payments
Intuit GoPayment drops per-transaction fee – is it now a good deal?
I just saw on TechCrunch that Intuit has updated their pricing for GoPayment. It appears that Intuit gave an exclusive to TechCrunch because I don’t see the changes anywhere else, including on their own (incredibly annoying) website. A couple of weeks ago, we answered the question “Should you choose
Apr 28, 2011 · Business
The 10 Worst Businesses to Start
Start these businesses if you want to be a part of that 90% of businesses that FAIL* FeeFighters is often an early part of setting up a business… but before that, you choose the business. In these tough economic times, you definitely don’t want to start your business in the wrong industry. IBISworld
Apr 27, 2011 · Business
3 must know tips for linkedin etiquette
Last week, I had the pleasure of speaking at the Extreme Entrepreneurship Tour. My task: inspire students to consider becoming entrepreneurs. One of my pieces of advice was to expand professional social networks by joining LinkedIn. However, the following week, I received a few LinkedIn requests fro
Apr 21, 2011 · Payments
[Case Study] Yahoo! Store Explores Options for Credit Card Processing
Did you know that the online gnome buying market is a burgeoning business? Today we’re talking to Andy Nadler from a rather unique business called Forward Momentum which made its start selling garden gnomes online. Stella: I certainly did not know that gnomes could be sold online. Just goes to sho
Apr 21, 2011 · Payments
How Utility Companies Can Save At Least 25% on Credit Card Processing
FeeFighters recently spoke at a utility conference about how its participants can save money on credit card processing. After analyzing one of the participants’ credit card processing statements, we realized they could save 25% or about $30,000 annually on their credit card processing fees. Here’s h
Apr 17, 2011 · Business
5 Reasons to Leave The Corporate World and Join a Startup
Before I joined the startup world I worked in commercial banking for 7 years. The last 3 years at the bank I was thinking about joining a startup. It took me a long time to make the leap. Making the change seemed risky and scary. In hindsight that was dumb and I should have made […]
Apr 15, 2011 · Business
How Will the Proposed Corporate Tax Laws Affect Small Businesses?
According to the National Federation of Independent Business’ Small Business Optimism Index, small business owners’ confidence is down for the first time in months—despite an apparent increase in hiring. The rate fell to 91.9 in march, which is a full 2.6 points lower than February. In addition, s
Apr 14, 2011 · Business
WhorePresents and IHave Gas: How to Avoid Unfortunate Domain Names
By Sheel We were having lunch with our friends Sunir and Mike from Freshbooks, and Sunir mentioned the event SOBCon. I had no idea wtf he was talking about, but he then explained that SOB stands for Successful Online Business. At first we thought “What a terrible name for a conference,” but then we
Apr 7, 2011 · Business
7 Steps To Zappos-Quality Customer Service
By the time we talk to business owners, many have been burned by a credit card processor. They reach out because they have been lied to, promised lower rates, and altogether feel cheated. As the first point of contact for these users, I have a thin line to toe when establishing their trust and showi
Apr 1, 2011 · Sales & Marketing
FooFighters and FeeFighters Raise $41 Million to Become FOEFIGHTERS: Vote For Foes Below
An initiative spawned from the passion and energy of two very different entities has the planet on edge. FeeFighters raised $41 million! We’ve used that money to merge with the rock band FooFighters, and re-branded ourselves the FoeFighters. From now on, you can visit our new homepage: FoeFighters
Mar 25, 2011 · Business
What Can Google+ Do For Online Retailers?
While Google+ continues to take its knocks for being the less-frequented version of Facebook, new Google+ features for businesses could earn it a little more respect (and visits). Facebook may still be killing Google+ in the social networking department, but Google+ can offer online retailers someth
Mar 24, 2011 · Business
How to Turn Around a Failing Business: A Step-By-Step Plan
Many business owners in these uncertain times are looking for a way to turn around their flailing businesses. The economy has affected many, but the good news is that with a well thought out plan, it is possible to make the best of your business—even in these times. If your business needs some life
Mar 23, 2011 · Business
Harvard Reveals the Secrets Behind Successful Entrepreneurs
Have you ever wondered why some entrepreneurs succeed while others fail miserably? Sometimes there doesn’t seem to be any rhyme or reason to why a business owner becomes a smashing success while his peer, who has seemingly done all of the same things, can’t seem to catch a break. Here’s what Harvar
Mar 16, 2011 · Business
FeeFighters Panel @SxSW
We had a great time submitting, organizing, and speaking on our panel on financial institutions and startups. Here are some photos from the event and a great summary from moderator Felix Salmon: Sean representing FeeFighters by speaking on the panel; right our very clever name (there was a separate
Mar 9, 2011 · Payments
Banks Lobby To Water Down Durbin Amendment
The New York Times reports that banks are lodging an “all-out assault” on Capitol Hill, seeking to lessen the impact of the Durbin Amendment. The Durbin Amendment, which is part of the significant financial regulatory bill passed last summer, requires the Fed to ensure interchange rates for debit
Mar 7, 2011 · Payments
Credit Card Tokenization
If you wish to store customer credit card numbers for later use and avoid costly and irritating PCI security audits, the easiest way is to store the card numbers with a gateway that offers tokenization (most gateways do) or use a payments abstraction layer like Spreedly Core that offers tokenization
Mar 7, 2011 · Payments
Yahoo Store Merchant Account
Yahoo’s Yahoo Stores product is one of the most popular e-commerce software packages. It has been around for a long time, was actually an acquisition of the famous entrepreneur Paul Graham’s Viaweb during the dot-com bubble. Yahoo Stores integrates directly into one of the Payment Processing Netw
Mar 3, 2011 · Payments
Small Businesses Face Much Larger Markup on Credit Card Processing
I wrote about this before, but it got buried in that much longer post with a boring title (very worthwhile read if your business accept credit cards). If you read this blog regularly you know that there are two parts of the credit card processing fees paid by businesses: interchange (goes to the ca
Feb 25, 2011 · Business
Pricing Power Beats Good Management
Warren Buffett is known for buying companies for billions of dollars (case in point – Burlington Northern Santa Fe railroad which was bought last year for $26.5 billion). Many times people ask him: What is the most important thing he looks at before buying a company? His answer: Pricing power. “The
Feb 23, 2011 · Payments
Can Square Make Money with it’s New Pricing?
Square just announced new and better pricing, dropping their $0.15 transaction fee, meaning that swiped transactions using the Square reader will cost a flat 2.75%, which makes Square much more competitively priced. Square is already rumored to be signing up 100,000s of customers / month, which is a
Feb 18, 2011 · Business
How Important is Small Business in the U.S.?
With all the talk of small businesses driving job creation and helping the economy recover, we at FeeFighters were curious exactly how much of the American economy small businesses represent. Since we help small to mid size businesses, we were curious to see what % of revenue and payroll could be at
Feb 15, 2011 · Business
Working Out at Work – INSANITY!!!
FeeFighters workout video – watch FeeFighters work out. Promoting health and wellness at the office seems to be all the rage, so we FeeFighters decided to get in on the fun. We have fresh fruit delivered to the office frequently (thanks, Sandbox!), encourage bike-riding (I usually ride to work, even
Feb 11, 2011 · Business
3 Questions to Ask Yourself Before Chatting with Investors
According to a story passed down from antiquity, while in the bath the Greek mathematician and inventor Archimedes is said to have exclaimed, “Eureka!” when he discovered mass could be measured by water displacement. Since that fateful day in Syracuse over 22 centuries ago there have been plenty of
Feb 10, 2011 · Payments
Free eBook Launch: How to Be a Credit Card Processing Ninja
FeeFighters is so excited to announce the launch of our new (and free!) ebook: How to Be a Credit Card Processing Ninja.The book is a collection of all the knowledge necessary for business owners to not get screwed by credit card processors. Whether a business is new to accepting credit cards or try
Feb 8, 2011 · Business
What Can Be Learned From the Icelandic Financial Crisis?
Few countries were hit harder in the current financial crisis than Iceland. Although the country enjoyed astonishing economic growth in the early 2000s, in less than a month in late 2008 all three of the country’s major commercial banks, Glitnir, Landsbanki and Kaupthing, were placed in government r
Feb 2, 2011 · Payments
[Case Study] iBeatWalmart Says FeeFighters “Care About Customer Service”
iBeatWalmart is a website that helps small business owners struggling to keep up with corporations such as the one in its name. Luckily, when they set up their payment processor, they found FeeFighters to facilitate a smooth process. Stella: Tell us about iBeatWalMart. How did you come up with the i
Feb 2, 2011 · Business
Does Your Business Need Commercial Umbrella Insurance?
No business should operate without adequate insurance protection. For most businesses, this should include general liability either as a stand alone policy or as part of a business owner’s policy (BOP) as well as auto insurance for any company vehicles. A third type of commercial insurance entrepren
Jan 25, 2011 · Business
Business Lessons from the Life of Jack LaLanne
Seth Godin’s blog featured a few lessons from the life of Jack LaLanne, the revolutionary fitness entrepreneur and health buff who recently passed away at the age of 96. Here are a few more ideas that are applicable to small businesses: Be the Example- If you advocate a certain culture, style, or wa
Dec 16, 2010 · Payments
Fed Cuts Interchange Rates for Debit Cards
Today, the Fed announced a new proposed rule that would limit how much debit card transactions are charged in interchange fees. The new proposal will limit charges to 7-12 cents for each transaction, while the average now is around 44 cents per transaction. Visa and MasterCard shares plummeted toda
Dec 11, 2010 · Chargeback Management
Chargeback
Merchant account chargebacks are a giant pain and are best avoided. When a customer sees a charge that she doesn’t recognize on her card statement she can call the credit card company (issuing bank) and dispute the charge. When that happens it is a chargeback. The credit card company will send not
Nov 16, 2010 · Chargeback Management
37signals on how to limit chargebacks
Earlier this year the guys at 37signals wrote an informative post about how they limited chargebacks. In it they shared their history of changes that reduced chargebacks little by little. This culminated in an innovative idea to create a website that explained 37signals’ charges to their customers.
Nov 15, 2010 · Payments
[Weekly Kick] How Do I Interpret Credit Card Processing Ads on Google?
This time on the FeeFighters Weekly Kick, Sean explains what those pesky ads promising “rates as low as 1.3%!” on Google really mean. You may realize there is an underlying catch in the ads but Sean explains how to get to the truth behind what the credit card processor is really offering. Video Tran
Nov 7, 2010 · Payments
[Weekly Kick] What is a Downgrade?
Why is it that credit card processors *say* they charge you 1% (or some tiny amount) but in reality it ends up being a lot more than that? Well, a common strategy that processors employ is marking up downgrades. But what exactly is a downgrade? This week, Sean talks about downgrades in the FeeFighte
Oct 25, 2010 · Business
The Secret Trick to Ensuring Employee Satisfaction
This is a guest post from Natasha Murashev, the author of PsychWorld.com, a digital publication focused on applied psychology. The key to a successful business is passionate employees. Yet, in the day to day hustle, creating an inspiring work environment might not be on your list of top priorities.
Oct 11, 2010 · Business
Game Changing Startups from Techcrunch Disrupt
CNN Money picked 6 new ventures from TechCrunch Disrupt for us to watch and maybe use in our small businesses. It is almost a given that the door for new advertising platforms is found in some of them. 1. Qwiki – A Palo Alto company that managed to raise $1.5 million in venture capital and won first
Oct 10, 2010 · Payments
[Weekly Kick] What are Assessments?
Assessments make up a small portion of your credit card processing costs. But what exactly are they and where do they go? This week’s FeeFighters Weekly Kick covers these questions. To learn more about assessments, click here and also here. Video Transcript: One of the many fees that a business fac
Oct 4, 2010 · Payments
Consumers Are Pawns in the Durbin Debate
Banks that issue debit cards and businesses that accept them are having a nasty public debate about the Durbin amendment to lower interchange rates. Both are trying to turn this into a consumer issue, which it really isn’t, which has confused the debate. Banks argue that interchange fees subsidize
Oct 3, 2010 · Payments
Debit Markup
Debit Markup is one of the ways that Merchant Account Providers make extra money from merchants. The reason why Merchant Account Providers make so much money off of debit transactions is that Mastercard and Visa charge the processor less for debit card transactions than credit card transactions. Exp
Oct 3, 2010 · Payments
Mastercard Automated Billing Updater
For businesses that bill the same customers repeatedly using a stored credit card number, such as subscription businesses, a major challenge is handling cards that decline because the customer replaced his/her old card with a new one. Since card replacements happen pretty frequently (every time a c
Oct 3, 2010 · Payments
Merchant Account Cancellation Fee
Merchant accounts should not have cancellation fees, period. They take very little work for the processor / merchant acquirer to set up and, if the processor is not doing it’s job and you are not happy, you should be free to leave without penalty. Merchant account providers often sneak cancel fee
Oct 3, 2010 · Payments
Signature Debit vs. PIN Debit
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. There are two kinds of debit card transactions: Signature / Offline Debit and PIN / Online Debit. Signature / Offline debit is processed over the same network as re
Oct 3, 2010 · Payments
Square: All Hype and Little Value for Small Business
Many people have been talking and asking about Square, the new gadget coming from Tom Dorsey, the prolific founder of Twitter. The basic idea is to make the acceptance of credit cards universally available for everyone individuals, businesses, etc.–provided they have an iPhone and Square’s little sw
Oct 3, 2010 · Payments
Visa Account Updater
Businesses that bill customers on a recurring basis have several challenges. One challenge is handling the accounts of customers who replaced their credit card with a new one (often because the card was lost or stolen). If the business bills to the old credit card number, the card will be declined
Sep 30, 2010 · Business
Promote Change Fearlessly
If you’ve ever wanted to lead your business through a change, you know that if not done properly, your actions will be met with resentment and outright resistance. HBR recommends three behaviors that will help you quietly promote change in your business, without alienating others: 1) Be the change-
Sep 30, 2010 · Business
Sam’s Club Merchant Account
Someone asked today about a Sam’s Club Merchant Account. Sam’s Club resells a first data merchant account to it’s customers (Costco has a similar program – the Costco Merchant Account). Sam’s Club and Costco both haveincredibly good deals on most of their products, so it stands to reason that they
Sep 30, 2010 · Business
Shmoozing with Chicago Startups
On Tuesday, I spent the day spreading FeeFighters love and learning about other Midwest startups at Midventures LAUNCH, a midwest startup conference. Though I didn’t get to really listen to many of the great panelists who spoke throughout the day (I was parked at the FeeFighters table) I felt like t
Sep 29, 2010 · Business
How Much Does that Text Message or Bottle of Water Really Cost?
An article in WalletPop drew my attention. It talks about the most overpriced products on the market. Not that they are expensive. But do you know what is the markup on a product you use? Convenience comes with a price, says the writer Aaron Crowe. But sometimes knowing the markup is enough to prope
Sep 23, 2010 · Business
Time is Money, But How Much?
By RENATA STERNFELD-ALLON To figure out how much an employee really costs, the trick is to divide the annual salary by 1000. But, where does this trick come from, and what can it teach you about your business? An article in Small Business Trends explains this very carefully including instructions on
Sep 20, 2010 · Payments
Average Interchange Rate
It can be interesting to compare a business’s interchange rate against the overall average interchange rate. Digital Transactions magazine reports that the average interchange rate is 1.77%. However, an important aspect of interchange rates is that they usually have a per-item component (almost alw
Sep 20, 2010 · Payments
Payment Processing Network
While there are hundreds of payment processors in the US most of them are actually ISOs (Independent Sales Organizations) or banks. Developing and maintaining a processing network is expensive and it is easy and much cheaper for banks and ISOs to just buy access onto one of the existing processing
Sep 20, 2010 · Payments
[Weekly Kick] What is a Merchant Account?
FeeFighters Weekly Kick will feature answers to common user questions regarding payment processing. When you google “what is a merchant account,” there is a ton of confusing info full of corporate jargon. Here, Sean explains succinctly exactly what is a merchant account. Feel free to tweet us questi
Sep 9, 2010 · Business
States That Are Serious About Funding Small Businesses
Since the legislation to help small businesses weather the storm in still stuck with the legislators, it’s good to know that on the state level there are some programs that aim to help small businesses. In a recent article in Forbes.com (with the help of CB Insight, a New York firm that tracks priva
Aug 20, 2010 · Payments
Visa and Mastercard Assessments
Visa and Mastercard take payment for their part in facilitating credit or debit card transactions. Mastercard charges 0.11% of each transaction while visa charges 0.11%. These assessments are not Visa and Mastercard’s only source of revenue, but they are a significant part. According to Mastercard
Aug 3, 2010 · Payments
PayPal Announces Adaptive Payments: Parallel Payments and Chained Payments Functionality via API
As most of you no doubt already know PayPal recently announced plans to open up its payment backbone to third party developers. The new platform is called Adaptive Payments and is slated to launch in November at PayPal’s Innovate 2009 Conference. This an exciting move and one that will surely help
Jul 27, 2010 · Payments
Paypal Increases Amex Rates
For those people who use PayPal as their payment processor, you may have noticed a little blurb at the top of your screen about a new Amex Card Acceptance Agreement. PayPal will now charge the 3.5% fee to accept Amex payments, including it’s usually $0.30 per transaction fee (note this is for PayPal
Jul 23, 2010 · Payments
FeeFighters Releases PayPal Upgrade Calculator
In response to a question we get very frequently from FeeFighters users, “Which is better, PayPal or a merchant account?” FeeFighters 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 ge
Jun 19, 2010 · Business
Indication of Interest Example
As promised, we have created a sample indication of interest (IOI) to help our readers understand what a typical IOI looks like. As you read the document, you will notice that is generally follows our outline from our Indication of Interest post. This IOI is not meant to be a perfect fit for all sit
Jun 8, 2010 · Payments
FeeFighters Lets Merchants Screen Credit Card Processors by Payment Gateway
By Stella FeeFighters is very happy to announce a new functionality which lets merchants screen credit card processors by gateways on marketplace. Now, when merchants come to FeeFighters to comparison shop credit card processors, they can see which processors can easily integrate with their existing
May 5, 2010
Tame your analytics libraries with Analytical
We recently integrated KISSMetrics tracking into our website (more on that in a future post!)… and I was once again faced with the annoying task of carefully updating the mess of javascript that was cluttering up our page in various places. We’re data & analytics tracking freaks at TransFS.com… so
Feb 5, 2010 · Payments
POS Entry Mode (Point of Service Entry Mode)
When a credit card transaction is sent across the network to the processor one part of the data transmitted is the POS Entry Mode, which is a code that tells the processor how the transaction was captured. Here is a list of the code: POS Entry Mode 01 – Manually keyed (this will pertain to […]
Feb 4, 2010 · Business
Advertising Experiment: LinkedIn Ads vs. Facebook Ads
In an effort to do some targeted advertising, I decided to try Facebook Ads and LinkedIn Ads. My assumption before the experiment was that LinkedIn would be much more effective and have higher CTRs because it is a professional sphere whereas Facebook is more informal. I started with Facebook Ads, de
Feb 3, 2010 · Business
Men vs. Women Entrepreneurs: Is There Really A Difference?
There has been a lot of discussion in the entrepreneurial community about the seeming lack of women, especially in technology. Earlier this year, Vivek Wadhwa of TechCrunch posted a interesting article which discussed the notion that VCs are less likely to foster relationships and eventually invest
Jan 10, 2010 · Payments
American Express Discount Rate
Unlike Visa and Mastercard, who publish their discount rates (known as interchange fees), American Express does not. However the American Express 2007 Annual Report reveals that, on average, Amex’s discount rate was 2.56% (2007), 2.57% (2006) and 2.58% (2005). That is about 0.77% higher than the a
Nov 21, 2009 · Payments
Largest Credit Card Issuers
While many smaller or local banks still issue credit cards, the majority of credit cards are issued by a few very large banks. That means that the banks below are collecting the majority of interchange payments – it is ultimately these banks that businesses are paying with their credit card process
Oct 3, 2009 · Payments
Interchange
Credit card processors don’t get to keep the majority of the money they collect from their customers. Most of it gets passed along to the banks that issue credit cards (list of largest credit card issuing banks). The amount that is passed on actually varies depending on the traits of each individua
Oct 3, 2009 · Payments
Marking Up The “Downgrades”
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. One way that processors make extra money is by using a strategy that we call “Marking Up Downgrades”. Most merchants are charged for processing services according
Oct 3, 2009 · Payments
Reading a Merchant Processing Statement
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. One of the ways the the processors make their money is by making the fees as difficult to understand as possible. Therefore, it pays to know how to read a processing
Oct 3, 2009 · Payments
Saving Money on Credit Card Processing – Tip #1: Never Lease a Terminal
The first of our tips for saving money on credit card processing is to never lease a terminal. Not only can you buy one yourself for less money than you would spend over the life of a lease but owning your own terminal makes it easier for you to switch processors at any point. You can purchase […]
Oct 3, 2009 · Payments
Should You Extend Credit to Your Customers
In these tough economic times, many business owners are trying to figure out a way to increase their sales. Some people have begun to think about extending credit to their customers as a solution. Many people are holding on to their money—afraid to spend it all at once—while others simply don’t ha
Oct 2, 2009 · Business
Average E-Commerce Merchant Account Rate
If you are an ecommerce business and you are paying more than 2.00% + 0.20 per transaction (so $2.20 for a $100 transaction or $0.40 for a $10 transaction) you likely could get a better deal – more info below. There are lots of costs involved in credit card processing. But the largest is Interchang
Sep 12, 2009 · Payments
Interchange Plus
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. Usually the best way to get a good deal on your credit card processing is to negotiate pricing on an “interchange plus” basis. “Interchange Plus” is not a very commo
Sep 7, 2009 · Business
Informed Merchant Blog
The initial idea for FeeFighters was mine (Sean) based on my frustration in shopping for credit card processing for another business that I owned. To deal with my frustration, my first step was not initially to start FeeFighters. First I learned as much as I could about credit card processing, so I
Jun 23, 2009 · Payments
Tiered Pricing for Merchant Accounts
The most common pricing scheme for small business merchant accounts (credit card processing accounts) is called Tiered Pricing. Visa and Mastercard’s pricing rules, called Interchange, are very complicated. The price of each transaction is calculated based on several factors, including 1. the kind
Jun 4, 2009 · Business
Blekko Banned 1.1 Million Spammy Domains, But Still Shows CRAP… and Our Old Domain (changed 8 months ago!)
I saw that the new search engine Blekko updated their search results to remove 1.1 million domains. I got pretty excited, because it’s always good to get rid of spam, and I was hoping that maybe they’d gotten rid of the spammy sites that rank above us for common search terms “Credit Card Processing”
Jun 3, 2009 · Payments
Rip Off Leases
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. One of the ways the merchants can get ripped off in an extreme way is by leasing credit card processing equipment (note, this is not an issue for online-only merchan
Apr 14, 2009 · Payments
Average Credit Card Processing Costs
If you have been reading this blog you probably know that credit card processing fees are split between two parties: Visa and Mastercard, whose fees are called interchange and assessments and are mostly passed along to the banks that issue credit cards and the businesses own acquiring bank / credit
Apr 7, 2009 · Payments
Network Access and Brand Usage Fee (NABU)
The network access and brand usage fee is a $0.0185 per transaction fee established by Mastercard in the spring of 2009. It is similar to assessments, in that the fee is kept by mastercard, not passed along to the credit card issuing banks. This fee replaces a $0.005 per transaction fee. Visa at t
Apr 7, 2009 · Payments
Visa Acquirer Processing Fee
The acquirer processing fee is a $0.0195 per transaction fee established by Visa in the spring of 2009. It is similar to assessments, in that the fee is kept by visa, not passed along to the credit card issuing banks. This fee replaces a $0.005 per transaction fee. Mastercard at the same time esta
Mar 20, 2009 · Payments
Level II Data Requirements
Reporting Level II transaction data can result in lower interchange rates for purchases made with a corporate credit card. To qualify for level II the following data must be included with the transaction: Merchant Name, Transaction Amount, Date – these are all also required for level I and are captu
Feb 1, 2009 · Payments
Costco – Good for Fish, Bad for Credit Card Processing
I am a Costco member and I like shopping at Costco because they generally have great deals on pretty much everything. For example, this morning I went grocery shopping to buy some fish for dinner. Costco had an incredible price on a nice big piece of omega-3 rich salmon, yum, 2.38lbs for $16.68 ($6
Jan 21, 2009 · Business
Hosting multiple domains from a single Rails app
Not long ago, we decided to create an additional domain for a new tool on our website. This tool was sufficiently unique that we wanted to give it its own identity… while still tying it into the TransFS.com branding. Obviously, we could have just created a new Rails app and coded up a website with [
Dec 16, 2008 · Payments
Credit Card Rates for a Local Pizzeria
Pizza is one of my favorite foods, my favorite pizza places here in Chicago are Coalfire and Pompei. Here is my estimate of how much an average pizza shop pays to accept credit cards: According to Entrepreneur.com, the average revenue of the 40,164 pizza restauranst in the US was $598K in 2007. The
Sep 20, 2008 · Payments
Enhanced Recover Reduced
In the past I have written about the various ways of charging for credit card processing, such as Tiered Pricing and Interchange Plus (the most business-owner friendly way of pricing – why you want interchange plus). The least business-owner-friendly way of pricing is called Enhanced Recover Reduced
Sep 20, 2008 · Payments
Why You Should Want Interchange Plus Pricing
Interchange plus pricing is the most transparent form of pricing for credit card processing. While tiered and other forms of pricing mean processors can charge arbitrary markups, the processor markup for interchange plus pricing is fixed no matter what kind of transaction occurs. In fact, we feel so
Sep 19, 2008 · Business
Benefits of Bringing Your Dog to Work
I love Tuesday. Not the actual day…Tuesday is our company dog. Sean (our CEO) brings her to the office almost every day and she lights up the office. Every morning, she has the same routine: we hear her dogtags jingling as she runs up the stairs and then she comes and lets each one of […]
Jul 3, 2008 · Payments
Largest ISOs
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. This is a list of the largest ISOs in the country which includes only companies that do not do any of their own processing. This is based on data from the Nilson
Jun 19, 2008 · Business
Mergers and Acquisitions Definitions
There are several terms and definitions you should know if you are evaluating a businesses for sale . In order to buy or sell a company, it is critical that you understand the rationale for each legal document as well as terms that are commonly used. Document Definitions Non-Disclosure Agreements (N
Jun 19, 2008 · Business
Review of Financial Statements
There are several different tasks an accounting firm or auditor performs for a company. Typically, accounting firms or auditors review a company’s financial statements on an annual basis. If you are interested in buying a company, you should ensure that business for sale have at least some level of
Dec 12, 2007 · Payments
How Merchant Accounts Work
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. This is a brief description of how credit card processing works. Credit card processing has two parts: Authorization and Settlement: Authorization through Settlemen
Jun 3, 2006 · Payments
Reading an Interchange Plus Processing Statement
This article originally appeared on informed-merchant.com, a blog started by one of our founders, Sean, before he started FeeFighters. Interchange Plus billing is the most transparent way to get billed (see “Interchange Plus“) because it clearly lays out what VISA and Mastercard are charging you (wh