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Case Study Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘Case Study’ Category

Case Study: Instagram Ad platform leverages Dwolla API for payouts

A pioneering advertising platform for Instagram leverages Dwolla’s White Label Bank Transfer API to send ACH payouts to “creators”.

Download the Case Study PDF 

popular-pays-ios-screenAccording to eMarketer, social network ad spending will reach $35.98 billion by 2017, representing 16.0% of all digital ad spending globally. Popular Pays is a marketplace that connects brands with content creators on social networks. The brand has a story they want to tell or a product to promote and the creator helps them do that.

Problem:

A popular payment platform created manual processes, lengthy transfer times, and unpredictable costs for a rapidly-growing advertising platform.

Results:

The advertising platform integrated Dwolla’s White Label bank transfer API in two weeks with one developer, slashing time spent performing manual payout processing tasks by 50% and reducing payouts processing costs by 31% in the first month.

The Situation

Brands use Popular Pays’ platform to partner with creators to produce powerful original content that tells the brand’s narrative.

Popular Pays invoices the brand for the cost of the campaign through payment provider A, and then facilitates ACH payouts to a creator’s bank account through payment provider B. Popular Pays’ accounting department was tasked with reconciling each payment by looking up a creator’s Popular Pays account and sending single payouts via its existing payout provider. The payout provider charged a high per transaction fee and took approximately 10 days to process.

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The Challenges

Popular Pays should be able to simply automate payouts to its creators’ bank accounts. However, its existing payout provider had only a partially updated technology stack, making it difficult to build a seamless integration that would eliminate the daily chores for its accounting department—manual single-payment processing, fee computation, and reconciliation—without disrupting its creators’ experience.

Popular Pays’ existing payout provider also charged high per transaction fees, increasing its costs as transaction volume increased and making budgeting unpredictable.

While exploring payment solutions to replace its payout provider, such as tapping its existing invoicing software to process ACH payouts on the backend, Popular Pays discovered that many of these solutions required workarounds and higher transaction fees to support the automated funds flow that it desired for its marketplace.

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Growing with only one or both of its existing payment solutions would restrict Popular Pays’ ability to scale, require an excessive amount of manual work, and impose a growing financial burden. Adding a cost-effective level of automation to its payment processing was critical for Popular Pays to grow and scale their platform.

“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.”

PopularPays CTO, Matt Moore

How Dwolla Helped

From manual to automatic

Popular Pays needed a flexible solution that would allow it to automate payment flows and reduce manual tasks for its accounts payable department. If it could solve this problem, it could then allocate more resources to scaling the client base and shortening the payment transfer period.

Solution: Popular Pays used Dwolla’s White Label API to link its creators’ bank accounts to their existing Popular Pays account, and designed its payout integration so that accountants could initiate payouts to creators in a few clicks of a button. This allowed for payments to be reconciled and initiated more quickly.

Outcome: The flexibility and payment automation of the Dwolla API allowed the accounting department at Popular Pays to decrease time spent on manual accounts payable tasks by 50% (and they expect to increase time saved as they scale and increase the level of automation), while drastically reducing reconciliation errors. Transfer times from Popular Pays to its creators were reduced from 10 business days to 1-2 business days.

Future proof technology stack

Popular Pays needed to integrate with a payment provider that consistently invested in updating its technology stack. Specifically, Popular Pays was looking for a RESTful API that could scale quickly while operating in a white label capacity—all without disrupting the customer experience.

Solution: Popular Pays added Dwolla’s White Label receive-only functionality, a narrow RESTful API, that programmatically and securely connects receivers (i.e. Creators) to their bank accounts within the platform’s payouts and registration processes. No additional steps were required by existing creators on the Popular Pays platform as a result of the switch to Dwolla. New creators connect their bank account during a seamless digital registration.

Outcome: Popular Pays was able to integrate Dwolla’s new White Label receive-only functionality in two weeks with 1 developer. Popular Pays on boarded 43% of its active creators within 3 weeks of launching its new payouts process, accelerating its rate of return from improvements in cost-efficiencies.

Improve cost-efficiency

For increased control of costs, Popular Pays needed a platform that offered predictable pricing month over month, rather than being charged a percentage on each transaction. Popular Pays needed a cost-effective payment solution with straightforward payment terms in order to scale effectively in its industry.

Solution: Popular Pays entered into a flat monthly payment structure to access Dwolla’s White Label bank transfers API—allowing it to automate payouts without losing large cuts of high dollar transactions to the payment platform.

Outcome: By lowering its costs of facilitating ACH payments and entering a predictable pricing model, Popular Pays was able to reduce its payouts processing costs by 31% in the first month. At the rate in which Popular Pays is growing its platform, it expects to increase this savings by 94% by the end of 2017.

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Case Study: How a leading rental management platform used a White Label ACH API

Leading rental property management platform uses Dwolla’s White Label Bank Transfer API to facilitate payments between landlords and their tenants.

Download the case study now. 

rent-monitor-mobile-screen-01Approximately ⅓ of the United States’ population are renters, with 2,600 new renters being added every day. RentMonitor aims to empower landlords, rental property managers, and real estate investors with the tools that allow them to efficiently and appropriately manage their tenants and properties.

Problem:

An existing payment processor created unpredictable costs and restrictions for a rapidly-growing software provider. The company needed a non-branded bank transfer solution that could automate payment flows and reduce friction for the customer.

Results:

The software provider integrated Dwolla’s White Label bank transfer API, maintaining end-to-end branding while adding bank verification, automating payment flows and reversals, and mitigating direct and indirect costs.

The Situation

Landlords from all 50 states leverage RentMonitor’s platform to send rent due notices and collect payments from tenants. RentMonitor’s platform facilitates electronic ACH payments between their customers (landlords) and customer’s end-users (tenants). The platform charged a per transaction fee, as well as a monthly access fee to landlords to offset the costs of using a well-known commercial payment service to collect rent payments, late fees, utilities, and other items.situation-graphic_F

The Challenges

RentMonitor should be able to simply integrate a payment platform that allows tenants to easily link their bank account and enable or disable recurring rent payments to their landlord. Unfortunately, the technical limitations of RentMonitor’s existing payment provider imposed daily chores, like manual attention to processing reversals and manually sending transaction status updates to end-users. This increased costs to the platform as it scaled and added new customers.

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The payment provider did not offer a cost-effective bank verification method. If a tenant were to miskey their account or routing number, their next rent payment would fail. RentMonitor staff would look for reversals daily, and from there, manually process each failed transaction—while notifying both the landlord and tenant of the issue.

Growing with the existing payment solution would restrict RentMonitor’s ability to scale, require an excessive amount of manual work, and impose a growing financial burden. Adding a level of automation to their payment processing was critical for RentMonitor to grow and scale their platform effectively.

“With Dwolla, we’re as close to the payment process as we ever have been. The timing of payments is more predictable and with event-based web hooks we know what’s going on at all times. Because of this reliability, we’re able to confidently help our customers collect rent payments on time every month.”

Brett Yates, CTO, RentMonitor

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How Dwolla Helped

From manual to automatic

RentMonitor needed a flexible and robust solution that would allow them to design both the tenant and landlord payment experience while automating payment flows so that they could relocate more of their resources toward providing quality customer support and rental property management tools.

Solution: With Dwolla’s White Label bank transfer API, RentMonitor can leverage Dwolla’s webhooks to send custom real-time account and transfer status notifications to both tenants and landlords.

Outcome: The real-time status updates from the API lets RentMonitor confidently leverage the ACH infrastructure to automate payment flows—rent payments, late fees, and reversals. RentMonitor decreased time spent on manually processing reversals by 90% while simultaneously improving transaction-related communications.

Seamless onboarding

To make customer onboarding as seamless as possible for both landlords and tenants, RentMonitor required a non-branded payment provider. RentMonitor needed a solution that complemented or improved their existing compliance requirements and their users’ ability to link bank accounts.

Solution: RentMonitor added bank verification functionality to their platform by integrating Dwolla’s instant account verification and micro deposit functionality. Both options were white labeled.

Outcome: By integrating bank verification processes, RentMonitor was able to decrease their regulatory and compliance challenges, and their total number of reversals by 23%.

Improve cost-efficiency

For increased control of costs, from onboarding to transactions, RentMonitor needed to partner with a platform that offered predictable pricing month over month, rather than being charged for every action, as was the case with their current provider. RentMonitor needed a cost-effective payment solution with straightforward payment terms in order to become more price competitive in their industry. A non-scaling payment platform threatened their business outlook.

Solution: RentMonitor entered into a flat monthly payment structure to access Dwolla’s White Label bank transfers API—allowing them to facilitate payments, easily onboard tenants and landlords, verify bank accounts, and initiate recurring transfers using event-based webhooks.

Outcome: By lowering their costs of facilitating ACH payments and entering a predictable pricing model, RentMonitor was able to eliminate the monthly fee for landlords to access their property management tool. Rent payments are charged on a transaction basis giving more flexibility and value to their customers.

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How GOAT delivered marketplace payouts using Dwolla’s ACH API

GOAT: How Dwolla’s White Label ACH API created the ideal payout experience for a retail marketplace

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Download the case study PDF.

Problem: An existing payout flow created unsustainable costs for a two-sided marketplace and friction for its sellers. The company needed a non-branded ACH payout solution that could be quickly implemented, scalable, and complement its existing buy-side processor.

Results: The marketplace purchased and integrated Dwolla’s White Label ACH API in 10 days, maintaining end-to-end branding and mitigating direct and indirect costs.

According to MarkMonitor, 24% of consumers have been tricked into buying fraudulent goods online. For the luxury sneaker resale market—worth an estimated $1 billion—a business model and platform that creates trust is critical. Having become the leading mobile marketplace for sneaker enthusiasts, GOAT’s “hybrid” model might just be the trick.

The Situation

Sellers list their rare sneakers to GOAT’s mobile marketplace. When purchased, sellers ship the kicks to a centralized fulfillment center for inspection and quality control. Once verified as authentic, the shoes are sent to the buyer and the seller receives their funds. GOAT used a well-known family of payment services to collect mobile payments, hold funds, and distribute money to sellers.

Blog - GOAT Situation

The Challenges

GOAT sellers should be able to simply enter their bank account and routing number to direct funds to their bank accounts or, better yet, use the new funds to purchase sneakers back from the platform. Unfortunately, GOAT’s existing family of payment services enforced limitations and burdens on the cash out process.

For example, if a buyer used digital wallet (A) to buy sneakers on GOAT, the seller was required to open an account with digital wallet(A) to claim the funds and withdraw them to their bank account. If a buyer used digital wallet (B), the seller would have to repeat the registration process with both services so the seller could route funds from B to A to the seller’s bank account.

Blog - GOAT Challenges

Maintaining the existing payout solution would not only erode GOAT’s brand and trust with customers, but jeopardize a breakout sales season. GOAT needed an in-house bank transfer solution, one that could offer a seamless cash out experience and be up and running quickly.

“It was fine, at first, but as we started to scale so did the complaints. It got so bad  that we began using a credit card to accelerate payouts. When you’re a marketplace, sacrificing 2  to 3% of your profit margin to maintain a user experience that you don’t even control is just bad business.”

How Dwolla Helped

 

Dynamic ACH platform

GOAT was satisfied with its buyer checkout process, but not its seller payout experience. The friction and limitations had increased complaints and time to resolution for customer support. GOAT needed a “plug n’ play” solution to complement its existing pay-in flow and compliance requirements without restricting repurchasing or cashout behaviors.

Solution: With 4 API endpoints, GOAT leverages Dwolla’s banking relationships and infrastructure to automate payment flows, aggregate funds, tokenize customer bank information, and initiate bank transfers through the Automated Clearing House network.  Dwolla’s webhooks allow GOAT to offer real-time custom status notifications to its sellers.

Outcome: The simplified funds flow and notifications decreased cashout related support tickets by 80% and time to resolution by 50%. Now sellers have two cash out options: cash out directly to a bank account or use GOAT’s new “Account Balance” to buy new sneakers from its marketplace.

Flexible customer experience

Sellers wanted a seamless cashout experience inside of GOAT’s mobile application. The existing experience created a host of challenges, requiring sellers to sign up for and transfer funds between up to two third-party e-wallet services. This process meant funds could take up to 7 days to reach a seller’s bank account, inhibiting their ability to repurchase from the marketplace.

Solution: GOAT uses Dwolla’s White Label API to design a simple, branded way for sellers to connect a bank account to their marketplace profiles via the native GOAT mobile application. The one-time experience provides GOAT an OAuth token to credit a seller’s bank account at a later time and create additional customer experiences. To accelerate seller liquidity, GOAT uses Next-Day bank transfers for faster payouts.

Blog - Goat Screen 2Outcome: By owning the customer experience from end to end, GOAT has eliminated the need to redirect sellers to multiple third party sites in order to register for different digital wallets, simply to receive sneaker payments to their bank accounts. This has reduced sellers’ time to liquidity from up to 7 days to an average of 2, and increased bank transfer payouts by 50 percent.

Time-to-market

To offset the influx in support resources and costs incurred from payout complaints and issues, GOAT had begun using its credit card to simplify and accelerate bank transfer payouts for its sellers. Because of this, the marketplace was hemorrhaging profits by 2 to 3 percent during the busiest shopping season of the year. GOAT needed a payment solution that could be implemented quickly.

Solution: GOAT turned to Dwolla’s clean API documentation and new developer portal. Featuring automated tasks, simple Getting Started guides, and the Sandbox Console, the team was able to get to work prior to purchasing the White Label platform. GOAT had a tech solution, not just a payment solution.

Outcome: GOAT was able to quickly and deeply integrate Dwolla White Label, launching a branded bank transfer option to their sellers in just 10 days—quickly stopping the 2 to 3% bleed caused by credit card payouts.

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Dwolla Case Study: How Sweep Uses Dwolla ACH API for Bank Transfers

How Dwolla’s White Label ACH API quickly allowed fintech platform, Sweep to get to market.

Download the case study as a PDF
.

slider-mockup-1According to Center for Financial Services Innovation, consumers who have regular savings habits are 4X more likely to be financially healthy than those who don’t. Unfortunately, 57% of Americans still struggle financially and more than 72% suffer from stress and anxiety related to money (American Psychological Association). Sweep hopes to fix that.

Problem: A consumer fintech platform wanted to offer its customers an automated savings product using bank-to-bank  transfers.  The company needed to meet all regulatory and compliance requirements in an aggressive timeline.

Results: The company integrated Dwolla’s White Label payments API to facilitate ACH transfers in around 40 hours and successfully announced product on-stage at Money2020.

The Situation

How Sweep Uses Dwolla ACH API for Personal Financial Planning App

Sweep was created to help young, millennial consumers save and stay ahead of their needs.  After downloading Sweep’s mobile app, users connect the platform to their bank accounts and then organize their funds into “buckets” for goals, expenses and bills.  

From the very beginning, the vision and roadmap included automating these savings behaviors to fill those buckets and grow savings according to the user’s needs.  For example, a user who created a “Wedding” bucket would be able to automatically transfer $100 from her main checking account at a multinational bank each payday to a savings account associated with the goal—in this case, say, at her local credit union. Unfortunately, Sweep encountered a number of regulatory and technical hurdles that prevented them from including and automating bank-to-bank transfers in its initial launch earlier in 2015.

The Challenges

Lacking this functionality to programmatically transfer funds meant users had to visit separate online banking portals and manually transfer funds between banks to fulfill their savings goals. Automating the process was critical for millennials and they didn’t have it, yet. 

FinTech Application Sweep Uses Dwolla API for Bank Transfers

“Unfortunately, our ideas were too new for the banks and traditional payments processors. We considered building our own payments gateway but the banking relationship and compliance requirements would have blown up our roadmap and crippled our product plan.  We needed an innovative technology partner with a proven banking relationship.”  

CEO and Co-founder, Jackson Gates

Jackson - Sweep

Time to market

An end-to-end payments solution would require a direct banking relationship and 3-6 months of development time, not including the upfront compliance and regulatory hurdles.  Other payment gateways were working on new banking relationships but couldn’t guarantee a timeline or necessary functionality.  Sweep needed an immediate solution.

Solution: Unlike other payments solutions, which used non-descriptive and difficult to parse XML, Sweep leveraged Dwolla’s “clear and concise API documentation and excellent engineering and customer support” to build the solution in around 40 hours.

Outcome: With Dwolla’s White Label API, Sweep was testing live payments within days, and completed all production testing in-time for its Money 2020 announcement.

Regulation and compliance concerns

In addition to the time and cost associated with compliance and regulatory requirements, the uncertain and shifting regulatory climate made it difficult to predict the mid- to long-term needs of supporting a proprietary payments infrastructure.

Solution: Through Dwolla’s API and built-in processes, Sweep outsourced its payments back end, including bank transfers via ACH, to Dwolla. By partnering with Dwolla, Sweep leveraged Dwolla’s experience for managing the compliance, fraud, and security elements of its payments experience.

Outcome: Sweep launched its automated savings product with fixed and comparatively minimal direct and indirect costs. By leveraging Dwolla’s banking relationships, Sweep avoided holding customer funds or inserting itself in the funds-flow, thereby reducing regulatory and compliance challenges.

Core functionality and user experience

Sweep’s strength is its ability to create a simple, beautiful mobile interface and user experience.  The company was wary of integrating any functionality that would feel foreign to the app or confuse the customer.

Solution: Dwolla’s payments platform helps with handling KYC, customer records, adding bank accounts, and initiating ad-hoc and recurring transfers using event-based webhooks. The white-label API allows Sweep to offer a seamless user experience while maintaining the look and feel of the Sweep app.

Outcome: Today, Sweep users enjoy a full-featured, powerful savings tool embedded in a Sweep branded, beautiful mobile experience.

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Interested in learning more about an ACH API for better payments? It’s simple. Reach out to an integration specialist to learn more.

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Why companies are choosing Dwolla’s payments API, 4 quick examples

Here are four innovative companies using Dwolla to power their payments right now. Read why they chose Dwolla in their own words, or skip to the bottom where we summarize what they enjoy about the solution.

1: Jane.com

Jane.com Blog Header

As the fastest growing company in Utah, Jane.com is a boutique marketplace that sells everything from handbags to homegoods. Jane.com implemented Dwolla White Label to payout earnings to merchants selling goods via their marketplace.

Here’s what they said:

“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

2: Wunder Capital

Case Study Header - Wunder

In order to make investing in sustainable energy sources more accessible, Wunder Capital built a platform that simplifies financing for solar installers and investing for individual accredited investors. With Wunder, experience an easy-to-access marketplace that uses the Dwolla API to power payments.

Here’s what they said:

“We have looked high and low for a provider capable of seamlessly and securely facilitating our ACH transactions, and we couldn’t be happier to be partnered with Dwolla. Their 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. And perhaps most importantly, working with the Dwolla team has been an absolute pleasure.”

Dave Riess, CTO of Wunder

3: Blue Zebra

BlueZebra Sports logo

Blue Zebra makes it easy to manage and pay thousands of referees through its customizable software solutions. Blue Zebra integrated with Dwolla to make its clients’ lives easier, programmatically routing funds directly to referees’ bank accounts.

Here’s what they said:

“The reason we decided to use Dwolla is that it fit perfectly with making things easy for officials. To get paid, they enter their bank account information in Dwolla, and then they can get paid. It’s also easier for our conference clients; they connect a bank account and make payments directly from their checking account—no managing wire transfers or ACH deposits into a third party account before being able to pay officials. Finally, Dwolla’s support has been fantastic, both for our officials and for our administrators who manage the payments.“

Jeff Wigal, Founder and CTO

4: Sweep

Sweep and Dwolla

Recently launched at Money2020, Sweep is a financial app that makes achieving savings goals more attainable. Sweep uses Dwolla to facilitate a user’s transfers from one of their bank accounts to another within its cutting-edge mobile app.

Here’s what they said:

“Dwolla was able to offer the exact service our customers wanted whereas traditional financial institutions either didn’t understand how to do this or couldn’t move fast enough.  And the smaller payments startups didn’t quite have the processes and structures we needed. Most importantly, Dwolla knows how to be a good partner. They listened to our needs and worked closely with our team to get us ready in time for Money2020.”

Jackson Gates, CEO & Co-founder of Sweep

 

When choosing the right solution to power payments, there are a lot of moving pieces to consider. Dwolla’s proven a strong, yet flexible solution for several partners—above are just a few.

To sum up what they’re saying…

  • Partners appreciate the predictable, flat monthly cost (with no fee per transaction)
  • Our API and developer support make it easy to integrate ACH payments
  • Dwolla proves complementary and flexible to work with a range of solutions
  • The experience and payments flow can be branded and customizable

Curious how Dwolla can work with your business? Chat with our integration specialists.

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Gym membership payments made easy with platform WODTogether

Gym management platform, WODTogether, integrated Dwolla’s bank transfer technology (in two weeks) to save its users money in collecting recurring membership fees.

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According to Forbes, there are now nearly 11,000 CrossFit gyms worldwide, up 22-fold from nine years ago. That’s a massive market that’s only growing larger. With the exploding number of CrossFit gyms and gym go-ers, three friends saw an opportunity to build software to ease running a training facility.

About WODTogether

WODTogether provides software to help run gyms, from membership management and billing features to coordinating group fitness facilities. Self-proclaimed “CrossFitters doing CrossFit, and coding”, Brian Holub, Michael Starich, and Adam Holub have a built a solution that meets all needs.

For a flat monthly fee, registered gyms get the support they need from a gym management software, including workout tracking, scheduling, tools for athletes and billing management.

The Problem

To create a holistic solution, WODTogether needed to offer the best possible payment options for gym managers. They had previously integrated credit card payments, but—as most business owners can relate to—those fees were high and hard to for gyms to manage so WODTogether wanted to provide an additional payment choice.

“The payments industry can be complicated, frustrating, and expensive for our users. We’re always looking for better options, and Dwolla’s fees (or lack thereof) is a game changer. The great API and documentation made it a no brainer.”

Brian Holub, CEO

b headshot - WODTogether

The best option would be easy to integrate, simple for users to get going, and cut out those percentage-based fees gym owners stress over.

The Solution

It was clear WODTogether needed a payment integration that was simple, straightforward in cost, and would allow for payments for both recurring services as well as one-off expenses. Dwolla met these requirements, and then some.

Dwolla’s bank transfer software allowed for:

  • Easy on-boarding of members—entering banking information is easier than inputting credit card information, no need to pull out the wallet and enter a string of 16 digits from a credit card
  • Payment of recurring gym membership fees
  • Collecting on individual expenses like refreshments, supplements, apparel, private training, or special event fees
  • A quick integration turnaround time from the WODTogether teamce

As an additional bonus, WODTogether use Next Day Transfers, so funds are moved in 1-2 business days, which—in their words—“crushes” traditional ACH payments processing times.

WODTogether dashboard

Just like a good CrossFit workout, the team at WODTogether needed an efficient and effective integration. Using Dwolla’s PHP Library, their team was able to integrate our co-branded solution in just a couple weeks. A quick turnaround time for a very lean development team.

Their biggest point of delight: the test environment. They were able to build and test the solution in UAT, allowing a quicker ramp up time.

Now, users simply select to connect their bank account via Dwolla, and are sent through the OAuth flow.

Fast, Simple and Focused

WODTogether touts software that is fast, simple and focused, helping gym managers and coaches keep ahead of their demanding day-to-day. To provide the best possible solution, WODTogether integrated Dwolla.

Now as gyms scale, they can avoid losing valuable profit to credit card fees and they’ll be able to count on their users’ membership payments coming in regularly—thanks to recurring payments in the API.

“CrossFit gyms vary greatly in size, from as little as a few thousand dollars to tens of thousands in monthly revenue. Whatever the size, gyms stand to save hundreds of dollars a month if they accept payments via Dwolla. We’re now able to offer greater value to our members.”

Michael Starich, President (and gym owner)

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Solar investing platform uses Dwolla API to power bank transfers

Case Study Header - Wunder

Investing in the renewables industry has notoriously come with a high barrier to entry and has been reserved for the likes of Google and Berkshire Hathaway. But as more money is pumped into the market, renewable technologies advance, risk is minimized, and these barriers begin to erode.

Wunder

Wunder is on the leading edge of this change, bringing opportunities to invest in the burgeoning solar energy business to individual accredited investors. By leveraging proprietary algorithms and a team of solar specialists, Wunder is able to screen solar investment opportunities more accurately and efficiently than most banks. Once these opportunities are thoroughly vetted, selected investments are bundled into funds and made accessible to individual accredited investors through an online investment platform. With Wunder, accredited investors can quickly and securely invest in these diversified portfolios of high-return solar projects with as little as $1,000.

On a mission to simplify the financing and investing experience for both solar installers and investors, Wunder has delivered an easy-to-access marketplace for both parties to connect and scale more effectively.

The Problem

A key component to the Wunder platform involves the movement of both investments and returns through the platform. Bank transfers over the ACH network are central to providing a streamlined investor experience, but building this infrastructure from the ground up would be wildly cost prohibitive. After launching the platform earlier this year, it quickly became apparent to the Wunder team that anything short of a fully automated payments solution would be untenable at scale and that real-time insight into the changing statuses of ACH transactions would be crucial.

The Solution

Dwolla allows Wunder to brand the account set up experience and fold the bank account linking into the registration process. Additionally, Dwolla gives Wunder increased visibility into the funds flow, from collecting individual investments to batching the funds and distributing them to the solar installation projects. Each month, Wunder receives payments from the energy customers repaying their loans and distributes those returns to the fund investors.

Wunder is also able to leverage Dwolla’s API to send branded communications to their customers via a series of webhooks, alerting customers to changes on their account or transaction status.

“We have looked high and low for a provider capable of seamlessly and securely facilitating our ACH transactions, and we couldn’t be happier to be partnered with Dwolla. Their 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. And perhaps most importantly, working with the Dwolla team has been an absolute pleasure.”

Dave Riess, CTO of Wunder

Dave-Wunder

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FinTech Startup Sweep Inc. Taps into Dwolla’s API for ACH Transfers

Sweep and Dwolla

Co-founder and CEO of Sweep, Jackson Gates, took the stage this Monday to pitch his startup at the prestigious Money2020 conference in Las Vegas, the annual Woodstock for the most powerful minds in financial technology today. Not only did Sweep demo a beautiful product, but it also announced its new partnership with Dwolla.

Sweep Inc.

One year ago, Gates and his team started building the financial app they’d always dreamed of—a forward-thinking savings tool that allowed customers to easily get ahead of their bills and savings goals, so they’d never have to abide by tedious budgeting practices again.

For the founders, Sweep had everything other finance and budgeting apps were missing, such as the ability to securely import financial activity, automatically recognize recurring expenses, and have customers establish savings ‘buckets’ for frequent expenses like credit cards and utility bills. From there, customers create larger savings goals, such as building an emergency fund or saving for a vacation.

Sweep-Screens-final

Customers can log into the Sweep iOS app at any time to get a complete snapshot of how they are doing on all of their monthly and long-term savings buckets, as well as the amount of spending money available.

The Problem

The one missing piece was the ability to provide ACH transfers to move funds on the customer’s behalf, such as from a checking account to a savings account. Customers could establish their savings buckets, but they would have to then login to their bank’s website to move the money. Gates wanted to give customers the ability to set up automatic transfers from checking to savings every payday to go toward their savings goals (i.e. emergency fund).

When Sweep set out to evaluate its options for implementing ACH transfers, it found that traditional banks couldn’t wrap their heads around what they were trying to do, and the new fintech startups just weren’t as far along in their white labeled payments capabilities.

Getting that functionality into place was a crucial part of the Sweep founders’ dream of a do-it-all financial savings app, and this fall Dwolla was able to help bring Sweep’s ingenious concept into reality.

The Solution

Today, Sweep now supports ACH transfers between all of a customer’s bank accounts. Customers create custom savings buckets on one account and schedule recurring transfers from another account to automatically fill their buckets according to their savings rules.

Sweep moves the money by leveraging the Dwolla white label functionality behind its user interface.

“Dwolla was able to offer the exact service our customers wanted whereas traditional financial institutions either didn’t understand how to do this or couldn’t move fast enough.  And the smaller payments startups didn’t quite have the processes and structures we needed. Most importantly, Dwolla knows how to be a good partner. They listened to our needs and worked closely with our team to get us ready in time for Money2020.”

Jackson Gates, CEO & Co-founder of Sweep

Jackson - Sweep

From the beautiful design to the core savings functionality, Sweep has built a user experience that feels as good as it looks. It’s a powerful tool and now has the ability to help consumers automatically achieve their savings goals and finally get ahead!  

Have questions about how Dwolla can work with you? We’d love to talk.

reach out now

Clear Capital takes their disbursement process online with Dwolla

Clear Cap Blog HeaderDwolla is a go-to provider of a wide array of payment solutions, from entrepreneurs wanting to build scheduled recurring payments into their application or platform, to commercial partners needing a comprehensive disbursement solution. Dwolla’s open API makes customization easy, and our recent upgrades to our OAuth implementation and Dwolla Direct have made onboarding members a breeze.

One of our hallmark partners is Clear Capital, a nationwide provider of residential and commercial real estate services for mortgage lenders, servicers, investors, etc. As a service, they provide valuations, data and analytics, quality assurance services and technology solutions to their customers—mortgage lenders, servicers, investors, GSEs, and Ratings Agencies. Their network of more than 40,000 nationwide real estate professionals deliver broker-based and appraiser-based reports.

As an innovative leader in their industry, Clear Capital chose to integrate a fast and secure payment disbursement option into their existing platform, so that the real estate brokers, agents and appraisers in their network could quickly and securely receive online payments.

Modernizing payout process with Dwolla

Clear Capital received many requests from their network of appraisers, brokers and agents for direct deposit, and between the costs and time committed to processing paper checks, realized the value of implementing an online payouts option. They needed to solve three major pain points:

  1. A better payment system for the company’s vendors. One that pays them sooner and eliminates the frustration of checks that go missing in the mail.
  2. A solution that didn’t require sensitive information within the Clear Capital system
  3. A simple, easy-to-use payouts option that had very little friction in signup for payouts recipients

Dwolla delivered on all three.

Dwolla MassPay for sending disbursements

Now, Dwolla processes a wire transfer from Clear Capital same-day and disburses the amounts owed to thousands of vendors via the Dwolla MassPay API, routing funds directly to the vendors’ respective bank or credit union accounts. With this new system, Clear Capital cut transfer times to just 1-2 business days.

Dwolla OAuth account creation for member onboarding

The integration of Dwolla OAuth account creation within the Clear Capital dashboard allows vendors to easily create their account with an email address and password, then securely link a bank account. Clear Capital is able to kick off payments using only the recipients’ email addresses, and funds are routed to the vendor’s bank or credit union accounts.

The solution

With a new streamlined and integrated solution, Clear Capital upped its payouts to two times per month instead of just one. After just five months, Clear Capital transitioned more than 30 percent of their total payout recipients to Dwolla…

“When our brokers, agents and appraisers in the field are happy, it’s a win for us. Dwolla has eliminated a big frustration from our network of real estate brokers, agents and appraisers when checks go missing in the mail.

 

A digital solution has saved us more than $.80 per payment, which has allowed us to pay them more often—twice a month, instead of just once at the beginning of each month. As a technology company ourselves, we are familiar with costly and time intensive integrations. It has been seamless to integrate our application with their system.”

What is your dream payments solution for your business, platform, or organization?

Let Dwolla help you build it. Email bizdev@dwolla.com to get started.

 

 

Accepting Church Donations, How Glad Tidings Church Brings Convenience to their Community

Glad Tidings Omaha

Whether paying a small business, a sports league or a property manager, customers want the convenience and option to pay online—that even holds true for churches. Glad Tidings Church, a church based in Nebraska, is an ideal example of accommodating this expectation of convenience.

Glad Tidings is a multicultural church with weekly attendance around 1,800. They pride themselves on their diversity with over 50 countries represented from all socioeconomic backgrounds. Their mission is simple: make their message as an organization inviting and accessible to everyone.

Part of that accessibility lies in Glad Tiding’s ability to understand and fill their community’s needs; they listen and adjust. Sometimes adjustment involves posting a video newsletter, or in this case, it involves integrating an online payments option.

Read More: 3 Ways Dwolla Works for Nonprofits, As Told by Our Users

In the past, if Glad Tidings accepted a donation they expected to lose about 2.7% of each donation. This adds up quickly, but doesn’t have to be case—nonprofits don’t have to provide convenience at the cost of contributions.

Glad Tidings’ goal was to make it as easy as possible for people to pay online through their website, with as small of fee as possible. While some church members were already Dwolla users, most were not, so the method for making a payment or giving a donation had to be simple with an easy signup, registration and giving process otherwise, people simply would not use it.

“Our first introduction to Dwolla was through a member of our church who wanted to give online but didn’t want the church to incur payment fees associated with credit card payments. We were using another credit card payment solution and while we didn’t immediately switch to Dwolla, we became increasingly aware of their success stories and improved tools for giving.

 

As we become more familiar with Dwolla, we grew to appreciate their mission and goals in providing payment processing.”

 

Nicholas Petersen, Communications Director

After understanding how Dwolla would fill their needs, Glad Tidings began the process of integration.

Glad Tidings Dwolla Integration

 

With the help of the Dwolla Devangelists, Glad Tidings created their own custom form fields to capture the information they needed, and through Dwolla’s open API they could connect their form fields to the Dwolla processing fields. They built both a beautiful and effective solution.

Now, users can select the amount they want to give, designate where their gift goes and leave notes or a message with their gift right within the Glad Tidings website.  Once the donor clicks submit, they are directed to Dwolla to confirm their gift and finally redirected back to GladTidingsOmaha.com for confirmation of their giving.

Dwolla for Donations Integration

With a fully integrated—and very stylish—solution, Glad Tidings Church has been able to provide the convenience their users expect, without losing valuable donations to credit card fees.

“Our primary use is for people giving weekly or monthly donations through our website. People can also use Dwolla to make payments for mission trips and events that have costs associated with them.”

 

Nicholas Petersen, Communications Director

For a church, or any non-profit, every penny is critical to growing the cause. For Glad Tidings Church, they were losing more than pennies to their online credit card process. Switching to Dwolla has helped changed that, cutting out percentage-based fees and accommodating a new integration.

Integrating Dwolla into your online platform is easy. To get started head to the developer portal or reach out to developer@dwolla.com. If you’re a nonprofit that wants to accept donations via Dwolla, learn more here

©2017 TransSwipe

 


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