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Blog Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘Blog’ Category

Square Beats Revenue Estimates with $439 Million; Lending Business Grows 70%

Square Capital grew 70 percent annually, extending $208 million in 35,000 loans. With this, it has originated over $1 billion in two years, through this program.

It’s Not About Replacing Banks, Square CEO Says

Posted in Blog on October 30th, 2016

Square CEO Jack Dorsey as he walked on stage at the 2016 Money2020 conference in Las Vegas It’s not about replacing banks, it’s about making financial services more accessible, said Square CEO Jack Dorsey in regards to what his company and others in the fintech space are doing. During his fireside chat-style address at Money2020, […]

We’re listening, new graphs and the Dwolla Dashboard and Admin

We’re excited to introduce an additional graph to the Dwolla Dashboard and Admin, tracking how much money is moving across your platform. You can now view the transaction volume between two users or accounts within your white label integration.

This is exceptionally useful information for peer-to-peer payments applications or financial savings platforms using the Dwolla API to facilitate transactions between customers or accounts. For example, if you are a savings platform, you can see the volume of transactions in and out of various savings accounts. If your product requires transactions to and from users, but not always in and out of bank accounts, this graph will provide an insightful representation of that activity.

ach-transfer-graph-dwolla-dashboard-and-admin

When we launched our new Dwolla Dashboard and Admin, we knew there would be fist pumps of joy on the outset. And there were—partners rejoiced. Easily track and manage customers and transactions all in a beautiful dashboard, what’s not to love?!

graphs-dwolla-dashboard-and-admin-ach-trackingHowever, we also knew that the dashboard brought an entirely new opportunity—an opportunity to listen to feedback of those rejoicing partners and make iterations of improvements based on that feedback.

That’s exactly what we’re doing and plan to continue doing. Listen and iterate. Exhibit A: the new customer-to-customer transaction graph above.

We’re listening to feedback

As more partners get acquainted with our Dwolla Dashboard and Admin, we plan to listen to their feedback and continually introduce new, valuable improvements. We will continue to develop a dashboard that answers transaction questions, while delivering the best possible business insights.

If you want more information on the Dashboard and Admin or want to get started with an ACH transfer API, please reach out.

Interested in learning more? Contact Dwolla

Programmatic Mass Payouts for Affiliate Marketing & Advertising Structures

affiliate-marketing-and-advertising-payouts

As an affiliate marketing & advertising company, payments can be a real pain in the neck. There are thousands, sometimes tens or hundreds of thousands, of consultants to be paid out, and it’s primarily based on commissions for products sold or bonuses for actions taken. Cutting and sending checks or building out a complicated interface with your financial institution to issue direct deposits is NOT the only way. I repeat, there are better ways to pay out to your consultants.

What if there was a way to automate your payments process to send payouts to your consultants’ bank accounts programmatically—based on parameters that you’ve set internally?

That’s what Dwolla’s White Label ACH API is for. While the ACH network can be a complex and a notoriously inflexible infrastructure to interface with, we’ve packaged the functionality of ACH into our easy-to-use API.

Essentially, we’ve provided the powerful payment rails to build your company upon and leveraged the ACH network in a way that operates best within your 21st-century company or software.

Build your ideal bank transfer solution with our straightforward guides and endpoints, without compromising your brand. We don’t take your customers off-site or introduce them to a new payment service altogether, for payouts all they have to do is provide you with their account and routing number. Additionally, you can integrate right alongside verification services you may already have in place—we’re technology agnostic.

What’s more, we don’t just give you the keys to the Dwolla solution and turn you loose to figure it out on your own. We provide dedicated developer integration support via chat and email, as well as a test environment (the Dwolla Sandbox) where we can help you build out your integration before pushing it live into production. From a business and customer support perspective, we appoint you an account manager who helps you through implementation to launch and beyond. We believe that if you’re utilizing our White Label ACH service and trusting us to help you streamline a complicated and critical part of your business like payouts, you should always have a direct contact at Dwolla.

If you’re looking for more information, peruse our developer portal—we have all of our API documentation there for your development and product team to consume, and the sandbox environment to start playing around in.

All you have to do to get started is reach out, we’d be happy to talk about the solution that’s right for your unique business needs.

Interested in learning more? Contact Dwolla

Discover the value in the (new) Dwolla Dashboard and Admin

Posted in Blog, dashboard and admin, Dwolla dashboard, Knowledge Base, updates on August 16th, 2016

Analytics are in place for every part of your business—graphs show how your website is running, metrics for email open rates, and charts on the progress of projects. Naturally, you want insights into the payments flowing through your business or platform too, and that’s exactly what you get with our Dwolla Dashboard and Admin.

The dashboard makes managing ACH transfers easier. No longer will you have to fumble with spreadsheets or broken systems to serve your customers and field questions. In this post, we’ll walk you through some of the problems the new Dwolla Dashboard and Admin solves for. We’re using beautiful design and top-notch analytics to modernize the antiquated ACH transfer network.

dwolla-ach-transfer-dashboard-and-admin

First, an overview of the Dwolla Dashboard and Admin for White Label partners. Here’s the information, straight from the API to your fingertips:

  • Charts and graphs tracking data being collected from within the Dwolla White Label ACH API.
  • Customers and their transaction history or account information.
  • Transaction records for all activity on your platform, sending or receiving payments.

See the ebb and flow of funds

With the Dwolla Dashboard and Admin get  detailed graphs tracking the ebb and flow of your payments—beautiful graphs curated from the information flowing right through your Dwolla White Label integration.

graphs-dwolla-dashboard-and-admin-ach-tracking

Within these graphs, you can set date-based parameters to understand the time at which various activities are occurring. Get insights into the timing and behaviors of your customers to optimize your business.

Fdwolla-dashboard-and-admin-graphs-viewor example, if you see spikes in transactions at certain times or days, then you can increase your support’s availability during those peaks.  Or if you notice high volumes of funds are flowing through your system on certain days, you can be prepared to monitor.

A better understanding of your customer’s status

If you only have half a map, it’s impossible to find the way; you’re working with half the information you need. In the same way, if you only have half of the picture when understanding a transaction or a customer, it’s not possible get your customers where they need to be. dashboard_manage-customers@2x
With the Dwolla Dashboard and Admin, you’re equipped with the ability to look up a customer and edit certain information. Additionally, get handy insights into the status of your customer’s account—whether or not they’ve verified their bank account, etc. This level of service will improve customer support and lessen frustration.

Insightful tracking of transactions

With the charts and graphs dashboard, you’ll get a nice sweeping view of what transaction volume looks like, but you’re also able to zero-in to pinpoint specific transactions. Under the transactions tab, view whether a transaction is pending or complete, see send dates, etc.

transactions-dwolla-dashboard-for-ach-payments

Here, you can also search for specific transactions. So if a customer calls in asking about a specific transaction, you can quickly and efficiently look up that transaction to help answer any questions that customer may have.

Get insights more quickly and enhance your businesses’ efficiency.

Understanding why a transaction didn’t complete

dashboard_monitor-transactions@2xIn the same vein as searching for transactions, you can use the Dwolla Dashboard and Admin to understand why a transaction failed to complete. In the event that a transaction doesn’t go through, it’s sure helpful to know why. The dashboard provides the correlating ACH return code for a transaction, should it fail.

When choosing the right API for integrating ACH transfers, you can’t simply trust the cheapest option. This hasty decision making may end up costing you more in the long run. You deserve a solution that not only fits your business’s needs but helps you excel.

The Dwolla Dashboard and Admin provide a valuable level of insight into your payments and transactions. When you have detailed tracking for your social media activity or website traffic, you should expect the same for your payments and transactions. Don’t settle for less, reach out to learn more.

Interested in learning more? Contact Dwolla

Sending ACH payments programmatically through an API

What provider offers the best way to send ACH payments programmatically through an API?

Automation is prized—the more you effectively automate, the more you can reduce errors and ensure efficiency and accuracy. Better yet, successfully automating a process can free up a ton of time, so you can focus on different tasks and optimizing every aspect of your business.

A process prime for optimization and automation is payments, specifically payouts.

We are (or should be) far beyond writing paper checks—a process that costs businesses about $13 billion annually or $7.15 per check. Additionally, payouts via credit cards can unleash painful hidden fees or added costs, making it scary if you’re not in constant manual monitoring mode.

However, programmatically sending payments via the ACH network has proven effective and efficient for many businesses.

Automate payments via ACH

The best provider for programmatic payments isn’t always the cheapest. You’ll want to consider:

  • Ease of integration
  • Cost per transaction
  • Quality of API support

Ease of integration

How quickly and easily can the new API be implemented to deliver payouts programmatically? If a solution has a cumbersome, clunky or outdated API, then it’s not worth the investment of time and money to integrate. Even if this solution proves to be the least expensive upfront, that doesn’t mean it will provide the same return on investment.

Your developers’ time is worth money. That’s imperative to understand (and respect). If your team is busy updating or reintegrating a payments API that’s constantly in-flux, then you’re wasting time and money.

Dwolla-white-label-ach-apiDwolla has a future-proof technology stack, but don’t take our word for it…the proof is in the integration. Enter, Popular Pays. Popular Pays was able to integrate Dwolla’s new White Label receive-only functionality in two weeks with one developer. A major hallmark for their choosing Dwolla’s White Label ACH APIs over the other competitors was RESTful API that could scale quickly and automate an ACH transfer process for both their accountants (overseeing company payouts) and contractors (receiving payment directly to their bank account).

Cost per transaction

After exploring options for programmatically sending ACH payments, you’ll quickly realize the trend. Most options charge you a per-transaction fee. This per-transaction fee can be burdensome, a punishment for high usage on your platform. Every payout means another fee.

Instead, Dwolla’s partners enter into a custom contract for use of the ACH APIs, based on monthly pricing.

Quality of API support

Payments can be a confusing field to negotiate—lots of players and regulations involved. You’ll want a partner who understands the ins and outs of the industry and can provide insight into how you’re performing therein.

Dwolla-white-label-support-ach-api

Dwolla does this in a few ways. First, we walk through your integration to help you ensure you’re meeting our requirements; you’re not left in the dark, guessing. Second, once in a White Label contract you have access to an account manager as well as an integration specialist. If something comes up that poses a question, simply shoot it our way and we’re happy to help.

Third, Dwolla’s API allows for real-time status updates. These updates and insights into transactions allowed one rental management platform to decrease time spent on manually processing reversals by 90% while simultaneously improving transaction-related communications.

Perhaps the cherry on top of the Dwolla’s API is the Dashboard and Admin, an intuitive interface for managing payments and customers. When you’re sending thousands of payments programmatically, the dashboard beautifully tracks and graphs that progress along the way.

dwolla-ach-transfer-dashboard-and-admin

If you’re ready to automate another process and start sending payments programmatically, give us a shout.

Interested in learning more? Contact Dwolla

When to Consider a SaaS-Based Payment Solution: A Look at Dwolla’s White Label ACH API

On June 4, 2015, Dwolla dropped our transaction-based pricing model. Then, in August of that same year, we released the first phase of our White Label product—essentially harnessing the power of Dwolla’s payment infrastructure for payouts in four endpoints, and allowing partners to implement it under their own brand.

quarter-imgDropping our fee of 25¢ per transaction for transfers over $10 allowed us to focus not on volume, but rather solely on building out our payments software and move to a SaaS-based pricing model. Removing the irritation of per-transaction pricing granted us a new-found freedom. We could freely dive into building out the platform in a way that partners could easily build on top of—providing a seamless customer onboarding and payment experience.

From the beginning, we’ve provided webhooks that allow you to receive and provide real-time updates on customer account and transaction status changes and ACH transfer (to, from, and between members), as well as the ability to leverage “stored value” in a digital wallet-like capacity. Over the past year, we’ve released a plethora of features that can be accessed inside of the White Label API, such as instant account verification, micro-deposit bank verification, on-demand transfers, document upload, and dwolla.js (bank verification in just a few lines of code).

Personally, I’ve been with Dwolla for over 5 years. Our team, our company, and our product have changed drastically since the first day I wandered in, but the mission has stayed the same—to build a better way for our customers to move money. I couldn’t be more proud of the solution and our partners than I am today.

Since this pricing change, we’ve continued to refine our White Label offering as we learn from the feedback that our awesome partners provide.

Just last week, we released our first iteration of the Dwolla Dashboard and Admin
—an intuitive interface that brings the powerful data generated by the API front and center, allowing partners (regardless of technical efficiency) to easily keep a pulse on the health of the business. Within the Dashboard, partners will discover beautiful charts and graphs highlighting key business trends and metrics, view transaction details, and manage customer information.

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Providing the software to access the ACH network within a branded platform or application is one thing, however we realized a crucial opportunity to set ourselves apart from our competitors in both the financial and tech industry—provide white glove integration support.

From the sales representative who develops your one-of-a-kind proposal, the integration lead guiding you through development within our sandbox and production environments, to the account services lead who advises you throughout the entire implementation process and beyond, we’re here to provide you with a top-notch experience. We believe that anyone paying for access to our White Label platform should also have direct access to dedicated support within the company.

Which brings us to the question: how much does our White Label ACH API cost? Each White Label integration is different, designed to fit the unique needs of a partner. From requiring various levels of account verification services to paying out thousands of customers at one time, there is no one-size-fits-all integration. That’s why we work with you to determine the best package and pricing for your needs.

Doing away with a per-transaction pricing model helped us pave the way for delivering more control over the feature set provided. It’s also been great for the business—in the past year, we’ve been able to grow our revenue stream 30% month-over-month. It allowed our team to get laser-focused on building, marketing, and selling a modern access point to the ACH network.

Let the experts at Dwolla help you streamline payments within your organization and for your customers. Whether you’re an established software provider, an innovative new marketplace, or a small team building the first iteration of your new savings app, we’re here to help you tap into the payment platform we’ve already built.

Interested in learning more? Contact Dwolla

A Dashboard and Admin for ACH Transfer Integrations

Today, we released an intuitive new dashboard for White Label partners to manage customers, view transaction details, and discover business trends. All information within this interface leverages the Dwolla White Label API powering the partner’s ACH transfer integration, but provides the data in a way that’s easy to manage and act upon from a business operations perspective.

By providing a clear view into the integration data, the new dashboard makes it simpler for partners to provide quality customer support to their users, reconcile every payment, and keep tabs on the heart of their payments integration. We’ve built the admin interface so White Label partners don’t have to jeopardize their own time building, maintaining, and scaling their own DIY dashboard.

Check out Product Hunt to see what others are saying!

Charts

dwolla-dashboard-and-admin-graphs

On the main dashboard, partners will find beautiful charts and graphs built from the data being collected from within their integration with the Dwolla White Label ACH API. Customer and transaction data will be arranged in a way that provides a straightforward look into the health of the business and makes it easy to establish and analyze business trends over time.

Customers

dwolla-dashboard-and-admin-customer

Partners can easily look up and edit customer information from within the dashboard, an important feature for providing quality customer support and communication. Customer service is a critical piece to running a successful business—partners like GOAT have been able to reduce cashout related support tickets by 80% after integrating Dwolla’s bank transfer API.

Transactions

dwolla-dashboard-and-admin-transactions

View transactions received and sent across your platform. Search and view transaction details, or simply use this functionality to assist in your reconciliation processes. Run basic accounting and business operations faster.

Save hours of your own developers’ time by eliminating the need to build a custom view of your White Label integration. Utilize a smarter interface for managing payments—your customers and accounting department will thank you.

Interested in learning more? Contact Dwolla

Building a marketplace, how to manage payments

Posted in Blog, Knowledge Base, marketplace payments on August 2nd, 2016

Maybe we all learned a little something from Amazon and Ebay or maybe the internet has inspired a new era of shopping, but there’s no doubt that the marketplace economy is booming. Large, vertical marketplaces are sprouting up and proving wildly successful—consider that fact that Airbnb has a $25 billion valuation and Uber’s achieved $8 billion in VC funding. Even Sears used the online marketplace model to add to its fading brand and bottom line.

Whether or not consumers realize it, they’re trending toward the marketplace economy and loving it. That’s not to say the “storefront” style of e-commerce and brick-and-mortar stores are failing—we’ve just found additional, improved means of connecting buyers and sellers. So efficient, in fact, we’re seeing incredibly niché marketplaces sprout up to serve specialized interests and needs of a breadth of consumers.

Building and Improving Marketplace Payments

Our focus here at Dwolla is not so much about the best marketplace ideas or creating impeccable storefronts. We’re much more underground than that. We want these booming marketplaces to run as efficiently as possible from a payments perspective. We want to promote speedy, secure payments within the United States. The way we see it, managing the payments within a marketplace fall into two flows: paying in and paying out.

Pay-in: Occurs when someone wishing to buy something within a marketplace pays for that service, whether they’re buying a unique hand-crafted item or paying for someone to organize their closet. This is how customers pay the marketplace.

Payout: Occurs when the facilitator/administrator of the marketplace disburses payments to those selling within their marketplace. Those who created goods or delivered service receive their payment from the marketplace.

While you can attempt to treat these two payments flows an identical (or even similar), it’s simply not the case.

The Difference between pay-ins and payouts

First, let’s talk about the needs from a pay-in perspective. As a customer, the best way to get me to purchase is to make it easy to do. There are countless numbers of articles to inform you how to make your checkout as easy and convenient as possible—here’s a favorite from Forbes.

From a payments perspective, you want to meet your customer where they’re at. This means you should accept credit cards and make purchase a speedy entry. Sure, credit cards have high fees and can be pretty frustrating, but the use of those plastic cards is so ingrained in our minds that it’s the best way to pay. So for pay-ins, offer an easy-to-use credit card processor. Here’s a good breakdown of the best processors, based on your priorities.

Now, on the other end of the equation we have marketplace payouts. Those receiving payouts from your platform have widely different needs as compared to those paying in—and you have different goals in supporting this audience. As a marketplace, you need to deliver hundreds to thousands of payouts each day, in a way that doesn’t disrupt the flow of business operations.

Those who you payout to will expect efficient, convenient delivery. The best way to pay out is via ACH transfer—directly to bank accounts of those receiving the payouts.

Since you’re not writing and mailing heaps of paper checks, it’s important for your payouts solution to integrate into your platform’s technology. This means you’ll want an easy way to collect and manage the information for your recipients; in turn, whoever you choose to integrate as your payouts provider should accommodate that.

Your marketplace payouts provider should enable you to run more efficiently, not add more processes and moving pieces to manage.

Dwolla for Marketplace Payouts

Dwolla is ideal for marketplace payouts for a few reasons:

  1. Collect the account and routing number of a user
  2. Integrate payouts in a timely, efficient fashion
  3. Streamline processes to deliver payments
  4. Enjoy a fixed or variable monthly cost (with no per transaction fee)

First, as part of the customer’s profile, with just an account and routing number, you can send funds via the ACH network directly to bank accounts of those on your marketplace.

“Dwolla White Label is essential for us to re-open and attract new conversations with larger clients who required a more seamless onboarding experience. With only three endpoints and a webhooks integration, Jane.com was able to build a lightweight ACH solution in 14 days that allowed us to control the experience for our merchants end to end.”

Mike McEwan, CEO of Jane.com

Second, as you grow, you’ll want a sophisticated solution that scales nicely alongside your business. Add reliability and automation by using API-based triggers to queue up payouts information rather than manually managing payment details.

This automated process helped one Dwolla Partner decrease time spent on manual accounts payable tasks by 50%, drastically reduce reconciliation errors, and cut transaction times from 10 business days to 1-2 business days.read-the-case-study-for-popularpays

Finally, with Dwolla’s API powering your marketplace payouts, you’ll be able to improve your customer experience. For example, a high-end sneaker marketplace decreased cashout related support tickets by 80% and time to resolution by 50%. read-the-goat-sneaker-marketplace-case-study

As the cherry on top, Dwolla doesn’t charge a per transaction fee but rather a monthly rate for easy accounting—you won’t get punished for growing your transaction volume. To get a better understanding about how Dwolla can help with your marketplace payments, reach out to an integration specialist below.

Interested in learning more? Contact Dwolla

 

Creating a New Revenue Stream with Dwolla’s Open API

Why start from scratch when there is so much open-sourced documentation out there for you to work from? I’m talking to you developers. Leveraging another API (rather than starting from square one) can act as an enabler for a broader digital strategy and unlock new revenue opportunities.

Welcome to the API economy. The API economy is “the economy where companies expose their (internal) business assets or services in the form of (Web) APIs to third parties with the goal of unlocking additional business value through the creation of new asset classes,” as defined by Cutter Consortium

Now, consider Dwolla…

The Dwolla API allows developers to build software on top of the Dwolla network—quickly. You can find everything open-sourced on our Github page or explore our developer documentation. Then, you can go build atop the Dwolla network to create revenue for yourself.

Leveraging an API to enable/extend/empower your business model isn’t a new concept—Twilio, for example. However, it’s a missed opportunity if you haven’t investigated the possibility of improving your service through a third party API yet.

Build new revenue streams with these new applications.

Our specialty is helping you build your payments infrastructure, so you can get your money from point A to point B. You can leverage our rails to help you move money for marketplaces, rent collection platforms, and more—we are the go-to for a quick and easy way to integrate bank transfers via ACH. We offer you an  opportunity to build new revenue streams by integrating bank transfers via ACH.

Leverage the capability of the Dwolla API to enable your business model, whether that’s a marketplace connecting buyers and sellers or a platform facilitating payments between two bank accounts. Your business doesn’t necessarily need to be solely focused on the transaction—moving money isn’t the selling point, but rather this selling point is the value add from which you can derive new income.

You’re in control. It’s your autonomous business model, the fees are established by you, it’s your integration.

Developers are building new applications on top of the network.

Dwolla’s RESTful API is here for you to start building atop of. For example, Shift has developed a Visa debit card that allows you to link and spend money from your Dwolla account. A cool concept in itself, but it is also great for a number of other reasons—it’s an exemplary use case of how other developers can tap into the Dwolla network to build products that people need and want.

One developer built a platform for paying out Instagram “creators”—it took him only two weeks to integrate Dwolla and now that business can facilitate payouts seamlessly and profit off of that facilitation.

Tap the power of Open APIs

The idea part is the hardest—finding places of improvement and development or building a new business from scratch. When you have that aha moment, map out your business model and let us help you with integrating bank transfers.The Dwolla API is here, ready to build atop of and create a new revenue stream for your business. Your one step to get started:

  1. Reach out to our integrations team. Describe your payments needs below and explore our ACH transfer API in the meantime.

Interested in learning more? Contact Dwolla

©2017 TransSwipe

 


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