This is a brand new subscription-based merchant services companies. With competitors, actual rates are not disclosed and your rates and markups vary from merchant to merchant. FattMerchant offers processing for a simple flat fee. It's the first SaaS based credit card model that I've seen. You simply pay a flat monthly subscription and get all of the perks of wholesale at-cost pricing with 0% markup.
Founders are two women and the company has been getting great traction recently. http://www.fastcompany.com/30392...
Hi everyone! My Name is Suneera Madhani CEO and Founder of Fattmerchant. I have been in the processing industry for over 4 years and have worked for pretty much every major provider in the nation. Fattmerchant was started out of frustration of the markups that every ISO (merchant company) charges, the lack of transparency provided, the zero technology, oh and the 'let me sign you up and then we'll never talk to you again service.' At Fattmerchant, we give every merchant access to direct costs for processing without any markups, hidden fees, ancillary fees, contracts, and provide all the equipment and technology to help grow their bottom line. Our goal is to provide the best damn service, user experience, and the transparency every merchant deserves. There are other companies in this space, but we have our own proprietary technology, as well as an amazing API launching - plus #benji is way cooler than any payment mascot out there! Our team is incredible and so fun! We constantly find creative ways to ensure our customers really have the best experience they can; while saving them ridiculous amounts of hard earned money everyday. We are always ever evolving- so feel free to reach out to me directly if you have any further questions, suggestions or comments. -cheers- suneera@fattmerchant.com :) .
There are a few companies in the space that already do this... I think... http://flatrateprocessing.com
The reason prices fluctuate so much is that there are ~150 different types of charges made to cards and each card costs a different amount. The retention rate in this industry is ~75% last time I checked because most of the processors add junk fees.
ΣY != mx+b
Invariably there's junk fees. And in actuality
.5 cents < b < .45 cents
0.01
Report
This seems like a pretty standard ISO model: Fattmerchant passes through the credit card processing rates, which very by BIN, and add a flat rate markup (e.g. 25¢), plus a monthly subscription fee. I think I'm missing what's different about this than the traditional ISO model.
Bloom
Fattmerchant
plug.dj
Fattmerchant
Link Texting