Qoins Mobile Application

To help combat debt, Qoins—a mobile debt-repayment and savings app—allows users to round up purchases to the nearest dollar and uses that change towards paying off a user’s debt. As a user makes a purchase, that spare change is withdrawn and then once a month applied to the designated accounts to pay down debt.

On the backend, the application needs to first withdraw the accrued amounts of change from a user’s bank account and subsequently apply that withdrawn amount to a credit card payment.

To facilitate the distribution of funds, Qoins called for a payment API that could scale and be integrated seamlessly. But after being left in the lurch by their previous payments provider, Qoins needed an easy-to-integrate, reliable platform to connect users’ bank accounts and facilitate this transfer of funds.

After switching payments providers, Qoins improved margins by 10% with Dwolla’s API and facilitates thousands of monthly transactions.

In its first year as an application, more than $500,000 in debt was paid off.

Pricing the Scales

As Qoins was coming out of beta and preparing to launch its mobile application, its previous payments provider withdrew its ability to support them.

The team at Qoins was then left searching for an API that could be integrated seamlessly while reducing the pains of onboarding for new and current users of the application.

Users were already contributing an average of $50 towards their debt each month, so Qoins was looking for a solution that would scale. To support its growing base of daily active users confidently, it needed to facilitate thousands of transactions each month and there wasn’t the time or bandwidth to build a payments solution from scratch.

In facilitating fewer than 10 transactions for each user every month, Qoins was paying a per-transaction fee to its previous payments provider. Financially, this was simply not scalable as Qoins continued to see steady user-growth and daily activity; the company needed a solution that was more predictable in costs.

After switching to Dwolla payments providers, Qoins moved away from a per-transaction fee model and instead integrated with a payments platform that offered predictable SaaS-based pricing.

The result? Qoins increased its overall margins by 10% since implementing Dwolla’s API.

Seamless Integration

But above all, Qoins was looking for an implementation that provided minimal interruption through both the integration as well as in the onboarding of new and existing users.

Their developers were drawn to Dwolla’s straightforward developer documentation. Additionally, the integration allowed Qoins to facilitate the movement of its users’ money while keeping its brand at the forefront of the process, making for a smooth onboarding and transition for both new and current users.

In just four business days, Qoins was able to transition its payments functionality to Dwolla’s API. This swift and smooth transition prevented any interruption to the application’s service.

Meet Your Payment Partner

Talk to an Expert