Fattmerchant is a relative newbie in the merchant services industry. The company’s claim to fame is its 0% markup, subscription-based pricing, which eliminates the percentage markup over interchange. Instead, you’ll pay a single monthly subscription fee which makes your costs both more stable and more predictable.
| Merchant Solutions | Card present payments eCommerce Mobile payments Online invoicing Business analytics QuickBooks integration Developer API |
| Hardware | EMV terminals Mobile card readers |
| Type of Processing Fee | Interchange-plus |
| Credit Cards Accepted | Visa Mastercard American Express Discover JCB Dining EBT Health Flex Wex Voyager |
| Payout Availability | Guaranteed next day |
| Contract | Month-to-month |
| Early Termination Fee | No ETF |
Fattmerchant Features
Fattmerchant offers all common merchant solutions, including in-store processing, eCommerce card acceptance, a virtual terminal for mail and phone orders, and mobile processing. You also get access to the provider’s powerful integrated payment platform, Omni.
For traditional retail payment processing, Fattmerchant is compatible with small countertop credit card terminals or full POS systems. The provider can reprogram any equipment you already own at no extra charge.
For online businesses, Fattmerchant offers smooth and secure card processing in partnership with Authorize.net. This solution offers customizable forms, recurring billing and the ability to accept coupons. Fattmerchant will even help you set up your Authorize.net account.
For businesses that accept mail or phone orders, Fattmerchant offers a virtual terminal through NFC Secure. With it, you can process credit and debit payments on your computer with internet connection.
There is no software to install, and NFC Secure is compatible with QuickBooks.
For payments on the go, or merchants with non-traditional storefronts, Fattmerchant offers the NPC Mobile card reader, which turns mobile devices into handheld terminals. The reader is compatible with both iPhone and Android devices and is supported by all major wireless carriers.
With mobile processing, merchants can accept payments, apply discounts, add tax and tips, issue returns, process refunds and view reports.
Fattmerchant’s Omni Integrated Payment Platform is designed to bring all pertinent merchant information into one central location. So you don’t have to search for specific numbers when you need it. The reporting dashboard provides easy access to reports and key metrics to help you make better business decisions more efficiently.
You’ll be able to view transaction summaries, sales data by period, information from multiple locations, rate of growth, customer retention details, weekly reports and more.
Through Omni, you get direct integration into QuickBooks Online, syncing information – like customer information, unpaid invoices, payments and item catalog – both ways, saving you time and headache.
Pricing
Fattmerchant offers a subscription model for pricing. Merchants pay interchange and assessments at cost, plus Fattmerchant’s monthly and per-transaction fee on top of that.
There are two types of subscription plans to choose from:
- Starter Platform
- Processing volume: less than $500,000 annually
- $99/month
- Enterprise Platform
- Processing volume: over $500,000 annually
- $199/month
Monthly fees look like they’re pretty high, but – keep in mind – you won’t have to pay a percentage fee per transaction.
Both plans feature the following:
- 0% markup and 0 basis points
- No cancellation fee
- No statement fe
- No batch fees
- PCI compliance support
- Next-day funding available
- Tokenized & encrypted customer data
- Risk monitoring
- Chargeback monitoring
Additionally, those on the Enterprise Platform plan benefit from the following:
- Integrated analytics report
- Dedicated Customer Success Manager
- Data breach protection & tokenization
- Account updater for cards on file
Transaction fees are clearly outlined on Fattmerchant’s website, as follows:
| SUBSCRIPTION PLAN | STARTER PLATFORM | ENTERPRISE PLATFORM |
| EMV Terminal | Interchange + $0.08 | Interchange + $0.06 |
| eCommerce Shopping Cart | Interchange + $0.15 | Interchange + $0.12 |
| Virtual Terminal | Interchange + $0.15 | Interchange + $0.15 |
| Mobile Reader | Interchange + $0.15 | Interchange + $0.12 |
| Third-Party Integration | Interchange + $0.08 | Interchange + $0.06 |
| API Subscription | Interchange + $0.15 | Interchange + $0.12 |
Other add-on services include: same-day funding, advanced customization, terminal protection plan and ACH transactions. All come with additional fees.
The great thing about subscription pricing is that volume discounts are built in. Usually, you would need to haggle for better rates as your business grows, but you won’t have to do that with Fattmerchant. Your monthly fee stays the same, even as your volume increases.
| MONTHLY FEE | $99 | $99 |
| Volume | $10,000 | $100,000 |
| Percentage of Volume | 0.99% | 0.099% |
So, as your business grows, you’ll automatically get a lower percentage rate. This sliding scale method is both smart and fair.
Important Details
Fattmerchant offers support via telephone and email 24 hours a day, 7 days a week. You can also use the live chat feature, but it’s only available during regular business hours.
Fattmerchant features month-to-month billing with no early termination fees (ETFs). All you have to do is provide a thirty-day notice before you close your account.
In contrast, a lot of the competition requires a typical three-year contract with an automatic renewal clause and a heavy ETF if you close before your contract term ends.
Bottom Line
I really dig this provider for its unique and fair subscription pricing model and transparent business style. There are so many processors out there that rely on tricks and marketing ploys to lure in businesses, so Fattmerchant gives the industry that much-needed breath of fresh, honest air. The company offers flexible and affordable processing service while treating its customers with respect.
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