SOURCE: Transparent Financial Services

November 11, 2009 10:00 ET Launches First Truly Free iPhone App for Credit Card Processing

TransFS Card Terminal Accepts Payments on iPhone Via Any Credit Card Processor

CHICAGO, IL--(Marketwire - November 11, 2009) - Transparent Financial Services (TransFS), a leading marketplace for businesses seeking financial services, today announced the launch of the TransFS Card Terminal, an iPhone app that provides businesses with credit card acceptance capabilities in virtually any location. TransFS Card Terminal™ is the first iPhone app of its kind to be free of cost and provide complete freedom of choice in credit card processor selection.

Previously, the cost to download an iPhone app for card processing was as high as $50 per device. Further, most apps require the user to contract with a specific processor, introducing the complication of multiple invoices and the risk of unexpected price increases. TransFS Card Terminal offers businesses the ability to introduce or test mobile card acceptance without the fear of wasted cost or unwanted commitments.

TransFS Card Terminal provides card acceptance capabilities without the cost of purchasing or leasing terminals. For new merchants and those just beginning to accept credit cards, this offers potential savings of hundreds of dollars per point of sale.

"Using an iPhone to accept payments adds mobility and freedom for professionals in the field or in an office," said Sean Harper, CEO of TransFS. "We believe this freedom should also extend to the price of the app and the choice of credit card processor, and our Card Terminal delivers on that belief."

The mobility and convenience of the iPhone makes it an ideal mode of payment acceptance across a broad range of industries, including:

--  Hospitality: Restaurants, hotels, recreation
--  Home Services: Electrical, landscaping, plumbing
--  Transportation: Taxi and limousine, direct product delivery
--  Retail: Kiosks, outdoor venues, trade shows

TransFS is an online marketplace that helps businesses keep more of their money, through a private and secure reverse auction in which credit card processors bid to win each merchant's business. Credit card processors in the TransFS network undergo a stringent certification process, and are contractually and financially bound to rules regarding price transparency and customer service.

Businesses that download the TransFS Card Terminal have multiple processor selection options:

--  Quickly configure the app to use an existing processor of choice,
    regardless of whether that processor is part of the TransFS network
--  Instantly set up a new merchant account with a competitive, pre-
    negotiated rate plan offered by a TransFS Certified processor
--  Secure the lowest rates by having the full network of TransFS
    Certified processors competitively bid against each other, quickly and

The TransFS Card Terminal app and additional information are available at

Historically it has been difficult or impossible to compare credit card processors on an "apples to apples" basis. Many merchants suspect their fees are too high or find they are getting poor service, but are reluctant to change because of the time and complexity of shopping for alternatives. Traditional comparison shopping websites simply sold merchants' contact information to multiple processors, resulting in sales calls and emails that compounded the problem.

TransFS has overcome these obstacles, with a process that typically reduces credit card processing fees by 30 to 40 percent, at no cost to the merchant. It takes only a few minutes for a merchant to apply on, the complete results of the competitive comparison are provided for review at the merchant's convenience, and the merchant is connected with a processor only by choice.

All TransFS services are available free of charge at

About is an online comparison-shopping service that enables business owners to shop for credit card processing services quickly, efficiently, and at no cost. TransFS evens the playing field for business owners, letting them keep more of their money without time-consuming, annoying sales calls from service providers. TransFS employs instant reverse auctions to quickly negotiate better deals, automated bill analysis software to identify unnecessary or undisclosed fees, a stringent certification program and an online ratings and reputation system to determine the highest quality service providers.

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