In order to avoid paying transaction fees, many individual investors purchase stocks directly from companies, rather than going through a broker and paying commissions on the purchase and sale of the stock, which may amount to several percent of the value of the trade. In this case, individual investors may buy shares directly from some companies by identifying the target company’s stock transfer agent, discovering if the company offers shares directly to individual investors, and opening an account on the transfer agent’s website. The company may require a minimum investment.