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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- 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.
- 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.