What is Dwolla?
Dwolla is an online payment processing platform designed to provide businesses and individuals with a fast, safe, and affordable way to send and receive money. Founded in 2008 in Des Moines, Iowa, Dwolla aims to disrupt the payments industry by eliminating credit card transaction fees which can account for 2-3% of payments.
Instead, Dwolla leverages bank transfers to facilitate payments between parties for a flat fee of only $0.25 per transaction (for transactions over $10), regardless of the payment amount. This allows for significant cost savings, especially for large transfers.
Dwolla's platform uses the latest security features such as encryption and fraud detection to protect user data and money. It has partnered with over 650 banks and credit unions to seamlessly integrate bank accounts for quick transfers.
In addition to simple money transfers, Dwolla offers other features like MassPay to pay several vendors at once, white label payments solutions, and an API to integrate Dwolla's services into other platforms and software.
Overall, with its low fees and robust platform, Dwolla is an attractive payment processing option for both businesses and consumers looking to save money and time with bank-linked money transfers.