SOURCE: Transparent Financial Services

Transparent Financial Services

February 26, 2009 10:15 ET

Credit Card Processing Calculator Helps Small Businesses Cut Unnecessary Costs

Transparent Financial Services Takes the Mystery Out of Credit Card Processing Fees

CHICAGO, IL--(Marketwire - February 26, 2009) - Transparent Financial Services (TransFS -- www.TransFS.com) announces the release of the Credit Card Processing Calculator, a free online tool that helps business owners audit their credit card processing fees.

The Credit Card Processing Calculator helps business owners find out if they are getting the best credit card processing rates possible. Users simply, securely enter basic company and financial information, and the calculator instantly generates an easy-to-understand online report that includes:

--  Comparison of the user's credit card processing rates to the rates of
    comparable businesses.
--  Detailed explanation of the user's fee composition (the percentage of
    fees that go to credit card companies, member banks and the processor).
--  Recommendations on how to reduce rates.
    

"The Credit Card Processing Calculator is the first objective tool to help business owners understand the competitiveness of their credit card processing service, and know if they are getting the best credit card processing rates," said Sean Harper, co-founder and CEO, TransFS.

A beta version of the Credit Card Processing Calculator has been available for several months. Most of the approximately one thousand users report that the biggest value they get from the tool is the knowledge to negotiate rates on a more even playing field.

"Business owners are taking this information to their processors and saying 'Hey, I'm not getting as good a deal as you promised,' or shopping for a new processor if necessary," says Joshua Krall, co-founder and CTO, TransFS. "The average beta user was paying $75 more per month than what is reasonable. Some mid-sized businesses were getting charged thousands of dollars too much each month."

Relevant Links:

--  Credit Card Processing Calculator:
    http://transfs.com/credit-card-processing-calculator
--  Video demonstration: http://blip.tv/file/1635374
--  Example report:
    http://transfs.com/credit_card_processing_reports/sample
--  Using the Credit Card Processing Calculator to analyze a Costco credit
    card processing account:
    http://transfs.com/blog/2009/02/01/costco-merchant-account/
--  TransFS blog: http://transfs.com/blog/
    

About Transparent Financial Services (TransFS)

Headquartered in Chicago, Transparent Financial Services (www.TransFS.com) is a financial services comparison shopping business that uses technology to help business owners shop for financial services providers. TransFS evens the playing field for small business owners using instant reverse auctions to quickly negotiate better deals, automated bill analysis software to identify unnecessary or undisclosed fees, and an online ratings and reputation system to determine the highest quality service providers.

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