@dwolla Des Moines, Iowa
Online or with your phone, Dwolla lets you send & receive cash through your social networks, e-mail or by your location. All for just 25 cents per transaction.
click on the link above for the Entire story. here is a highlight:
Dwolla users make payments through Twitter, Facebook, SMS and other virtual channels by connecting their bank accounts to their Dwolla accounts. The service integrates with social networks to alert payment recipients that there is money waiting for them in their own Dwolla accounts that can be transferred to their bank account. Payments of up to $10 are free and anything larger costs $0.25. Up until Thursday, however, there was no way to use Dwolla to make instant payments because the transfer between banks and Dwolla usually takes two or three days.
“Instant,” the new opt-in feature Dwolla launched Thursday, solves this problem by spotting users as much as $500 when their accounts are empty. The feature costs $3 per month no matter how many times it is used, and late fees are $5 per month.
Sound like an instant target for scammers? Preventing it from becoming so is part of what Dwolla considers its secret sauce. One reason the startup is able to offer payment transfers with lower fees than big credit card companies is that purely digital transactions present fewer opportunities for data theft than physical swiping. In theory, Dwolla will deal with fewer expensive fraud cases than its traditional counterparts.
The startup is backed by financial services firm The Members Group, which deals with card processing, payment solutions and prepaid cards. The firm has been helping Dwolla develop screening methods that assess risk of new members before they’re accepted.
Still not convinced? If Dwolla continues piling on transactions at its current rate, you might be soon. In December 2010, the company was processing about $500,000 of transactions per week. By June 2011, they were processing $1 million per day.
additional information and links are found below:
Uploaded by dwolla on Dec 16, 2011
Demonstrating an instant deposit with Dwolla INSTANT. No credit cards were harmed in the creation of this video.
Uploaded by dwolla on Dec 16, 2011
Showing a demo of the web application when Dwolla INSTANT is enabled. This feature allows instant transactions to occur without using credit or debit cards.
———- Forwarded message ———-
Date: Sat, Dec 17, 2011 at 9:13 AM
Thank you, from our entire team
Posted: 16 Dec 2011 12:57 PM PST
From our entire team, thank you for an amazing day.
Yesterday was about as good as it gets for a launch day. Everything worked, nothing crashed, and life goes on with something really amazing under our belt.
The requests for Instant are accelerating every hour. The current demand is putting those asking to to use Instant into an approval queue. As the system scales to support more users, we’ll be accepting as many applications as possible. Right now,we are approving more and more every hour.
Thank you for your time and support. If it wasn’t for the amazing community online and off… Dwolla wouldn’t be a shred of the growing company it is today.
Oh, and if you weren’t able to make it (or you’ve never been to one of our meetups), be sure to check out the amazing moments captured by Anna Jones here and here. More thanks go to Jon Thompson of EVOLVE and Chris New of Event1 for setting up the livestream (thank you for hosting, Silicon Prairie News).
Photo via Anna Jones
Yesterday was a pretty incredible day. Here is a recap of some of the coverage:
We know there’s a huge opportunity for education around this product and the goals we have for it. We’ll be approaching them after we get some sleep
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