Anchoring, a cognitive bias, is the tendency of most humans to overly rely on a specific value and adjust further decisions in the direction of that value. Read more
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 majority of the fees a business pays for credit card processing (the processor adds fees on top of interchange and Visa and Mastercard add on a bit for themselves as well). Read more
One value proposition that we probably don’t advertise as much as we should is that using FeeFighters dramatically limits the amount of personal and financial information that you need to disclose when shopping for financial services for your business. Read more
While eventually FeeFighters will allow small businesses to shop for many kinds of financial services, we are starting during our beta period with credit card processing. One reason is that transaction processing is often the financial service with which small businesses are least satisfied. There are some very dirty practices in that industry and we at FeeFighters are making it our mission to create technology that enables small businesses to get a fair shake by creating reverse auctions where financial services providers bid for your business. Read more
Currently FeeFighters auctions can take as long as 24 hours. Several customers have asked if that is a permanent situation, as they would prefer a faster response time. Read more
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.
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.
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.
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.
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.
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.
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.
Many business owners in these uncertain times are looking for a way to turn around their flailing businesses.
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:
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.
