TransFS operates a comparison-shopping marketplace that matches merchants with competing credit-card processing bids through reverse auctions. Merchants submit transaction details (percent online, in-store, mail-order, phone), current fees, monthly volume and average transaction size to start an auction. Processing firms respond with side-by-side bids that include ratings, reviews, explanations of contract terms and a detailed financial savings analysis. The platform is designed to help merchants save money on credit-card fees by making proposals easy to compare. TransFS aims to replicate for businesses what BillShrink has done for consumers and plans to expand into payroll processing, employee health insurance plans and other business services. The company recently raised $510,000 in new funding from Hyde Park Angels and Dave McClure’s 500Startups fund.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2010