The opportunity: Businesses can save time and money by using software to send money online through the ACH Network. In fact, businesses are already using the ACH Network—it initiates more than 20 billion transactions each year.
The problem: In order to connect with the ACH Network within their app, businesses need to build their own integration or integrate with a third-party payment provider to enable payments functionality. Credit cards are an option but are associated with high transaction fees. So how do you avoid incurring credit card transaction fees, stop dealing with the inefficiencies of paper checks while not having to build your own integration?
The solution: An affordable, reliable onramp to the ACH Network like Dwolla.
Rally Rd., an investment application that specializes in classic cars, knows a little something about onramps. When Dwolla presented the opportunity to send money online fast, Rally Rd. sped to integrate.
“And I think the ACH in general makes sense so investment returns aren’t impacted by high transaction fees,” says Chris Bruno, Rally Rd. CEO. “And once you decide to go with ACH, Dwolla was really the only game in town.”
Classic car investing platforms aren’t the only businesses benefiting.
Companies across all industries use Dwolla to connect to the ACH Network to send money online:
Send Money Online for Real Estate
With Dwolla, businesses leverage the ACH Network and eliminate the need for paper checks in 2019.
In real estate, Earnnest is a software company allowing home buyers to send closing costs electronically and directly to an escrow holder’s account.
“I really hated how much paperwork was involved in the real-estate closing process, specifically around checks so my real estate agent and I went into business together and decided to start working on a solution,” Earnnest CTO Daniel Jeffords says. “We’re a really unusual use case with a complex funds flow, which is why we ended up speaking with Dwolla.”
Send Money Online for Investing
Energyfunders is lowering the barrier for entry for energy investing with its investment platform to simplify raising capital and offer direct investment opportunities into oil & gas companies or emerging technologies.
Prior to Dwolla and the ACH Network, Energyfunders was sending and accepting payments by writing and mailing checks.
“It’s a very manual process in oil and gas,” says Derrick Hale, Energyfunders COO.
To automate their manual processes, Energyfunders integrated with Dwolla’s ACH API.
“We did consider building our own payment solution but a few big factors were some of the things Dwolla resolved for us,” says Aalok Shah, Energyfunders CTO. “Being able to access the ACH Network to send funds to a bank account was key.”
Send Money Online to Donate
Encast is a cloud-based system that makes it easier for employers to offer their employees a way to donate to nonprofit organizations of their choice.
Using Encast, employees are able to set aside money from each paycheck to send online to a nonprofit organization, similar to setting up an automatic contribution to their 401(k).
Leo Ramirez Jr., the founder of Encast, says he considered building his own payment solution to send money online but chose Dwolla for Encast because of there were no per transaction fees to initiate ACH transactions.
“I believe it’s wrong that when someone makes a donation to a nonprofit, money is taken away from the nonprofit’s pockets,” Leo says. “Luckily, Dwolla has this fee-free mechanism on the transaction side that allows us to meet our promise of never charging transaction fees to nonprofits.”
Send Money Online to Save
As a way to make saving as easy as spending, Live.Give.Save launched in 2016 with Dwolla powering payments.
To send money online between a user’s bank accounts, Live.Give.Save uses Dwolla’s ACH API.
“A payments partnership was probably our most important relationship and we wanted to work with the best,” says Susan Langer, Founder of Live.Give.Save.
Innovative companies work with Dwolla to power payments. If you have a problem with the current way you send money online, reach out to start a conversation with a possible solution.