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Use Cases Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘Use Cases’ Category

We’ve moved! Visit the blog at dwolla.com/updates

Posted in Blog, For Developers, Knowledge Base, Product Updates, Use Cases on July 6th, 2016

Check out the Dwolla Blog at dwolla.com/updates.

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.

situation-diagram

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.

challenges-diagram

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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Financial Savings Platform Uses Dwolla API for In-App Bank Transfers

What if growing your savings account was as easy as putting a little cash away each time you made a purchase? Or, what if you could automatically save for a discounted gift card to a retailer you love so you could make guilt-free purchases while getting a great deal?

It’s all possible—it’s as simple as signing up for EarnSmart,and linking up to 10 of your debit or credit cards to the platform. From there, EarnSmart handles the saving so you don’t have to. EarnSmart1 (1)EarnSmart keeps track of your purchases and initiates a transfer each day toward your EarnSmart pot (in amounts of 50¢, $1, or $2 per purchase), pooling your funds until you reach your goal. Of course, if at any time you want to withdraw your funds back to your checking account, you are able to.

Zoomed in User ProfileEarnSmart was excited to deliver an easy way to contribute to savings goals, regardless of whether you’re saving for a weekend getaway, some new clothes or shoes, or just the ability to feel okay about buying your latte every morning. However, it didn’t want to reinvent the wheel by building a payment network from the ground up. That’s where Dwolla’s White Label API came in.

“Before building the application we did some market research and it became very apparent that no one is interested in signing up for a savings tool, designed to improve your money habits, that charges a fee. This meant that EarnSmart needed to find a safe, secure, payments platform that didn’t bankrupt the company on ACH transfer fees. Dwolla white label was the perfect solution. Using the Dwolla ACH API we were able to complete the application build significantly faster than if we had built an ACH solution in-house, and Dwolla’s focus on security and compliance gives us peace of mind as we execute transfers on behalf of our customer base. Effectively, Dwolla white label delivers the exact solution we needed with a cost structure that works for our business.“

Johnny Van Siclen, EarnSmart Founder & CEOJohnny-Van-Siclen-Headshot- black and white

EarnSmart gathers customer data and verifies their bank account independently of Dwolla’s bank account verification solution, but then passes the verified information to Dwolla via the API and to mark as a verified bank account.

The end-user simply agrees to Dwolla’s Terms of Service and Privacy Policy, which is done by checking a box at Partner account registration or they’re appended to EarnSmart’s Terms of Service. This helps facilitate a frictionless end-user experience, never requiring the customer to create and link a separate payment account.

EarnSmart User Profile

EarnSmart then utilizes Dwolla’s White Label bank transfers API to send automatic transfers from a customer’s checking account to their EarnSmart balance to contribute to savings.

Dwolla was a good solution for EarnSmart because its users are able to hold a balance in a white label capacity. When the user requests the money be withdrawn to their checking account, Dwolla is able to push the funds back to their account. And if they have chosen to cash in on a retail goal, EarnSmart is able to complete that transaction on their behalf.

EarnSmart was able to focus on the product and service that it wanted to provide its customers, while incorporating its ideal and seamless payment flow. By leveraging webhooks via our API, EarnSmart is able to send branded communications to its users about their account and transaction status changes.

Dwolla White Label provides the bank transfer functionality that other applications or services can bake into their platform in a way that doesn’t distract from the service they’re providing. If your service needs help with payments, please reach out and we’d be happy to help you.

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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.

challenges-graphic_F

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

brett-yates

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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WeFinance Uses Dwolla to Power Affordable Loan Crowdfunding

Sometimes life throws a little more at you than you can financially handle. Perhaps it’s a shift in career or an unexpected family transition that carries a large financial burden. Such situations may require you to apply for a personal loan from your financial institution or other loan provider. Unlike home mortgages, which the bank can lend while using the house as collateral if you were unable to make your payments, personal loans usually don’t require an individual to offer equal collateral. Because of this, personal loans are riskier for banks to issue, and they make up for this by charging high interest rates.

According to Nerdwallet, individuals with good credit may be able to secure a personal loan with a 10% interest rate, but those with fair to poor credit can expect rates to float between 11-36% APR. If you pay back a $10,000 loan with a 36% interest rate over the course of three years, you’ll be paying the bank an additional $6,489.44 on top of the $10,000 that you initially borrowed.

wefinance_logo_hi_res (1)

Leveraging an online crowdfunding model, WeFinance is offering a better way for individuals to secure personal loans, as well as offering contributors a way to make a profit on their contributions.

 

Think of it as loan borrowing without the hassle of applying through a bank, giving borrowers more control over establishing the loan and repayment terms, as well as what percentage rate they are willing to pay. The current rates on loans extended through the platform usually fall between four to ten percent.

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WeFinance encourages borrowers to request loans directly from their own community, using participants’ real identities right from within their personal and extended networks. The benefit of earning interest as a lender is in turn enjoyed by real people that the borrower knows personally, instead of a bank.

WeFinance facilitates the monthly repayments to lenders, with transactions being transferred from the borrower’s bank account to their lenders. In order to build out this desired functionality, WeFinance turned to Dwolla and our White Label API for bank transfers to implement this payment process in a way that fit seamlessly into their user experience.

‘WeFinance (wefinance.co) is a loan crowdfunding platform. We help borrowers save money on existing or new loans by borrowing micro-loans directly from their own community and others who believe in them. Thus, our payment solution needed to be easy to setup and intuitive for our end users, but powerful enough for us to manage suites of loans on our users’ behalf over months and years without requiring them to take action. And, because we’re in the business of saving people money, we can’t accept the exorbitant fees so many platforms charge.

Dwolla white label is the perfect solution for us. There’s no need for users to deal with any external payment accounts, and most of them use Instant Verification to link their bank account in seconds. Then, we can easily manage loan payments for them with Dwolla’s API, and transmit repayments back over time to each individual lender, whether it’s a $25 loan or $2500, without all the savings getting sucked up in transaction fees.’

Eric Mayefsky, CEO and Lead Developer, WeFinance

eric_mayefsky_wefinance

Could your platform benefit from implementing a flexible bank transfer solution that fits inside of your user experience? We’d love to help you design a tailored payment solution that suits your needs.

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Real Estate Marketplace Integrates White Label Bank Transfers

When you think of crowdfunding, chances are you think of sites like Kickstarter or GoFundMe—used for everything from launching entrepreneurial ideas to helping finance a much-needed vacation.

However, to Charles Clinton, he saw crowdfunding (and the development of the JOBS Act) as a chance to open up the private real estate investing market to the public. As a real estate lawyer who worked primarily for large private equity clients, he saw how large the opportunity was first hand and was determined to build the technology and the marketplace to facilitate such investments. After teaming up with Mission Capital, a real estate financial advisory firm, and rounding out his talented executive team, Clinton launched EQUITYMULTIPLE.

em_logotype (1)

Unlike investing in someone’s new craft brewing equipment, EQUITYMULTIPLE brings a completely different paradigm to crowdfunding. EQUITYMULTIPLE connects commercial real estate developers with individual accredited investors.

Commercial real estate (CRE) has been a notoriously difficult industry for individual accredited investors to break into. EQUITYMULTIPLE is democratizing the real estate investment space by functioning as a financing marketplace—connecting smart development projects with individual accredited investors across the country.

For investors, EQUITYMULTIPLE is the doorway into an industry traditionally characterized by strong, reliable returns, and insulated from the volatility of the stock market. The platform makes it simple to build a diversified portfolio of thoroughly vetted projects, many of which would have been unavailable to individual investors had they not belonged to a large real estate group.

In turn, those raising capital for projects get access to a much deeper and more diverse pool of investors, thanks in part to Mission Capital’s extensive network of investors. EQUITYMULTIPLE provides a streamlined, singular point of contact to manage investor interactions and updates, as well as various funding options—online fundraising, and traditional debt and equity financing.

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The team at EQUITYMULTIPLE undertook the heavy task of building one of the first CRE investing marketplaces of its kindand succeeded.

When they needed a way to seamlessly and programmatically payout returns to investors through the platform, they went in search of a bank transfer API that they could bake into their user experience.

Peter Shankar, EQUITYMULTIPLE CTO, saw Dwolla’s API for White Label bank transfers as the solution.

We chose Dwolla because of their strength in compliance, capabilities in the white label payments space, and attention to detail in the scoping process. From implementation to deployment and ongoing support they’ve been one of the best vendors to work with, and they really align to our processes, and make themselves highly available. The tech stack is evolving, and we’re able to work hand in hand with great engineers to get the most out of our integration. Best of all, we see our customers more engaged with our product. As a solution, Dwolla has been ideal for us in implementing a closed loop investment process.”

Peter Shankar, EQUITYMULTIPLE CTO

Peter Shankar

Dwolla’s White Label API plugged right into the EQUITYMULTIPLE platform to power bank transfers for the marketplace without disrupting the investment process, while meeting the service and compliance standards required of a payments partner.

Launching your own company, or needing to improve or automate your current payments process? We’d love to help you design your own bank transfer solution.

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The value of #opensouce, a JotForm and Dwolla integration

Posted in Blog, For Developers, Use Cases on March 16th, 2016

One reason we love having an open API is it encourages unique, new integrations and innovation that we may not have the bandwidth to do ourselves. A great example of this is the latest integration from JotForm—an incredibly popular form building tool.

JotForm is an online form builder that allows you to create registrations, applications, surveys or contact forms and embed them right in your web page. This is an ideal tool for the non-technically gifted, no coding know-how needed—possibly even the easiest online form building tool out there. Better yet, it’s free to use.

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Since first launching nearly 10 years ago, JotForm has beefed up its form builder, adding new functionality and options for users. One of its latest additions is integrating Dwolla.

Using Dwolla with JotForm allows for easy collection of payments via the ACH network. Use the integration to collect a payment right from your online form—great for order forms, payments for clubs or donations—all with no fee per transaction.

About the integration

JotForm-Blog

If you’re considering integrating Dwolla, JotForm is a great example of putting the API to work. Its developer team tapped into the UAT sandbox environment to first build in a test environment, and any questions they had were preemptively answered just by visiting the discuss board. A quick and smooth turnaround, here’s what their integration timeline looked like:

Day 1-3: Learning the API, researching capabilities relevant to our needs
Day 3-4: Write classes, perform initial API tests and prep for launch

Essentially, JotForm launched their integration in just a handful of days, and it’s live now!

JotForm is incredibly versatile, it has users ranging from Fortune 500 companies, including the likes of Uber and Chevron, as well as famous nonprofits and major universities, like the University of Cincinnati and Harvard.

Integrate your own form or get started with a Dwolla integration all your own by visiting the developer documentation.

View the documentation gray

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

Blog - Goat Screen

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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©2017 TransSwipe

 


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