Credit card processors / merchant acquirers pay out most of their revenue to the following sources: Read more
If you accept credit cards online, stop now and take 2 minutes to check something. Go and confirm that you are passing an invoice number as part of your transaction. If you are not, all of your Visa transactions are going to downgrade to EIRF which will cost you at least 0.50% extra on each transaction. Read more
By default, merchant account providers require a personal guarantee from 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 owner could walk and stick the merchant account provider with liability. Read more
Customer question:
Can I use gateways other than Innovative Gateway with an Intuit merchant account? Read more
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 important legal innovation because it allowed large groups of investors to invest in a company and not risk losing anything more than their original investment. Read more
EIRF is one of the most evil interchange rates. If you accept cards online, Visa cards will ideally qualify for one of the following interchange rates: Read more
Yes, I am adding to the cacophony of commentary on local deal sites. This is one data point, but I have bought from local deal sites a total of 3 times in my life (and once was amazon and once was gap) and this was my mailbox this morning. Read more
How long does it take to begin accepting payments with a credit card processor / merchant account provider you found on FeeFighters.com? Read more
We say that the processors and the deals they are offering are FeeFighters Certified. But what does that mean? Read more
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. 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.
