ACH transfers

Fattmerchant payment processing company

What is Fattmerchant

Fattmerchant is a payment processing company based in the United States. It offers a subscription-based payment processing platform that aims to simplify payment acceptance and provide businesses with transparent pricing models.

The Fattmerchant payment system provides businesses with a variety of features and tools to accept payments from their customers. It supports various payment methods, including credit cards, debit cards, and ACH (Automated Clearing House) transfers.

The system is designed to work both in physical locations using card readers and online through e-commerce websites or virtual terminals.

One of the key aspects of Fattmerchant is its subscription-based pricing model. Instead of charging businesses a percentage-based fee for each transaction, Fattmerchant charges a fixed monthly fee based on the business’s processing volume.

This can be beneficial for businesses with high transaction volumes as it allows for more predictable costs and potentially lower fees compared to traditional payment processors.

Fattmerchant also offers additional features such as invoicing, recurring billing, and integrations with other business tools like accounting software and customer relationship management (CRM) systems.

The platform aims to provide businesses with a comprehensive payment solution that is easy to use, transparent, and cost-effective.

The history of Fattmerchant

Fattmerchant was founded in 2014 by Suneera Madhani, a young entrepreneur based in Orlando, Florida. Madhani recognized the need for transparent and affordable payment processing solutions for businesses, particularly small and medium-sized enterprises (SMEs).

The company initially operated under the name “Orlando Merchant Services” but rebranded to Fattmerchant in 2016. The name “Fattmerchant” was derived from the idea of providing businesses with a “fat” merchant account that offers better value and transparency.

Fattmerchant gained attention in the payment processing industry for its subscription-based pricing model, which was a departure from the traditional interchange-plus or flat-rate pricing structures prevalent in the industry. This pricing model aimed to provide businesses with greater predictability and transparency in their payment processing costs.

Over the years, Fattmerchant steadily grew its customer base by focusing on delivering personalized customer service, user-friendly technology, and competitive pricing. The company positioned itself as a technology-driven payment processor that aimed to simplify the payment acceptance process for businesses while offering cost savings.

In 2018, Fattmerchant secured a significant investment of $5.5 million in a Series B funding round, led by Fulcrum Equity Partners. This investment allowed Fattmerchant to accelerate its growth, expand its product offerings, and invest in technology development.

Since then, Fattmerchant has continued to evolve its platform, introducing new features and integrations to meet the evolving needs of businesses. The company has expanded its reach beyond its initial focus on SMEs to cater to larger enterprises as well.

How Fattmerchant works

Fattmerchant operates as a payment processing company that aims to simplify payment acceptance for businesses. Here’s an overview of how Fattmerchant works:

1. Account Setup: To get started with Fattmerchant, businesses need to sign up for an account. This typically involves providing basic information about the business and its payment processing needs.
2. Integration and Onboarding: Once the account is set up, businesses may need to integrate the Fattmerchant payment system with their existing infrastructure. This can include integrating with point-of-sale (POS) systems, e-commerce platforms, or other software applications. Fattmerchant provides support and resources to help businesses with the integration process.
3. Payment Acceptance: With the Fattmerchant system in place, businesses can start accepting payments from their customers. Fattmerchant supports various payment methods, including credit cards, debit cards, and ACH transfers. Businesses can accept payments in person using card readers or online through their website or virtual terminals.
4. Pricing Structure: Fattmerchant operates on a subscription-based pricing model. Instead of charging a percentage-based fee for each transaction, businesses pay a fixed monthly fee based on their processing volume. This can be beneficial for businesses with high transaction volumes, as it offers predictable costs and potentially lower fees compared to traditional payment processors.
5. Additional Features: Fattmerchant offers a range of additional features and tools to enhance the payment processing experience. This includes invoicing capabilities, recurring billing options, and integrations with popular accounting software and CRM systems. These features aim to streamline business operations and provide a comprehensive payment solution.
6. Reporting and Analytics: Fattmerchant provides businesses with access to reporting and analytics tools. This allows businesses to track their transaction history, analyze sales data, and gain insights into their payment processing activity. These tools can help businesses make informed decisions and optimize their payment acceptance strategies.
7. Customer Support: Fattmerchant prides itself on offering personalized customer support. Businesses can reach out to Fattmerchant’s customer service team for assistance with any issues or inquiries related to their payment processing.

It’s important to note that while this provides a general overview of how Fattmerchant works, the specific implementation and features may vary based on individual business needs and the evolving offerings of Fattmerchant.

For the most accurate and up-to-date information, it’s recommended to visit the Fattmerchant website or reach out to their customer support directly.

Can Fattmerchant be trusted

Fattmerchant has gained a positive reputation in the payment processing industry and has established itself as a reputable company. Here are a few factors that contribute to the trustworthiness of Fattmerchant:

1. Transparent Pricing: Fattmerchant is known for its transparent pricing model. Instead of charging businesses a percentage-based fee for each transaction, it offers a subscription-based pricing structure. This model provides businesses with more predictability and transparency in their payment processing costs. The transparent pricing approach helps build trust by ensuring businesses have a clear understanding of the fees they are being charged.
2. Positive Customer Reviews: Fattmerchant has received generally positive reviews from its customers. Many businesses appreciate the personalized customer service, user-friendly technology, and competitive pricing offered by Fattmerchant. Positive customer reviews indicate a level of trust and satisfaction with the company’s services.
3. Strong Industry Presence: Fattmerchant has gained recognition within the payment processing industry. The company has processed billions of dollars in transactions and served thousands of businesses across various industries. Its growth and presence in the industry signify a level of credibility and reliability.
4. Secure Payment Processing: Fattmerchant prioritizes the security of transactions and customer data. The company adheres to industry-standard security practices and compliance regulations, including PCI-DSS (Payment Card Industry Data Security Standard) compliance. This focus on security helps build trust by ensuring that businesses’ and customers’ sensitive information is protected.
5. Established Track Record: Fattmerchant has been operating since 2014 and has steadily grown its customer base over the years. Its longevity in the industry and track record of providing payment processing services contribute to its trustworthiness.

While Fattmerchant has garnered a positive reputation, it’s important to note that trust is subjective, and individual experiences may vary. It’s recommended to conduct your own research, read reviews, and assess your specific business needs before making a decision.

Additionally, as with any service provider, it’s advisable to review the terms and conditions, as well as any agreements or contracts, before entering into a business relationship.

Does Fattmerchant charge a fee

Yes, Fattmerchant charges a fee for its payment processing services. However, unlike traditional payment processors that typically charge a percentage-based fee per transaction, Fattmerchant operates on a subscription-based pricing model.

With Fattmerchant, businesses pay a fixed monthly fee based on their processing volume, rather than a percentage-based fee for each transaction. This subscription fee covers the cost of using Fattmerchant’s payment processing platform and accessing its features and services.

The specific fee structure will vary depending on the business’s processing volume and the plan they choose.

Fattmerchant offers different pricing plans tailored to the needs of different businesses, including small businesses and enterprises. The pricing plans are designed to provide businesses with flexibility and transparency in their payment processing costs.

By using a subscription-based model, Fattmerchant aims to provide businesses with more predictable and manageable costs, particularly for businesses with high transaction volumes. It can also potentially result in lower fees compared to the percentage-based pricing models used by traditional payment processors.

Payment processing platform Dwolla

Dwolla what is it

Dwolla is a payment processing platform that allows businesses and individuals to send and receive money online. It offers a variety of features, including ACH transfers, recurring payments, and mass payouts.

Dwolla also provides a suite of APIs that developers can use to integrate the platform into their own applications. The company is based in Des Moines, Iowa and it operates a real-time, peer-to-peer payments network.

Dwolla was founded in 2008 by Ben Milne, an entrepreneur from Iowa. The company began as a payment platform for small businesses, and quickly gained popularity as an alternative to traditional payment methods such as credit cards and PayPal.

In 2010, Dwolla launched its API, allowing developers to integrate the platform into their own applications. The company also began to focus on serving the banking and financial services industries.

In 2011, Dwolla announced a partnership with the Federal Reserve Bank of Kansas City to test a real-time, peer-to-peer payments network. The partnership was part of a larger effort by the Federal Reserve to modernize the US payment system.

By 2012, Dwolla had grown to become one of the largest payment processors in the United States, with over 200,000 users and 20,000 merchants. The company also raised $16.5 million in venture capital funding.

In 2013, Dwolla released a new version of its platform, which included a mobile app and a feature for instant bank transfers.

In 2016, Dwolla announced a partnership with several large banks, including Wells Fargo and US Bank, to expand its reach.

Dwolla continues to innovate and improve its platform to provide better and faster payment experience to its users and merchants.

As of 2023, Dwolla is still in operation and continues to provide a payment processing platform and APIs to businesses and individuals.

How Dwolla works

Dwolla allows users to send and receive money online through its platform. The process of sending and receiving money with Dwolla is relatively simple.

Sending money:

1. A user signs up for a Dwolla account and verifies their identity by linking it to their bank account.
2. The user can then initiate a payment by entering the recipient’s email address or mobile phone number.
3. The user confirms the payment amount and initiates the transfer.
4. The money is transferred from the sender’s bank account to the recipient’s bank account.

Receiving money:

1. A user signs up for a Dwolla account and verifies their identity by linking it to their bank account.
2. Someone sends the user money using the recipient’s email address or mobile phone number.
3. The user will receive an email or text message notification that they have received a payment.
4. The money is transferred from the sender’s bank account to the recipient’s bank account.

Dwolla uses Automated Clearing House (ACH) to transfer money, which is a type of electronic funds transfer (EFT) used by financial institutions in the United States. ACH transactions typically take 1-2 business days to clear, but Dwolla’s instant bank transfer feature allows for near-real-time transfer of funds.

Dwolla also offers a suite of APIs that developers can use to integrate the platform into their own applications, allowing for more seamless and automated transactions.

Additionally, Dwolla offers a variety of features such as recurring payments, mass payouts and it operates a real-time, peer-to-peer payments network.

Can Dwolla be trusted

Dwolla is a legitimate and reputable payment processing platform. The company is registered with the U.S. Department of Treasury as a money services business and is required to comply with federal and state regulations related to money transfers. Dwolla also uses bank-grade security to protect user’s personal and financial information.

However, as with any online financial service, it’s important to be cautious and protect your personal and financial information. It’s a good idea to review Dwolla’s terms of service and privacy policy before signing up, and to keep an eye out for any suspicious activity on your account. Additionally, it’s important to make sure that you only provide your personal and financial information to Dwolla, and not to any third party purporting to be affiliated with the company.

In general, it can be said that Dwolla is a trusted and secure payment processing platform that has been in the market for a long time and is providing its services to many customers and merchants.

Does Dwolla charge a fee

Dwolla charges a fee for certain types of transactions and for certain business plans. The specifics of the fee structure depend on the type of account and usage.

For personal accounts, Dwolla charges no monthly or annual fees, and transactions under $10 are free. Transactions above $10 are charged a flat fee of $0.25.

For businesses, Dwolla offers different pricing plans with different fees. The “Standard” plan is free and includes free transactions under $10, and a $0.25 fee for transactions above $10.

The “Pro” plan costs $25 per month and includes free transactions under $5,000 and a $0.25 fee for transactions above $5,000. The “Enterprise” plan is tailored to businesses with high-volume transactions and is based on a custom quote.

Dwolla also charges a $30 fee for ACH returns, which occur when a bank returns a transaction because of insufficient funds or other issues.

It is important to review the fees associated with Dwolla’s different plans and usage before signing up for an account.

What bank does Dwolla use

Dwolla uses the Automated Clearing House (ACH) network to transfer funds between bank accounts. ACH is a type of electronic funds transfer (EFT) used by financial institutions in the United States.

Dwolla uses the ACH network to transfer money between users’ bank accounts, which means that when a user initiates a payment through Dwolla, the money is transferred directly from the sender’s bank account to the recipient’s bank account. Dwolla does not hold any money, it just facilitates the transfer of funds between the bank accounts.

Dwolla does not have any direct banking relationship, but it partners with several banks to expand its reach, for instance in 2016 Dwolla announced a partnership with several large banks, including Wells Fargo and US Bank.

It is important to note that the bank where you have your account may have specific rules and restrictions regarding the use of ACH and Dwolla, so it’s advisable to check with your bank before signing up for an account.

Can I exchange currency using Dwolla

Dwolla does not currently offer a currency exchange service. Dwolla is a payment processing platform that allows users to send and receive money online in U.S. dollars.

It uses the Automated Clearing House (ACH) network to transfer funds between bank accounts. While Dwolla does not offer a currency exchange service, if the sender and the recipient have bank accounts in different countries, the bank may charge a foreign exchange rate for the transfer, but Dwolla does not provide this service.

If you need to exchange currency, you can use a foreign exchange service provider like a bank, an online currency exchange platform or a currency exchange bureau. These providers will typically charge a fee for the service, and the exchange rate they offer may be different from the official interbank rate.

It is important to shop around and compare exchange rates and fees before using a currency exchange service to make sure you’re getting the best deal.