Transparent Financial Services, a comparison shopping site for credit card processing services, has received a grant from the Chicagoland Entrepreneurial Center to support the company`s national expansion. The grant is part of the Chicagoland Entrepreneurial Center’s Entrepreneur in Residence program, which partners start-up companies with experienced entrepreneurs.
TransFS, which was founded last year, offers a system that enables credit card processors to bid on merchants’ business. TransFS certifies all participating processors, who agree to rules regarding price transparency and customer service. It offers pricing in 12 vertical markets. It reports that merchants using its system save up to 40% on their processing fees.
"TransFS came to the CEC with a grade-A team and concept, based on a real source of pain in a large market," says Chicagoland Entrepreneurial Center president David Weinstein. "Our EIR program adds funding, experience and connections that will further drive what is already a great recipe for success."
TransFS does not charge merchants any fee for its service. Rather, it earns a transaction fee from processors.
Through the program, Dan Hess, a former Tribune Interactive and comScore Inc. executive, will advise TransFS as entrepreneur in residence. Hess is founder and president of Thought Motor, an advisory firm that helps operating companies and investors create and grow new ventures. He was part of the team that built comScore, and held management roles at Information Resources Inc. before that.