Drop-in Components Updates – Balance Display
The Dwolla Balance is a funding source that can be utilized as a “wallet” for holding a stored value of funds. The Dwolla Balance is made available for accounts that have been on-boarded as Dwolla Clients or Verified Customers. One of the requirements for businesses to go live with the Dwolla API is to display a balance for a Verified Customer.
Currently, our Balance Display Drop-in Component will always display the balance amount for a verified Customer.
With our new update, your team can optionally disable the balance display if the balance amount is $0.00. This will cause the balance amount to only display if it is above or below zero.
To implement these changes, check out our developer docs.
1099-K Updates Are Coming in 2023
As a Payment Settlement Entity (PSE), Dwolla is required to issue 1099-K forms to any client or end-user whose transactions for payments of goods and services exceed certain Federal or State reporting thresholds.
For the 2022 tax year, the Federal threshold for reporting of transactions has been lowered to $600 (down from the $20,000 threshold in 2021). This will result in more clients and end-users receiving 1099-K forms in 2023.
Dwolla is actively working to address these changes, and you can expect to hear more from us in the coming months about how this will affect you.