For businesses that would rather focus on growing instead of building a payment solution from the ground up, consider the benefits of a payment integration.
Efficiency is the main benefit of a payment integration. Because the less time a business owner spends building out a payment solution, more time is allowed for building out features in their application.
In this blog post, we will highlight key benefits of a payments integration from our perspective as experts in the payments industry:
- Work smarter, not harder
- Fexibility, security and scalability
- Lower transaction costs
Work smarter, not harder
Building a payments solution is similar to building a car, and the Dwolla Platform is a pre-built engine. If you were building a car, would you rather build an engine from the ground up, or install a pre-built engine?
By integrating with the Dwolla Platform, businesses are choosing a proven payment integration platform that can save time and money. Companies are able to implement a non-branded ACH payout solution in as quickly as ten days.
For example, GOAT is a mobile marketplace for rare sneakers that had a payout flow creating unsustainable costs and friction for its sellers. The company needed a non-branded ACH payout solution that could be scalable and implemented quickly.
“It got so bad that we began using a credit card to accelerate payouts,” GOAT co-founder Eddy Lu said.
Within ten days, GOAT integrated Dwolla’s API and maintained end-to-end branding, while mitigating direct and indirect costs.
Flexibility, security and scalability
When searching for a payment integration, we’ve come up with a list of nine considerations for effectively evaluating different payment solutions.
Functionality and flexibility
The most important consideration for any payments integration is functionality; does the integration do what is needed within you application?
Customers using the Dwolla Platform have found that the RESTful API can be integrated to fit most use cases or funds flow needs. For example, by setting up a webhook subscription, businesses can seamlessly monitor and respond to Customer and transfer related events. This allows for greater transparency and a robust user experience.
Security and scalability
In addition to functionality, an important part of your payment integration search is finding a secure solution with pricing that scales. As you grow, profits and transaction volume will grow as well. Pricing that takes a fee or portion of every single transaction can stifle profit growth.
With that in mind, Dwolla has designed two product plans and a testing environment. The product plans are designed with licensing fee style pricing allowing for more predictable costs. The Dwolla Sandbox is built as a replica of our production environment. You can start building in the sandbox for free, right now. Get a feel for how our API works before going live in production.
Lower transaction costs
Excluding cash transactions, ACH transactions have some of the lowest transaction fees. These low fees are another benefit of a payment integration.
For example, a $500 transaction would come with various fees depending the platform used to transfer the funds:
- ACH cost – $0.55
- Paper check cost – $1.22
- Credit Card – $9.60 (1.9 percent fee x $500 transaction + $0.10 transaction fee)
- Wire transfer – $15 to $30
Ready to Get Started with a Payment Integration?
Want to get started building your solution? Dive into our sandbox environment and test our ACH API.