Automated Payment Flows
Providing users the option to hold a balance allows them to schedule payments before they are needing to be sent, in addition to customizing how the balance is displayed and branded within your application.
Time to Market
Enable already built-in wallet-like functionality to allow funds to be available quickly from your application, helping users speed up the delivery of payments.
Seamless Customer Onboarding
Quickly verify users and bank accounts through a secure ACH payment integration.
Dwolla’s Wallet Functionality
This short video explains customer requirements for holding a balance and real-world examples where digital wallets are utilized.
Purpose of Holding a Balance
Dwolla offers its customers an onramp to the ACH Network, the electronic funds-transfer system used by U.S. financial institutions that moves $43 trillion annually. The ACH Network is ideal for businesses because it provides efficient, reliable payments that can take several businesses days to travel from a sender’s bank account to a recipient’s bank account. The Dwolla Platform has built-in functionality for customers to add and withdraw funds from a Dwolla balance. When a payment is initiated out to a recipient from the balance, the funds can be in the receiving bank account as quickly as the same business day.
Requirements for Holding a Balance
A Dwolla balance is similar to a digital wallet, enabling a customer or end user to hold funds that they can pull from or have funds sent to—through the ACH Network. Regardless of the application type, any bank transfer on the Dwolla Platform requires at least one party be a fully verified end user. Your business model determines which end users complete the verification process to be able to take advantage of such a compelling payment feature. Holding a balance offers a number of benefits to businesses and is another way Dwolla continues to build the ideal platform to move money. To learn more, talk to an expert.
Dwolla serves as the master orchestrator of the underlying software platform. After we pull the users’ daily transactions and calculate the amounts that need to be distributed to their defined savings and giving accounts, Dwolla’s software does its magic and each micro-payment is sent to the specified accounts.