Building the functionality can be a monumental task for any compliance or technical team to take on. Rather than build it yourself, wallet functionality is built into Dwolla’s ACH API; by integrating with Dwolla, enable your users to access a balance from your application.
In this webinar, two of Dwolla’s team members explain how our innovative customers are utilizing the wallet functionality within Dwolla’s white-label ACH API.
The Dwolla Platform allows your business to enable payments between end users without developing banking relationship of your own.
Focus on your business, let Dwolla power payments.
Genny: Hello and welcome to the benefits of a Dwolla balance webinar. My name is Genny Couch and I am a sales manager at Dwolla. Joining me today is Brian Crall. Brian manages our customer success team. Hey, Brian!
Brian: Good morning Gen, how are you?
Genny: I’m doing well. How are you?
Brian: Good. Glad to be here!
Genny: Glad to have you. So, I worked very closely with prospective customers. My main focus is to help those customers understand our software and determine whether Dwolla’s API is the right fit for their payments needs.
Brian: Yeah, and I work directly with our customers to make sure that things are running smoothly and to explore other areas of their business where do alone may be beneficial.
Genny: Awesome. Brian, let’s jump right in.
Brian: Yeah, absolutely. So during this webinar, we’ll be discussing the benefits of a certain functionality that Dwolla offers today, the Dwolla balance. We’ll talk through what the balance is. Some examples of customers using the balance and the customer requirements for holding said balance.
Genny: So, first what is the Dwolla balance? Well, a Dwolla balance is the terminology our teams use to describe a stored value or wallet like functionality that both our customers and their end users are able to utilize as part of an integration with Dwolla.
Brian: So we can get into the technicality of the balance in a moment but first, Genny can you talk a little bit more about why the Dwolla balance is significant?
Genny: Happy to! So as some of you may know a standard ACH payment or bank to bank transfer in the U.S. can take several business days to travel from a senders bank account to a recipient’s bank account. That timing isn’t always ideal for someone who might be say waiting to receive payment for work that they’ve completed. Dwolla can actually help with that pain point. We offer the functionality for our customers to add funds to a Dwolla balance or even if they wanted to keep a minimum balance at all times. So that when a payment is initiated out to a recipient from that balance, the funds can be in the receiving bank account as quickly as that same business day. Brian, you work with our customers every day. Do you want to provide an example of this?
Brian: Yeah, sure. So one example of this functionality is an existing software platform that has built a platform specifically for small and medium sized real estate agencies. After interviewing their user base, they realized that most of these real estate agency customers of their’s were still cutting paper checks for things like commission payments and employee reimbursement. By integrating Dwolla’s platform software, the software provider is able to observe and facilitate payments from each real estate agency out to their agents. This means they’ll be able to see all the transactions happening on their application without actually coming into ownership of the funds which is very important. Now if speed is of utmost importance to the real estate agency customer, this is where the Dwolla balance comes into play. If a real estate agency were to add money to their Dwolla balance in advance of needing to distribute these payments, agents could receive their money in as little as one business day. As Genny mentioned earlier, same day ACH could be the speed that we do as well.
Genny: That sounds great. That sounds like a huge step forward for that company.
Brian: Yeah it absolutely was.
Genny: So I think another great example of a customer of ours that benefits from the functionality of the Dwolla balance is a customer that has a savings application. So Brian as you and I know, the financial technology space is a very hot area right now. There are applications out there to track spending, assist with savings, basically helped get your money in the places that it needs to be. So this one customer of ours allows its end users to track spending and automate savings for vacations. This customer is able to gather insight into its end users transaction history and then with their Dwolla integration, the customer can round up end user purchases to the nearest dollar and with permission from the end user, of course, send those roundups from the end users bank account into that end users Dwolla balance.
Brian: Yeah, that makes sense. Can you talk a little bit and expand on putting this into context of a real life example, Genny?
Genny: Yeah, definitely. So let’s say that I am planning to go to Italy in the fall (fingers crossed) and I want to start saving right now. By signing up with this application, when I spend $4.75 on my morning coffee, let’s say, a $0.25 cent roundup will be sent into my Dwolla balance as savings for my vacation. Each time I make a purchase, those roundups will be sent to my balance and either when I’ve reached my trip savings goal or maybe a little bit before, who knows, that’s when I can make a withdrawal.
Brian: Yeah those quarters really add up. I know that Dwolla has several customer account type options that our customers can create for their end users. Can you talk a little bit about what account type can hold a balance?
Genny: Yeah, definitely. So, in order for a customer or an end user of that customer to be able to hold a balance–that business or individual must be what we call a verified customer record. A verified customer record or VCR is a customer that has its identity verified during the onboarding process.
Brian: Perfect. So, Gen, I know a question that both of our teams receive quite a bit is “how will the Dwolla balance be presented to the end user within the Dwolla the customer application?”
Genny: That’s a great question, Brian, and thank you for bringing that up. The great thing about the Dwolla balance and really the Dwolla platform in general is that Dwolla is truly a backend partner to our customers. We really value the fact that our customers can create their own user experience along with the branding and have their own interaction with their end users. We really want our customers and their applications to be top-of-mind with end users and therefore our customers can brand the Dwolla balance in line with their particular application.
Brian: These have been just a few examples of ways that customers could utilize the Dwolla balance functionality. But, we’ve found that the balance can work in a variety of industries and in a variety of different ways. If you’re interested in learning more about Dwolla’s API, this balance functionality or are U.S. payments capability, please reach out to sales@Dwolla.com.
Genny: To read more about Dwolla customers utilizing our Dwolla balance, click the link on the screen to read some customer case studies.
Brian: Genny, it’s a lot of fun talking about the balance with you.
Genny: Thanks for hanging out.
Brian: Thank you.
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