BankTech

Dwolla Introduces Additional Support Services Enabling Faster Payments Settlement

MEDICI

Dwolla, one of the early digital payment disruptors, has recently made new efforts in increasing its user base and speeding up the transactions. Dwolla has now been integrated into AccountingSuite. AccountingSuite is an all-in-one app for accounting, inventory, order management and time and project tracking. AccountSuite merchants can now accept and request Dwolla payments from their customers. Merchants will now have more immediate access to funds through Dwolla’s digital payment system.

Dwolla is an independent payment network that allows companies and individuals to pay each other directly. This avoids the high fees of money transfers, bank payments and credit cards.

Merchants, who have their AccountingSuite linked to a bank account, can now receive Dwolla funds in less than a day. Dwolla money transfers are made on the internet in real-time. The cost of a Dwolla payment is 25 cents per transaction, or free if the transaction is ten dollars or less. For AccountingSuite customers writing 1,000 paper checks a year, paying through Dwolla saves $6,900 or more, according to an official press release.

Kurt Kunselman, Co-Founder of AccountingSuite, said in an official press release: “Dwolla is a terrific bonus for our users, because they can keep and reinvest more of their cash instead of paying it out in bank fees. Every day we are working to make accounting easier and less expensive for growing companies. With this integration, our users can simply create a payment form for a vendor’s bill, then click the pay-with-Dwolla button or get paid with Dwolla by generating invoices with pay-with-Dwolla button.”

Dwolla has also introduced a service aid for first-time recipients. They are no longer required to register for a full Dwolla account. Instead, they’ll be prompted to set up a ‘Direct’ account, which takes just three steps and around 30 seconds. All one needs to do, in order to accept their first Dwolla payment, is access their email, set a password, and enter bank account details.

Once the first payment is successfully claimed, all future payments made to the user’s email address will be routed directly to the bank account in as little as one to two business days without requiring the recipient to take any further action. Dwolla Direct users can get access to additional features—like the ability to send or request money—at any time by converting to a free full Dwolla account.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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