Dwolla - Real-Time Payments

  • Product Reviews
  • 19.05.2021 06:36 pm

What does the product do?

Since the launch of The Clearing House’s RTP® Network in November 2017, financial institutions and businesses have been racing to adopt real-time payments. As it continues to become more mainstream, 81% of business leaders expect real-time payments to dramatically transform the way business is done—and for good reason. The ability to send money to bank accounts in real-time, instead of having to wait several hours or days, provides businesses with an opportunity to enhance operational efficiencies and optimize cash flow.

Dwolla’s Real-Time Payments solution allows businesses to program payments that will be delivered between bank accounts in seconds using the RTP® Network. By integrating Dwolla’s payment API, businesses will have the flexibility to offer multiple payment options (ACH, Push-to-Debit, RTP) to their vendors and customers for an ideal experience. Customers are able to initiate RTP® transactions with as little as the change of a single line of code using Dwolla’s simplified API—challenging the status quo in payments. 

Who needs the product?

From healthcare, retail, insurance and real estate, nearly every industry stands to benefit from real-time payments. Insurance providers can use them for faster payouts to their policyholders while real estate firms can streamline escrow or down payments for homeowners and buyers. Small businesses and entrepreneurs can accept real-time, point-of-sale payments for their services or goods, which is important in a world where online shopping is king. In the B2B space, real-time payments provide companies with a convenient option for making consistent or larger vendor payments, while avoiding the higher costs that can be associated with cards. 

What is special about the product?

Dwolla differentiates itself in the market through its simplified API and bank-agnostic technology. Businesses are able to embed Dwolla’s modern payment technology into their core products or applications and initiate an RTP® transaction by simply changing a few lines of code using the company’s Drop-In Components, without the need to find a new financial institution to initiate these transactions via the RTP® Network. Dwolla’s API allows clients to initiate transfers from their existing bank accounts to fund RTP® transactions to financial institutions participating on the RTP® Network. 

What features are relevant?

With the pandemic accelerating the move to digital payments, businesses are turning to real-time payments to provide a better experience for their customers. Using Dwolla’s Real-Time Payments solution, businesses can program faster funds transfers than ever before, optimizing cash flow, improving customer relationships and reducing the time spent on payment processing. There are no delays on transfers because of weekends or holidays. This payment method can be processed 24 hours a day, 365 days a year, allowing businesses to make payments in time-sensitive or emergency situations, as well as providing recipients with the flexibility of managing their money effectively.

The company’s API provides businesses with accessibility, availability and management of their payment data in real-time. Dwolla will automatically send a notification of a payments’ success; or in the event of an error, Dwolla will pass the appropriate message back via the API. 

What is a real-case example?

Real-time payments can change how your business operates, whether you are B2B, B2C or C2B. We’re witnessing companies of all sizes use real-time payments to differentiate themselves from competitors, like Lumanu, which is implementing Dwolla’s Real-Time Payments solution to pay out influencers and creators with instant cash-outs outside of their typical weekday offering.

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