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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

Case Study: After integrating Dwolla, expense reporting platform replaces checks leading to payments being facilitated 5 business days faster

Posted in Blog, use case on April 11th, 2018

Fetch, an expense reporting product, has heard from many of its customers that they can reimburse employees at least 5 business days faster than when they used checks.

A 2015 study found that on average time spent on an expense report for a single night hotel stay is 20 minutes, with 19 percent of reports containing an error that adds an additional 18 minutes to correct. Meaning, the average cost of processing that expense report is $58 with an additional $52 if there are errors to correct.

Problem:

Fetch’s users requested its application become an end-to-end solution with the ability to send funds out of the platform. Fetch recognized this as an opportunity, but also a major challenge in providing payments functionality.

Result:

Fetch implemented Dwolla to facilitate sending funds from employers for simple and quick reimbursements to employees. The implementation delivered a quality user experience, with over half of the companies opting to use the extended payments functionality upon sign up, resulting in a 95% retention rate.

“The personal touch Dwolla offers during the implementation process was second-to-none. Dwolla couldn’t have made it easier for us to add a reimbursement component into Fetch.”

Rob Witman, VP Product Engineering

 

The Situation

Fetch, a Shoeboxed product is an expense reporting application that simplifies and streamlines the process for the users of the application while providing expense reimbursement and spending insights. The inspiration for Fetch came from Shoeboxed users wanting to perform expense reporting and execute on reimbursing their employees, all within the same application.

Fetch’s mobile app needed to allow employees to take a photo of their receipt and categorize the expense. The software would then automatically pull the data right off the picture of the receipt and group the data together for administrator approval.

This process removes the need to manually make expense reports while lowering the time commitment for administrators. Fetch even has all the receipt data quickly human-verified to avoid incorrect data. Once this data is approved by the administrator, the expenses will be reimbursed right through the app.

Fetch also removes the need for checks to be used for reimbursement, because with their app, an employee can connect their bank account and then the funds are sent from the company account to the employee’s bank account.

 

The Challenges

When Fetch first began development, the biggest challenge was integrating payments functionality into the application. The company had very specific needs of a payments partner in order to fit its ideal use case.

Fetch needed funds to be automatically triggered to transfer money from the employer’s bank account to the employee’s bank account. This reimbursement would need to be triggered programmatically on approval, without requiring employees to “cash out” or to create a new bank account.

Beyond the fund’s flow requirements, Fetch also had three important requirements that they wouldn’t compromise on.

  1. An efficient integration timeline
  2. Open communication & support
  3. Quick reimbursements

 

How Dwolla Helped

Efficient Integration Timeline

After having spent 3 months unsuccessfully integrating with another payments provider, Fetch was looking for an alternative solution. Fetch found Dwolla, offering an implementation that was streamlined, less painful, and much more efficient comparatively.

Solution: Fetch found value in Dwolla’s clean and well-designed API. This, coupled with the expertise of Dwolla’s partner integration engineers, was very reassuring. Fetch knew that both of these would factor into how quickly it could go live.

Outcome: Fetch went live with its Dwolla implementation in ⅓ of the time, as compared to the integration process with its previous payments provider.

Open Communication & Support

Fetch was looking for a payments partner that could be relied on not only during the integration process, but even after they went live. Being able to easily reach out to their partner and get support in a timely manner was important to them.

Solution: Fetch was excited to hear that, in addition to partner integration engineers, Dwolla also offered an account manager to address any questions during integration and beyond.

Outcome: Dwolla support has saved the Fetch development team over 20 hours of work with implementation and debugging help.

Quick Reimbursements

In order to delight the users of their application, Fetch required efficient and speedy transfer times.

Solution: The Fetch team was impressed with how much faster Dwolla could facilitate reimbursements than the manual process so many used before.

Outcome: Many Fetch users are reported to enjoy reimbursements times that are at least 5 business days faster than their prior solution.

Interested in learning more? Contact Dwolla

Improving Transport Layer Security

Posted in Blog, Developers, updates on April 5th, 2018

Dwolla is constantly striving to improve the platform, including cryptographic protections for data. A significant layer of data protection is provided by Transport Layer Security (TLS). TLS provides authentication for services through the use of Digital Certificates and ensures data is protected in-transit via an encrypted channel between the client and the Dwolla platform.

TLS is the current version of the legacy Secure Sockets Layer (SSL) protocol. SSL is not used or supported by the Dwolla Platform, therefore we wanted to ensure TLS standards were being upheld. A plan to promote and upgrade Dwolla clients to TLS v1.2 is underway, as earlier versions of TLS may no longer meet the minimum security requirements.

What has been done to upgrade Dwolla clients to TLS v1.2?

First, we did some initial analysis to understand the amount of traffic using weak TLS connections. Our analysis of the Dwolla platform TLS negotiations demonstrated that approximately 2% of the traffic on our platform required TLS improvements.

To further analyze the data and to find out what applications were behind the weaker connections, we wrote our own tools to help identify who was behind the connections, how often they were using them, and what they were using them for based on the Cloudflare Enterprise Log Share. We analyzed TLS versions for both of Dwolla’s APIs, v1 and API v2 including the following destinations:

API v1 (legacy):

  • www.dwolla.com

API v2 (current):

  • api.dwolla.com
  • api-uat.dwolla.com
  • api-sandbox.dwolla.com

As an added challenge, the log files are not available until 30 minutes after the request takes place, and then retained for 72 hours. In order to fully analyze all of the data, we built a tool to analyze approximately 50 hours of logs at a time, automatically running every 48 hours. After several months, we were able to collect the data of all the partners who were still using weak TLS, and have worked closely with them to develop a plan to implement TLS v1.2.

The API call we made to understand the version of TLS in use is similar to the following: https://api.cloudflare.com/client/v4/zones/<zoneID>/logs/requests?start=<starttime>&end=<endtime>

To save the memory during execution, every API call grabs the logs for 6 seconds, analyzes the 6 seconds of log files and repeats the process. To fully analyze the 50 hours of log files, we needed to make 30,000 API calls each time to our Cloudflare edge.

The data we collected from Cloudflare logs included:

  • Request TLS Version
  • Hostname
  • Request URI
  • Client IP

What will Dwolla do to upgrade Dwolla clients to TLS v1.2?

Dwolla is collaborating with impacted partners to develop appropriate plans for converting all network connections to TLS v1.2. Since Dwolla has already updated its platform components to meet the requirements of TLS v1.2, we wanted to be proactive in notifying our partners so they’re in a better position to improve their own integrations. Integrations may require updates to the following components to support TLS v1.2 connections:

.NET Framework >= 4.5

  • v4.6 uses TLS v1.2 automatically
  • v4.5 requires configuration to enable TLS v1.2

Java >= 7

  • Java 8 uses TLS v1.2 automatically
  • Java 7 requires configuration to enable TLS v1.2

OpenSSL (PHP, Ruby, Python) >= 1.01

  • Dynamic languages such as PHP, Ruby and Python rely on the underlying operating system’s OpenSSL version. The OpenSSL version can be obtained by running the `openssl version` command.

At our core, Dwolla recognizes that security is never done, rather, it is a iterative and continuous process to improve. We will continue to focus on providing a platform to safely move money through continuous improvements, such as this TLS version update. Please reach out to security@dwolla.com with questions and comments.

Interested in learning more? Contact Dwolla

Supporting parents

Posted in Blog, updates on April 3rd, 2018

Over the last six months, we’ve made a number of important changes at Dwolla. One of them has the been the creation of our Diversity & Inclusion program. As a company, we believe that the best teams are built by the inclusion of diverse ideas, experiences, and people. To ensure that we’re always working toward this mission, we’re investing real resources in this work.

Early on during the development of this initiative, our General Counsel, Adrienne Sum, said to me: “Who we believe we are and who we actually are, are different. We need to ask ourselves harder questions.” Through internal surveys and working groups, we asked ourselves many of the harder questions and made a number of important discoveries. One signal that came out loud and clear was that our parental leave program didn’t support our employees who were new parents in a way that we were proud of.

As an organization, historically we had deferred to the market data to set the features of our parental leave program. Our approach wasn’t novel or complex: we simply polled local businesses to understand their parental leave policies and that data showed that our policy was inline with our market in Des Moines, Iowa.

On paper, this meant that our old program was competitive given our small size. In practice though, our team was not getting the support they needed from a program intended to support them at a critical point in their lives. Even as a user of our parental leave program, I lost sight of what was the right way to support our team, regardless of market averages.

With new data and a fresh lens on what was right for the team, we decided to make a change to the program. As of 2018, Dwolla has extended our paid parental leave to 12 weeks for new births or adoptions for all parents, however they may identify.

I’m proud of the team for raising this issue and engaging in thoughtful discussion about it. I’m hopeful that this change will drive others in the Des Moines market to examine their parental leave programs as well. This isn’t about recruiting. It’s just the right thing to do. We can all do better.

Monetery | Dwolla raises $10,265 for Pi515

Posted in Blog, updates on March 27th, 2018

Monetery started as a concept about creating value and it evolved into an event for our community. On March 20, we assembled a diverse set of investors from across the country to talk about growing and fostering a tech ecosystem. More than 250 members of our community attended Monetery, contributing to the confluence of ideas and thought provoking panels.

Through Monetery and the generous support of our attendees and speakers, we are absolutely thrilled to share that we raised $10,265 for Pi515, an after-school program that educates Iowa’s underserved population, mainly refugee 7-12th grade students, on basic computer coding.

With discussions focused on building The Community, paired with real advice on how you take The Concept and turn it into The Company, diversity and inclusion were at the forefront of every discussion. Monetery presented entrepreneurs, leaders, and members of our community with three simple takeaways:

1. Diverse Teams Outperform | Diverse teams simply outperform non-diverse teams AND they are much more likely to receive funding.

2. Start with Diversity | As you grow your team, think about diversity NOW, recruit diverse team members from the beginning.

3. Linking Your Words with Your Actions | It’s easy to say something, it’s hard to live that continually, don’t just talk about diversity and inclusion.

In addition to the robust discussion about building, and growing value in the Midwest, a delightful outcome of Monetery were the fantastic book recommendations from all of our speakers. Here is the complete list of ‘must-read’ books our speakers shared:

Our vision for Monetery was to create an event that connected people who believe in creating value in the Midwest. A sincere thank you to everyone who attended and helped us achieve that vision. A very special thank you to our speakers for sharing your insights, experiences, and for helping us continue to build value in the Midwest.

  • Debi Durham, Head of Iowa Department of Economic Development
  • Brad Feld from Foundry Group in Boulder
  • Lynn Hicks, Communications Director at the Iowa Attorney General’s Office
  • Martina Lauchengco from Costanoa Ventures & Silicon Valley Product Group in Palo Alto
  • Molly McCartin from Drive Capital in Ohio
  • Lesa Mitchell from Techstars in Kansas City
  • Chris Moody from Foundry Group in Boulder
  • Danny Schreiber, Head of Marketing at Zapier
  • Brian Waller, President of The Technology Association of Iowa
  • Albert Wenger from Union Square Ventures in New York

We’re proud of the connections that were made at Monetery. If you have a story to share, please let us know. We’d love to hear it.

Avoiding Disaster with Good UI and UX

Posted in Blog, Knowledge Base on March 22nd, 2018

On January 13, 2018, the state of Hawaii was shaken in a state of absolute panic.

The state runs alert tests twice a day on various systems. One of the systems happened to be the service that sends a signal to all phones within the state, similar to an Amber Alert. The state employee accidentally clicked the “ballistic missile incoming” button instead of the regular “test” button. For 38 minutes, the residents and visitors of Hawaii were in complete pandemonium.

Now, you may be asking, “how does someone make a giant mistake like that?” The answer is simple when you look at the menu that the employee was working with.

When presented with a bad interface, it’s easy for users to get lost or make a mistake.

It’s obvious that someone unfamiliar with the Hawaii Emergency Management system could easily mistake the two controls. However, this worker had presumably been familiar with the system, possibly even a subject matter expert on it,, but they still made a costly error.

The takeaway? Good user experience matters.

 

Why user interface and user experience matters

With a more thoughtfully designed user interface, the unfortunate events that occurred in Hawaii may have been avoided. If they had a warning similar to Slack’s, the false alarm may never have run, leaving people free to enjoy the sun.

Dwolla’s API and its white-labeled capabilities allow the user interface and the user experience to be controlled completely by you and your imagination. The important thing to remember is that with great power comes great responsibility.

So how do you prevent a UX disaster within your application?

User interface: how are you designing your application?

Utilizing Dwolla’s API can be very liberating to designers. Building with few design constraints allows for creative freedom letting your unique branding to be at the forefront.

This being said, understanding good design practices is vital to leveraging every aspect of the API. You want to make sure the design of the application lends itself to the user’s interactions.

Take this mockup as an example:

Your designer can do better than this.

Your designer will be integral to mocking up various views that anticipate the needs of its users. This includes providing clear warning messages when users are about to take drastic actions and make errors easy to catch and reverse.

 

User experience: optimize with Dwolla’s API

While user interface is an important component of design, user experience is the other half that ensures your customers have a delightful experience within your application. This starts with making sure the design solves the problem your customer is facing. Crafting a delightful, easy-to-navigate user experience can also help protect your user from themselves and potential mistakes.

  • For example, consider CustomerA who wants to send a payment for $100 to CustomerB. Through an unfortunate mistyping, CustomerA accidentally types $1,000 and initiates a transfer by hitting “Send.” The transfer has now been initiated, and if the they are is unable to realize their mistake, their bank account may be down $1,000. This also runs the risk of financial losses via a negative balance.

A simple solution to miskeyed information is to have a confirmation screen. By presenting the Customer with another chance to view and confirm the transaction, you can help alleviate pain and mitigate against the risks of Customers accidentally sending an errant transfer. This cascades down to help you reduce the risk of cancelled transactions or worse, refunds.

  • Another example: your Customer is attempting to add and verify a bank account with micro-deposits. Through another mistyping error, they enter in the wrong routing number, inevitably sending the micro-deposits to an account that doesn’t exist.

When your Customer is going into bank account verification, you could have them type in their routing number twice. By typing in this parameter twice, you reduce the risk of a mistyping errors and reduce misplaces micro deposit verification having the micro-deposits be sent to “the void.” In this void, micro-deposits are essentially lost due to them not being able to find a proper account. If a Customer did end up typing in their routing number incorrectly, they would wait for days expecting a set up micro-deposits to appear in their bank. Not only does this take away from a good user experience in terms of time wasted, but they would also need to interact with your company outside of the application in the form of support calls to rectify the situation and re-add their bank funding source.

Pulling it together

Dwolla’s platform can enable your application to achieve efficiency when moving money. Going above and beyond in creating a delightful user experience can set your application apart from the competition. As you build out your application, remember that careful design and thoughtful testing can help avert a potential disaster for you downstream.

Interested in learning more? Contact Dwolla

Introducing Monetery | March 20, 2018

Posted in Blog, event, monetery on February 23rd, 2018

Monetery is an event about building value. That could mean a lot of things, and we’re hopeful it brings out a number of different opinions.

I tell founders everyday you can build in Des Moines, Iowa, and anywhere else. The Dwolla team knows it (both the west coast and the midwest team members), and so do some of the world’s best minds. When we started discussing how to relaunch events at Dwolla, the thing that kept coming up was the idea of value and building communities that embrace it. We decided to ask some of our friends if they’d be willing to come talk about it. We’re thrilled at who responded, and we hope that you’ll join us on March 20.

We’ve assembled a diverse set of investors to talk to the community. The reason we’ve focused so heavily on investors is that it’s clear that the midwest has some really meaningful divides between Seed to IPO support. While it’s been done, it’s incredibly rare. 

As various midwest ecosystems are getting built, we are excited to hear from people who have built strong ecosystems in their city in the past, or are currently doing so.

We’re fortunate that a wonderful group of people have agreed to come to Des Moines and speak at Monetery.

We’ll also be joined by some tremendous moderators.

The discussion could lead us a lot of places, and we’re excited to see where exactly that is, with you. The structure is really to discuss company and community creation through idea, Seed, fundraising, IPO, and after. We’ve asked each panel to speak on a different phase of building based on its expertise and interest.

Our vision for Monetery, is to create an event that connects people who believe in creating value in the Midwest.  The event is limited to 200 people. You can attend for free or make a donation for preferred seating. All donations will be passed directly to Pi515. Pi515 is a 501(c)3 after-school class that educates Iowa’s underserved population – mainly refugees 7-12th grade students – on basic computer coding with an emphasis on tackling world problems.

Advocate and Supporter tickets are now available and very limited number of general seating opens on February 27.

Grab your tickets!

New Investment

Posted in Blog, updates on February 12th, 2018

We’ve closed a $12M round led by Foundry Group with participation from Union Square Ventures, Next Level Ventures, Ludlow Ventures, High Alpha, and Firebrand.

The funds will be used to meet our growing capital requirements as a financial platform. We’ll also continue expanding our team to service customers. We have more than 40 openings to fill this year.

As we build our team, we do so knowing that the best teams are built by the inclusion of diverse ideas, experiences, and people. If this interests you, we hope you’ll consider joining us.

Ben Milne
CEO, Dwolla

 

Announcing Dwolla’s SOC 2 Type 2 Report

Posted in Blog, updates on January 26th, 2018

We are pleased to announce the availability of a SOC 2 Type 2 Report for Dwolla, Inc.

Built upon Dwolla’s existing internal control framework and focused on the security trust principle, the report provides valuable and independently-verified information for our customers, related to the assessment of approximately 80 security controls over a 6 month period of time.

This rigorous review process, as facilitated by a trusted, independent third-party firm, is now a part of how we do business at Dwolla. The process and initial outcome have been fantastic, enabling Dwolla to rely on its existing security foundation while also delivering continuous improvements and building process excellence.

The report is available immediately and can be obtained to approved recipients by submitting a request to one of Dwolla’s Account Managers or a member of our sales team.

The value of a SOC 2 Report

At Dwolla, we are consistently improving our platform and security program. Focusing on and delivering the SOC 2 Report is another step forward in our effort of continuous improvement.

Dwolla’s SOC 2 Report now serves as an assurance document for our partners demonstrating that we take thoughtful, appropriate steps to protect our systems and data. Adding tremendous value, it is not simply a snapshot of one moment in time, but rather, a comprehensive overview based on observation over an extended period and the performance of our internal controls. It is an integral element of our security program and builds upon our culture of advancing information security.

In order to achieve the SOC 2, Dwolla started with a solid foundation supported by a thoughtfully developed information security program. This program is based on a number of security-first principles such as security by design, strong authentication, and cryptographic data protection, as well as an integrated, independently tested control framework based on the CIS Critical 20.

One example—Dwolla employees are required to use multi-actor authentication (MFA) based on Duo Security and YubiKey. Putting MFA into practice, our VPN solution requires a username and password, an issued digital certificate, and a one-time password provided by a trusted YubiKey. What does this mean? Our practice of multi-factor authentication directly supports the SOC 2 Critical Criteria 5.1 for control of logical access.

Dwolla’s SOC 2 Journey

Dwolla’s SOC 2 journey started in 2016 with the selection of a trusted, national firm to lead the SOC 2 assessment. Next, the platform system description, control frameworks and approach to security were evaluated.

After this evaluation, there was an observation period, which covered the performance of the control frameworks over 6 months through on-site audits, walk-throughs, and documentation demonstrating operating effectiveness. The third-party firm conducted subsequent additional observation periods and then the reporting phase began. This phase is when the final report was given to Dwolla for the authorized distribution to our partners.

We are never done

Dwolla will continue to automate, measure, monitor, and improve as we begin the next SOC 2 observation period in 2018.

Dwolla recognizes that security is never done, but rather, it is a process. The SOC 2 Report is a milestone on our journey but is not a final destination. We are proud of our information security program and our continual focus on providing the ideal platform to safely move money.

To request a copy of our SOC 2 Report, please reach out to one of Dwolla’s Account Managers or a member of our sales team. Or, learn more about Dwolla’s security

Interested in learning more? Contact Dwolla

Case Study: Savings app outpaced transferred funds projection by 20% after integrating with Dwolla

Posted in Blog, use case on January 17th, 2018

Kidfund, a savings app, outpaced it’s transferred funds projection by 20%, aided by an integration with Dwolla.

A 2011 study from the Center for Development at Washington University indicates that kids with savings accounts in their name are 600 percent more likely to attend college. Kidfund is an application that enables and simplifies the contribution of funds directly to a child’s savings account by multiple parties and engages parents, friends & family in growing kids’ funds.

Problem:

With limited developer support to build a socially-powered savings app, Kidfund needed to overcome user onboarding concerns by creating a fluid experience when users are connecting a funding source and sending gifts to children’s savings accounts.

Result:

Kidfund, a socially-powered savings app, integrated with Dwolla to create a seamless user experience, which led to Kidfund exceeding their projected account balances by 20 percent due to 94 percent of their users taking advantage of Dwolla’s Instant Account Verification to add a funding source.

 

The Situation

Kidfund is an app that makes it easy for parents to set up and fund a bank account for their child’s college and other long-term savings. The platform aims to help parents increase the number and frequency of transfers to their child’s account to build a larger fund while enabling family and friends to give cash gifts directly to the child’s savings account.

A savings account is opened for the child to start accumulating savings. Then, parents, friends, and other family members link their checking accounts to the Kidfund app. Within the application, the donors only need to transfer funds from their donor bank accounts to a Kidfund savings account. Likewise, the Kidfund savings account only need the ability to receive funds from many donors, not to send funds.

In the Kidfund app, families can also extend financial empowerment across communities by donating a percentage of their child’s incoming funds to college savings accounts for kids living in low-income households through Kidfund’s non-profit partner, the 1:1 Fund.

The Challenges

The primary challenge Kidfund faced was providing a clean and easy experience when transferring funds. Kidfund recognized that a smooth payments integration enabling immediate donor activity would optimize the experience and increase Kidfund’s retention rates. According to Appboy, after opening an app for the first time, 75 percent of people fail to return the next day. However, consistent early engagement results in 90 percent retention after one month.

A donor on Kidfund’s application is asked to first connect a bank account and then proceeds to actually transfer funds from their donor’s bank account into a Kidfund savings account. Understandably, users can be tentative when providing banking information, so demonstrating security during the onboarding process is the key to overcoming this challenge.

Also, the actual transfer of funds into a Kidfund savings account needed to be simple for donors and accomplished in just a few clicks. So on top of a secure onboarding process, Kidfund needed to provide an enjoyable transaction experience to encourage growth and adoption of the application.

These challenges were successfully tackled by Kidfund with only two developers on staff.

“ACH is not a simple process to understand. If you told me I had to deal with FTPing fixed-width text files to a bank or the Federal Reserve, I would probably run. But Dwolla takes all of that complexity and wraps it up behind a well-documented API that does exactly what it says it does, so all we have to think about in transferring money is ‘who’ and ‘how much.’”

Chris Johnson, Sr. Developer

How Dwolla Helped

Enabling Seamless Onboarding

Any application that requires you to link a bank account must be thoughtfully designed around the user experience. If not, users will simply delete the app before they even get started. Optimizing the conversion from app download to linking a donor bank account can make all the difference in growth and adoption.

Solution: Kidfund utilized Dwolla’s Instant Account Verification (IAV) to link a donor bank account easily and securely. The process involved choosing a bank, verifying the account, and also verifying the user’s identification.

Outcome: Kidfund saw that 94 percent of accounts with funding sources connected had instantly verified using Instant Account Verification.

Simple Funds Transfers

Transferring funds from a donor account to a child’s savings account is a key functionality of Kidfund, and being able to take a variable percentage of the transfer and donate it to kids in need is part of their mission. Building a solution that brought both of these pieces together was necessary for maintaining customers.

Solution: Kidfund leveraged Dwolla to ensure that the process of transferring funds was as simple as tapping a button in their app while providing the necessary functionality of both recurring transfers and taking a percentage of each transaction.

Outcome: With Dwolla, Kidfund integrated the efficient funds transfers that they had envisioned, and benefited from the access to additional items on their “payments wish list” like recurring payments and percentage-based contributions.

Integration Experience

An important aspect of Kidfund’s search was ensuring the solution that they found offered dedicated support and guidance through the integration process and beyond. This was integral because they didn’t have a large development team. Every moment spent integrating a payments API was a moment they weren’t working on the product itself.

Solution: Kidfund conducted their payments solution search with support in mind. Dwolla’s extensive developer documentation and technology-first mindset led them to choose Dwolla as their solution.

Outcome: With two developers and Dwolla’s dedicated support, Kidfund was up and running with Dwolla in 5 months, right within their projected timeline.

Interested in learning more? Contact Dwolla

9 things to consider when searching for a payment integration

Posted in Blog, Knowledge Base on January 9th, 2018

Right now, you’re searching for a payment integration that will not only serve your needs but will also enable a delightful user-experience for those interacting with your application every day. In order to effectively evaluate different solutions, consider the 9 criteria outlined below.

Some items for consideration are obvious, while others are commonly realized only when you’re well down the path of integration with a payment integration.

1. Flexibility & Customization

The most important consideration for any payment integration is functionality. Simply put, can the integration do what’s needed? If every other aspect of the payment integration is perfect, but the solution cannot solve your specific functionality requirements, then it doesn’t help.

Our partners have found that our robust RESTful API can fit most use cases. By setting up a webhook subscription, you can seamlessly monitor Customer and transfer related events. This allows you to seamlessly gather information which you can forward to your Customers, allowing for greater transparency and a robust user experience.

Dwolla also supports multiple SDKs to simplify the integration process, complete with helper libraries.

Flexible Payment Integration

Dwolla offers additional features to ensure that the solution fits most use cases. One example is that Dwolla offers Same Day ACH and Next Day ACH to some of our partners to expedite payments. Expediting payments may lead to better control over cash flow.

Other features for further flexibility and customization include:

When considering flexibility and customization, these features mean very little if you cannot make the integration match your application experience. That is why Dwolla is white labeled. We know that you want the payment integration to fit into your application’s UX seamlessly.

“Dwolla’s API allows us the flexibility that we need to deeply integrate ACH transactions into our platform without disrupting our user experience. From customer identity verification to bank account verification to the transactions themselves, Dwolla takes the complex world of payment processing and wraps it up into an API that is painless to integrate.”

Dave Riess
Wunder CTO

2. Security

An important part of your payment integration search is looking for a secure solution. In a day where user’s trust is paramount, look for a solution that offers security practices you feel confident in.

At Dwolla, security is in our DNA. We practice iterative security with strong cryptography, statistical analysis, machine learning, and continuous monitoring.

Learn more about Dwolla’s security practices.

 Payment Integration Security

3. Pricing that Scales

Once you are confident a payment integration will fit both your use case and security expectations, the next step is making sure pricing fits your business model.

As you grow, your profits and transaction volume will grow as well. Pricing that takes a fee or portion of every single transaction can stifle your profit growth.

If you’re expecting a high number of transactions, often, a per transaction fee on every transaction is not the most scalable pricing model. With that in mind, Dwolla has designed a pricing model to be closer to a licensing fee. This fee structure allows for more predictable costs that do not hurt the bottom line as transaction count rises.

4. Business Analytics

A truly useful payment integration should come with the ability to provide business analytics and other feedback and functionality.

A product that facilitates transactions should allow you to keep a pulse on how the payment integration is performing. Do you know if the number of transactions on your platform is increasing or decreasing each month? What about the total amount of money sent? These are all important indicators that need to be measured and tracked.

Improved insights and tracking are exactly why we developed and continue to develop our Dashboard. In the Dashboard, you can manage your customers, view transactions, and discover trends in your business’s payments.

Payment Integration Dashboard

“When investors are your end-users, support is paramount. The Dwolla Dashboard and Admin helps our team work smarter, making our real-estate investment platform more useful to investors. Everyone from client success reps to legal and compliance teams use the dashboard to better serve our investors. Dwolla has nailed down our needs so effectively that we’ve been able to clear business requests on our roadmap.”

Peter Shankar
EquityMultiple CTO

5. Extended Integrations

As a business, you are wise to think one step beyond the initial problem at hand. For example, today you’re looking for a payment integration that can help you facilitate bank transfers. However, you should also make yourself familiar with how your payments provider interacts with other software.

These extended integrations can help enrich the product and process or provide additional functionality.

Dwolla has integrations with both Sift Science and Plaid.

Sift Science uses machine learning on a global network of fraud data to improve risk management and to predict fraudulent behavior. By offering our partners an easy means of integrating with Sift Science, partners can more improve detect and prevent fraud through real-time risk scoring on transactions. Plus, the integration is as easy as toggling a switch and then entering your API key.

Plaid provides an elegant and secure way to verify bank account ownership without asking for sensitive account or routing numbers. Plaid uses short-lived access tokens, which act as a vault that protects data. When Dwolla needs information, Plaid distributes it to Dwolla without requiring partners to store the information. And just like the Sift Science integration, this only takes minutes to integrate.

6. Ease of Integration

After choosing a payment integration partner, your next step will be integrating that solution into your platform or application. An integration shouldn’t be painful; integrating should be straightforward with resources to help guide you along the way.

Dwolla wants to start all relationships out on the right foot, so we provide top-notch resources to improve the integration process.

Some of these resources include:

Sandbox environment
– A complete replica of our production environment
– Access to API endpoints that you can test with fake transaction data

Developer Guides
– Walks you through everything from getting started to handling webhooks

Developer Documents
– A deeper dive into how to integrate our API code

Developer Community
– Forum for questions for our integration engineers and other community members

Payment Integration Sandbox Environment

“In our search for a solution, it was clear from the developer documentation that Dwolla was a modern in-road to the ACH network. Better yet, from the dedicated support and outstanding tools Dwolla provides, we continued to find new value-adds that really made the solution standout.”

Brian Fritton
Patch of Land CTO & CO-FOUNDER

7. Integration Support

Sandbox environments and developer resources are a great starting point, but going live with your integration is even more critical.

With Dwolla, you get support from both an Integrations Engineer and an Account Manager. Our Integration Engineers know the API inside and out and can help you through questions that you might have. Our Account Managers will be your point of contact throughout the whole process, ensuring your integration checks off all the security and compliance boxes.

When shopping around for a payments integration, frequently people focus on the technical aspects of the integration. However, other aspects are forgotten—information security, statement emails, terms of service & privacy policy. These are all important steps in launching any application with payments functionality, and our Account Management team is here to make sure you get every aspect done right.

“Working with their tech team on our integration was great. They were always quick to respond to questions and very receptive to feedback. A feature that we requested during a meeting with them went live only a few weeks later. This gives us the confidence that as our payment needs evolve, so will Dwolla.”

Matt Moore
PopularPays CTO

8. Ongoing Account Management

The payment integration is an important piece of any platform or application, and dedicated support plays a big role in the success of any payments integration.

Dwolla has an amazing team of Account Managers to ensure a successful integration and partnership moving forward. If problems arise, then your team can reach out. Open communication is a key part of the Dwolla experience and it is something we take pride in.

9. Constant Improvement & Feedback

Your application will be going through constant growth and development, so why choose a payment integration that is stagnant?

With Dwolla, there is no end state. We are constantly improving our product in new and innovative ways while listening to our partner’s perspective at every turn.

Read more: How our Senior Product Manager implements customer feedback.

For example, we added additional functionality to the Dashboard in order to make managing ACH returns easier for partners. The process of managing ACH returns has always been cumbersome, but with the evolution of our product, we’ve simplified the process.

The Decision: Choosing a Payment Integration

After evaluating the points outlined above, you’re better equipped to make an educated decision. We hope Dwolla can be the payment integration for you, but even more importantly a partner you can grow with.

Interested in learning more? Contact Dwolla

©2018 TransSwipe

 


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