Chicago-based startup FeeFighters (formerly TransFS) has raised $1.6 million in new funding led by Sandbox Industries with OCA Ventures, Arizona Bay Technology Partners, 500 Startups, i2a Ventures, Hyde Park Angels and other investors participating.
FeeFighters is a comparison shopping site for credit card processors. The startup aims to help merchants save money on credit card fees and also conducts reverse auctions to solicit competing bids from credit card processing companies.
Since the company’s launch in 2009, FeeFighters has saved customers $30,000,000 in processing fees, with a typical user saving 40% in fees. The company also plans to expand its current payments business product to other business financial services (including payroll procssing, and employee health insurance plans), with the aim of being the BillShrink for Business services.
FeeFighters makes the process of choosing a merchant account provider as easy as shopping for a plane ticket online. In minutes, business owners can choose the best deal on credit card processing with a reverse auction marketplace that saves the average business owner 40 percent on credit card processing. FeeFighters also provides free tools, such as the credit card processing calculator, that help businesses make better decisions about their financial services. FeeFighters also launched a new payment gateway, called Samurai, currently...