Credit card transactions seem simple on the surface, but there may be complications for business owners when credit card processing fees begin taking a high sum out of the bottom line.

“I had no idea. My eyes have been opened in so many aspects,” said Josh Powlishta, co-owner of BLT’s Breakfast, Lunch and Tacos.

BLT’s hit the St. Louis scene in 2018. As a first time restaurateur, Powlishta is new to the world of credit card processing companies and their contracts.

“It really is daunting,” said Powlishta. “I really had no idea getting into this that literally every credit card transaction you have, there is a fee involved. Certain cards charge more than others. Certain companies charge more. They’re all trying to get your business.”

“There are thousands of ways for credit card processing companies to hide margin in their contracts,” said SwipeSum CEO Michael Seaman.

St. Louis-based SwipeSum claims to offer merchants relief from excessive fees by providing businesses with credit card processing companies that offer the lowest rates. Seaman said the service helps small businesses save $300 to $3,000 a month on credit card processing fees.

“SwipeSum is the first and most transparent place online for any business to find the best credit card processing solution for their unique business setup at the best price,” said Seaman.

He said SwipeSum acts as a merchant advocate. The company uses specialized software that finds the best matches for businesses. Seaman explained credit card processing companies compete for the merchant’s business through a bidding war process. The service is free for businesses.

“We get a lead generation commission from the processing companies for giving them that business,” explained Seaman.

Powlishta said, “They have more competitive rates than what we see with other companies that tell us it’s not possible.”

Seaman said SwipeSum is capable of doing the work in a matter of minutes as opposed to the days, weeks or months it may take for some merchants to achieve similar results.