Businesses may accept ACH payments using Dwolla’s white-label solution for a minimal cost. Businesses may link with the Automated Clearing House network using Dwolla to send and receive ACH payments. It’s a white-label service, so you can integrate the software into your platform and alter it to go with the branding of your company. It’s an excellent alternative for companies who solely take bank transfers since it has cheaper per-transaction costs than a normal payment processor.

The operation of Dwolla

Businesses may accept ACH payments using Dwolla as an alternative to cash, credit, debit, or check payments. Customers may electronically deposit money from their bank accounts straight into your business’s bank account, and you can return ACH payments to them in the form of credits and refunds. In the United States, an electronic money transfer method called ACH is used. The use of your bank account to pay pals using Venmo or PayPal, paying your utility bill online using your bank account, or getting a direct transfer from your job are all examples of ACH payments. Because retailers do not have to pay credit card issuers and fees, ACH payments have a cheaper processing charge than credit card payments. Because bank account numbers change far less often than credit card numbers, ACH payments are also simpler to receive. Additionally, you can set up ACH transfers to be automatic once you have the recipient’s bank account details, which makes them an excellent choice for recurring payments like rent and subscriptions.

Capabilities of Dwolla

They include:

Electronic wallet

You will be able to retain monies in your account received through payments, much like a digital wallet, after you set up a business account with Dwolla and get verification. You may move money from your account to a business bank account or use them to make other payments.

Authenticated accounts

Dwolla provides two verification options for both users and merchants: micro-deposits and rapid account verification. While micro-deposits send a little amount to the customer’s bank account to verify their financial details, instant verification requires users to enter their bank account via the Dwolla website. Keep in mind that Dwolla still allows you to send and receive money without having to authenticate your account. You simply need to enter your complete name and email address for unverified accounts, but the weekly transfer cap is $5,000. Unverified users are only able to send and receive money to verified users, and they are unable to keep money in their digital wallets.

Regular and planned payments

You may schedule the transfer of payments from clients’ bank accounts to your Dwolla account on a certain day. You may also set up these periodic payments to be repeated.

Additions and integrations

Four third-party product integrations are presently available via Dwolla.

Slack

Automatic payment reports are sent via Slack to inform team members of critical account developments, such as unsuccessful transfers, successful verifications, negative balances, and more.

Plaid

This gives consumers the option to quickly integrate and verify their bank accounts on the Dwolla platform. The firm also tokenizes and stores data, so the merchant is not accountable for PCI compliance since they are not required to maintain financial information on their platform.

Sift Science 

This is a fraud monitoring system that calculates the probability that future transactions will be fraudulent using machine learning and information from previous transactions.

QuickBooks

Real-time ACH payment and transfer report exporting from QuickBooks increases accounting accuracy and reduces the need for human data input.

Security

To further lower the risks of ACH returns and fraud, Dwolla checks client bank accounts and makes sure critical information can’t transit via your systems. Additionally, the business encrypts all data transferred over its network to safeguard the privacy of both you and your clients.

Consumer assistance

Customers who sign yearly contracts with Dwolla are promised access to a specialized support staff that includes account managers and developers in real-time. In addition to a phone line and email address, it also provides a chatbot option on its website.

Dwolla’s cost

Four price choices are advertised on the company’s website: Custom, Pay-As-You-Go, Launch, and Scale. The price of the latter three plans might change depending on how many transactions you do each month and what features you want. The following features are available in all plans:

• Customizable features and tools that convey your company’s logo.
• customizable API.
• technology for scalable payments.
• systems like QuickBooks and Plaid integrations.
• Tokenization.
• automatized alerts.
• drop-in components, which need little to no code and let users add fields to customer accounts.
• Webhook alerts.