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mobile payments Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘mobile payments’ Category

Square Sets Foot in UK with Squareup Europe

The payments company foraying in UK by incorporating Squareup Europe Ltd in London early last month.

FWIW: Credit cards add fees to mobile wallets, Dwolla does not

We’d like to clarify something…

1. Dwolla will remain unaffected by recent threat of “mobile wallet” fees.

2. Dwolla does not, and has no plans to, charge additional fees to its mobile payment rewards partners.

Credit card networks are clever. When up against potential revenue loss, they find a roundabout way of getting that money back, often times with interest. This is evident in the case of checkout fees, when credit card companies agreed to pay back $8 billion to businesses for unlawfully fixing “swipe fees” – but only for 8 months. Then businesses had the option to start paying the fees again, or pass them on to their customers.

Recently, there has been increasing pressure from card networks, notably MasterCard, to add fees to mobile payment networks, such as PayPal HereGoogle WalletSquareIntuit GoPayment, and iZettle. These fees are being targeted at digital wallets that have developed solutions to help people accept credit cards, without buying expensive point of sale systems or paying for other traditional costs.

A few days ago, the issue was re-raised when Visa CEO, Charlie Scharf, deemed MasterCard’s action as “appropriate.” The new idea is that these digital wallets do not share enough of the transaction information with the credit card network, leading to problems with customer service and assigning rewards points. According to the Verge, this also means that they can’t collect as much data on your purchasing habits.

Although Visa now says that they are not implementing a digital wallet fee at this point, there are many others who are skeptical of what else they may have up their sleeves.

Why Dwolla doesn’t accept credit cards

Relying on old legacy networks to move funds brings with it the restrictions and problems of those systems. In this case, it inhibits innovation by shrinking the profit margins of the innovators. We have built our own network, sans card networks, and have found a way to incentivize the innovators that provide their customers with value.

dwolla-sm-no-bg-e1359657742455Screen Shot 2013-03-22 at 10.55.03 AM

Thank you for allowing us to clarify the issue. What are your thoughts? Let us know in the comments section below the blog post.

 

 

P2P: The Next Big Revenue Opportunity For Banks

This past fall, Dwolla partnered with one of the leading mobile banking service providers, mFoundry, and their mobile banking product, Fin.X

mfoundry_logo

Your phone has become your record player, your music store, your concert hall. Your phone is your newspaper, your magazine, your access to world-renowned research. It’s become your map, your movie theater, your physical trainer, your post office.

As you know, it’s also become your bank, your ATM, your check, and the way you pay rent, a friend, or a business.

No industry is left untouched.

Dwolla is re-imagining a payments network built using 21st century technology and the internet, providing access on both the web and your phone.

Dwolla will join mFoundry in hosting a Webinar: “Mobile Peer-to-Peer: The Next Big Revenue Opportunity.”

During the webinar, we’ll cover why mobile P2P is critical to staying relevant, growing revenue and creating customer satisfaction. With P2P payments expected to grow to an $80 – $120 billion market by 2014, it’s more important than ever for banks to act now.

According to a study by AlixPartners LLP, 39% of consumers today say that having a mobile offering is “extremely important” or “important” in their decision to switch primary banks. Juniper Research recently reported that the number of people using their phones for banking purposes will grow to 590 million in 2013 and will exceed 1 billion by 2017.

“The ability to access banking information and make transactions ‘whenever you want’ and ‘wherever you are’ is a compelling proposition to most banking customers.” – Juniper Research

The Dwolla and mFoundry partnership will enable banks to:

(1) offer a P2P payments product powered by Dwolla,

(2) offer a convenient mobile payment solution powered by mFoundry’s Fin.X,

(3) boast real-time usability by your customers,*

(4) deliver all of this to the market very quickly,

(5) reduce administrative and operational costs,

(6) enjoy new security layers, compliance measures and data points,

(7) launch a new revenue stream by monetizing the service, and

(8) gain a long term innovation partner with Dwolla.

*We say “boast real-time usability” above because it truly is a unique offering. When banks partner with mFoundry and Dwolla to offer a very competitive mobile P2P solution, they have the incremental opportunity to leverage Dwolla’s FiSync technology – a real-time gross settlement API. This means they can move money from one bank account to another, in real-time, even between different banks, without using any of the existing systems, networks or resellers.

If you are a financial services professional:

Join the Webinar.

Please join us as we discuss the next steps that you can take to make sure that your bank or credit union stays relevant in today’s fast-paced, technology-driven society.

If you are a banking customer:

Help us by answering this question in the comments: Would you switch financial institutions if you could do more with their mobile banking app?

Small Business Everyday

Recently, a new movement was launched called  Small Business Saturday. The idea is to tack on to the Black Friday and Cyber Monday mania, encouraging holiday shoppers to shop at locally-owned small businesses.

We believe in small business. And while we love any program that supports small business, we think the idea behind Small Business Saturday could be bigger and better. Here’s how:

    1. The small business who wanted to take advantage of the free marketing tools offered through Small Business Saturday had to have a merchant account – which comes with a a long list of fees, such as a $7.95 fee per paper statement and per-transaction fees (found here) of roughly 2.89%-3.20% plus a flat $0.10.
    2. From day one, Dwolla has been fueled by small business owners who wanted to reclaim these costs and even double their net profit margins. That’s why Dwolla’s fees are simple: just 25 cents per transaction or free for transactions under $10. No percentages. No hidden fees. Full transparency.

    3. One day per year isn’t enough. Why not support small business EVERYDAY?
    4. Next time you shop at a local business, show that you support their business by paying with cash or Dwolla instead of credit card. Here’s a just a few of the places that already accept Dwolla.

    Tell us which small business you want to support.

    While logged into Dwolla, go to https://www.dwolla.com/account#places and click the “I want Dwolla at this location” button next to your favorite small businesses.

©2017 TransSwipe

 


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