Dwolla Now Offering No-Fee Transactions for All Users
In a move to court financial institutions and enterprise players, alternative payment network, Dwolla, is dropping transaction fees for all users.
One of the payment network’s main selling points was its extremely competitive structure for transaction fees.
Dwolla charged a flat 25-cent fee on transactions worth $10 or more. Today, it’s doing away with this fee.
This move is being driven by the huge network effects of Dwolla’s winning of partnerships to power enterprise and government payments through API integrations.
Some of these partners include BBVA Compass, the U.S. Treasury, and GoDaddy.
On the platform side of things, the Iowa-based company has also announced a new fee structure for growing and established enterprise customers to go along with the free transfers.
Jordan Lampe, Director of Communications and Policy Affairs at Dwolla, had this to add:
“Businesses, consumers, even the government recognize that money, today, is data. We don’t pay for email. We don’t pay for text. By removing the transaction cost from Dwolla.com and the API payments, we are able to better align ourselves operationally, financially, and socially with the expectations of the market. Setting a baseline of $0.00 provides greater revenue margins for banks and developers to build on top of; thus, paving the way for stickier products and greater real-time adoption.”