UpClick: Picking Up Credit Card Fees
Posted by: Olga Kharif on May 26, 2009
Banks, watch out. UpClick, a company that officially launched on May 26, could take a bite out of your business. The company picks up the tab on other merchants’ credit card transaction processing fees, which can run up to 7% of purchase price.
In exchange, the merchants have to allow UpClick to upsell their buyers other clients’ software. While UpClick has started with software, it could potentially later peddle other products, such as e-books, says CEO Daniel Assouline. The start-up also shares into revenues for products such as back-up CDs.
Soft-launched three months ago, the company already processes about 3,000 transactions a day, up from 150 daily transactions a month ago. The volume of transactions it processes already reached $500,000 a month. The business is expected to turn profitable at the end of May.