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View Full Version : First, Green Dot and now Dwolla


DJofSD
11-30-2011, 12:49 PM
http://www.thefiscaltimes.com/Articles/2011/11/11/The-28-Year-Old-Out-to-Kill-Credit-Cards-and-PayPal.aspx#page1

here's a tiny 12-person startup churning out of Des Moines, Iowa.

Dwolla was founded by 28-year-old Ben Milne; it's an innovative online payment system that sidesteps credit cards completely.

Milne has no finance background yet his little operation is moving between $30 and $50 million per month; it's on track to move more than $350 million in the next year.

Unlike PayPal, Dwolla doesn't take a percentage of the transaction. It only asks for $0.25 whether it's moving $1 or $1,000.

bigmack
11-30-2011, 01:48 PM
THANKS for posting this, DJ.

Will be great for a B2B business I have.

lamboguy
11-30-2011, 02:00 PM
boy that is great news, i hope like hell they are successful with that payment system.

DJofSD
11-30-2011, 02:02 PM
Yes, I was thining about using it the same way.

A brother is resisting leaving BAC despite my gentle prodings to move the business accounts elsewhere. I'll be revisiting the issue with a new tact.

bigmack
11-30-2011, 02:10 PM
It's all based on ACH. http://en.wikipedia.org/wiki/Automated_Clearing_House

I have business dealings with Shell and they pay by ACH. It's quite seamless.

I don't know that I would have set-up a business model where you charge .25 to conduct a transaction of $1K. :eek:

sammy the sage
11-30-2011, 06:20 PM
It's all based on ACH. http://en.wikipedia.org/wiki/Automated_Clearing_House

I have business dealings with Shell and they pay by ACH. It's quite seamless.

I don't know that I would have set-up a business model where you charge .25 to conduct a transaction of $1K. :eek:

Really...what's the COST of a keystroke...whether it's $1 or $1000...well I guess 4 keystrokes to be exact...

bigmack
11-30-2011, 11:28 PM
May they blow PayPal & Western Union to Kingdom Come. And it's instantaneous.

http://i165.photobucket.com/albums/u70/macktime/Dwolla-DwollaFees.png

DJofSD
12-01-2011, 08:38 AM
Looks pretty good, no, better than good, damn cheap.