If the best way to eat an elephant is one bite at a time, the best way to find a payment platform is one step at a time.
A payment platform is a service allowing users to initiate electronic payments as an alternative for online or traditional brick and mortar businesses. As more companies realize the inefficiencies of paper checks and costly credit card fees, payment platforms are helping businesses—and their users—use technology to move money more efficiently.
As leaders in the financial technology space, we put together this list of what to consider when choosing a payment platform. Some items for consideration are obvious, while others are commonly realized only after a contract is signed and well down the path of a payment integration.
Use this list of eight considerations as a resource when choosing the right payment platform for your business.
The first question to ask is simple and direct—can the platform do what’s needed? If every other aspect of the payment integration is perfect but the solution cannot solve specific functionality requirements, then it doesn’t help.
Our customers have found that Dwolla’s ACH API fits most use cases and allows for admins to seamlessly monitor user and transfer related events in real time.
Dwolla really is best in class. Dwolla has this wonderful API and a great platform, but Dwolla is human. That’s different and it really matters.
An important part of your payment platform search is finding a secure solution to protect transaction data and personally identifiable information. In a day where user’s trust is paramount, find a solution that offers security practices you feel confident in.
At Dwolla, security is in our DNA. We practice iterative security with strong cryptography, statistical analysis, machine learning and continuous monitoring of the Dwolla Platform.
Once you are confident in a payment platform that solves for the use case and meets security expectations, make sure the pricing fits the business model. As a company grows, so will its transaction volume. Pricing that takes a fee or portion of every single transaction can stifle profit growth.
Dwolla offers a predictable, subscription-based pricing plan and a custom plan with per-transaction pricing.
Dwolla was a plug-n-play solution. The process of credit card payments would take two or three percent of our transactions, so a big concern for us was moving money efficiently. Especially with smaller transactions, Dwolla solved that for us.
A useful payment platform provides business analytics and transaction data about the activity happening between the Dwolla Platform and the application. Keep a real-time pulse on how each payment is performing and be able to access data to view specific transactions or statements for each month.
Each business has their own important indicators that need to be consistently measured and tracked. In the Dwolla Dashboard, manage customers, view transactions and discover trends with your business’s payments.
Being able to leverage Dwolla’s Mass Payment feature to pay out thousands of merchants in just a few clicks has made payouts very simple and easy for us.
As companies evolve and mature into sophisticated organizations, they are faced with new hurdles and opportunities. The ideal payment platform should provide additional functionality to enrich the product, adding value to both the user experience and the business’s bottom line.
To compliment Dwolla’s ACH payment API, additional features like same day ACH and next day ACH are offered to expedite payments. Other features include a facilitator fee and instant bank account verification.
Customers of Dwolla also get access to the Dwolla Partner Ecosystem for additional partner integrations and partnership opportunities—whether that be for international payment functionality, identity verification, Slack or QuickBooks.
A payment integration shouldn’t be painful; integrating should be straightforward with resources to help guide you along the way.
To ensure each integration starts on the right foot, Dwolla offers resources to streamline the integration process. Those resources include a sandbox testing environment, developer guides, developer documents and a developer community.
Dwolla definitely has one of the nicest sandboxes I’ve worked in, especially with the dashboard for the sandbox. I can’t speak highly enough of how helpful the sandbox was, it validated Dwolla as a fit.
Sandbox environments and developer resources are great starting points but the ultimate goal of an ACH payment platform is to electronically move money.
These are all important to consider when launching an application with payments functionality; Dwolla’s Account Management team assists in getting every piece of an integration done in compliance.
With Dwolla, both a developer advocate and an integration manager are assigned to help your business get through the integration process.
Working with [Dwolla’s] tech team on our integration was great. They were always quick to respond to questions and very receptive to feedback. A feature that we requested during a meeting with them went live only a few weeks later. This gives us confidence that as our payment needs evolve, so will Dwolla.
These features mean very little if you cannot make the integration match the application experience. Third-party payment experiences can erode the trust a business establishes with its end users.
Businesses can integrate Dwolla’s ACH payment API to match the user experience, keeping their branding in the spotlight while payments are powered in the background.
Dwolla custom tailored a solution to something that we needed. We have a full, money-moving system without having to do any of it. And it looks like it is coming from us, with our look and feel.
After evaluating the points outlined above, choose the right payment platform for your business.
If your business is looking for an ACH payment API, view our pricing plans to see which option is right for your business to unlock the potential of powerful payments.