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May 24, 2018
Card games: Fattmerchant chips away at credit card fees

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Suneera Madhani's company charges merchants a flat monthly fee for processing credit-card transactions.

Central Florida Roundup

Card games: Fattmerchant chips away at credit card fees

Jason Garcia | 6/28/2017

Suneera Madhani is a 30-year-old millennial, a new mom — and the founder of a 3-year-old Orlando company that aims to be the Netflix or Uber of the credit-card processing.

The company is Fattmerchant, which Madhani launched in 2014 after quitting her job at one of the established companies in the merchant-services industry, which has long made most of its money by charging merchants an assortment of fees and locking them into long-term contracts.

Madhani’s idea was to do away with fees and contracts in favor of a simplified and transparent subscription system in which retail businesses pay Fattmerchant a flat monthly fee of $79, plus 10 cents per transaction, on average — regardless of how many transactions they do in a month.

ALSO IN THIS ARTICLE: David Ottati; Rob Fulbright; Eric Eisnaugle; Alan Lawson; Luminar Technologies; Jeff Cole

 

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Tags: Central, Banking & Finance, Business Services, Technology/Innovation

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