First, Green Dot and now Dwolla

[DJofSD]

http://www.thefiscaltimes.com/Articl...Pal.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]

THANKS for posting this, DJ.

Will be great for a B2B business I have.

[lamboguy]

boy that is great news, i hope like hell they are successful with that payment system.

[DJofSD]

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]

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.

[sammy the sage]

Originally Posted by bigmack

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.

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

[bigmack]

May they blow PayPal & Western Union to Kingdom Come. And it's instantaneous.

[DJofSD]

Looks pretty good, no, better than good, damn cheap.