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Wednesday, August 18, 2010

Reverse Auctions for Credit-card Processing Fees, Part II: Now the Wall Street Journal is Spotlighting an Innovative Firm We Spotlighted 3 Months Earlier!

First 4 digits of a credit cardImage via Wikipedia

Previously here at The Reverse Auction Research Center (http://reverseauctionresearch.blogspot.com/), we’ve highlighted the innovative efforts of Sean Harper and his Chicago-based start-up, TransFS (http://transfs.com/) to bring competition – and cost-savings – to the world of credit-card processing. See our post from May 2010 on how TransFS is making use of reverse auctions to drive down this often significant cost area for small businesses:
“Reverse Auctions for Credit-card Processing Fees: Saving Money for Small Businesses...and Their Customers” (http://reverseauctionresearch.blogspot.com/2010/05/reverse-auctions-for-credit-card.html).

Now, the Wall Street Journal has taken note of the company - and its innovative business model and winning proposition for other small companies. See Tomio Geron’s coverage of TransFs in the recent Wall Street Journal article below:
“Comparison Shopping Online Is For Small Businesses Too” (http://blogs.wsj.com/venturecapital/2010/08/10/comparison-shopping-online-is-for-small-businesses-too/).

Credit cardsImage via Wikipedia
Hmmm, the story of TransFS’ rise from a college class project to a real, thriving entity should give hope to all the business students out there that you too can take that business plan you’re working on and perhaps make it your future – rather than waiting on the phone to ring!

David

From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/
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