What is Dwolla?
Dwolla is an e-commerce company that works just in the United States of America which acts as a fund transfer medium and helps their customers to make online payments. Dwolla is made up of 2 words that mean “dollar” and “web”. The company was founded in 2008 and some people might say that it is an amateur in the business but the ambitions of the company have not been lowered anyhow by the newbie tag. The company is considered to be a direct competitor to Paypal and just because of their business confined to the US, it has not gained the amount of recognition it deserves. The company is processing transactions worth $1 million on a daily basis and is surely having its share of success.
The company was set up with the vision of providing businesses, non-profit organizations and individuals the luxury of transferring their funds in the easiest and safest way possible at the lowest transaction fee. And they are really succeeding in their mission with people and corporates instilling faith in their service when it comes to handling their financial confidentialities.
How does it work?
Dwolla has its own way of managing transactions with a centralized system storing the records of their customers. The interface is such that the system directly securely connects the user to their bank accounts and helps them carry out their transactions.
A customer does keep in mind three things while trusting a company with their funds: the ease with which the transactions can be carried, the cost to be paid per transaction and the level of security to guard their money. Dwolla ensures all the three things with the customer just having to open an account on their website. As far as the transaction fee is concerned, they charge only $0.25 per transaction and it is free for transactions under $10. No hidden costs or percentage is involved.
When it comes to security and keeping one’s financial records confidential, Dwolla has kept no stone unturned with the best security offered. They have multiple security layers that keep all kinds of possible identity thefts away. After you make an account on Dwolla, you are provided with a unique 4-digit PIN that is to be entered to withdraw, deposit or send money. The customer’s data is stored on a server that is shielded heavily. To eliminate any chance of losing the data due to a disaster, the records are backed up regularly, a thoughtful procedure followed by the company.
To sum everything up, Dwolla does provide a very user-friendly environment for online transactions and the low transaction fee of $0.25 for transfer of funds more than $10 really is an eye-catcher for the customers. Plus the security safeguarding the money ensures a tension-free customer-service provider relationship. No wonder why this company has achieved so much after just a few years into the e-commerce world.