[url]https://www.dwolla.com/[/url] - currently only available in the USA but there is talk about international payment in the near future. Fees are only $.25 per transaction. They are looking to knock PayPal to their knees by offering a lower transaction. This payment processor should really take off with such low transaction fees.
[quote name=‘bb3’][url]https://www.dwolla.com/[/url] - currently only available in the USA but there is talk about international payment in the near future. Fees are only $.25 per transaction. They are looking to knock PayPal to their knees by offering a lower transaction. This payment processor should really take off with such low transaction fees.[/QUOTE]
Yeah, Google thought the same with Google Checkout, however, even after offering there service for “Free” for a year or so, they still did not even put a dent into Paypals market share.
I think Google’s problem was that they jumped their fees too fast. I mean think about when PayPal came out. Most people didn’t trust it. It took a while for people to link their bank accounts and credit cards up to them. I know people even today that won’t hook their bank accounts or credit cards to PayPal. It took PayPal a few years to catch on.
Google put their product out and most people didn’t even know about it. Just like they do with most of the things they come out with. They basically hide it under the “more” drop down box on their toolbar. Like you said they didn’t put a large dent into PayPals market and then all of a sudden they jumped their price to match PayPals. Then from there on out if anyone heard about Google Checkout they said oh I’m not changing processors if its the same price as PayPal. I guess you can blame it on their marketing department for not spreading the word more.
Anyway…I’m not saying Dwolla is going to take over PayPal, I’m just quoting an article I read about the cutting at the knees thing. I do like the competition and the low fees. As long as they spread the word about the low fees and they keep it that way, then I think it will catch on. I would like to give this option to my vendors on the Multi-Vendor marketplace.
I agree with the majority of what you say.
The other reason it was not successful was because it truly was / is not considered to be a viable professional league payment option for many businesses. We tried it for the first year when they were processing payments for “Free” & had continual issues with lost shipping revenue because of the rediculous shipping rates return time out (which then reverts to the basic default shipping charge). Then there was the rediculous hold the funds for several hours before the funding was “approved”, then Google expected business owners to constantly login & manually mark these orders as “shipped”, what a primitive, bubblegum system!
As soon as Google realized how much money they were loosing & decided to end the “Free Payment Processing”, we immediately removed google checkout from our payment options & never missed a beat, funny thing is that not even one single customer ever asked for it, nor even commented that it was gone!
We actually viewed it as a huge relief by removing it…
I will always say that it google checkout is ok for people starting out when they may not have other options, otherwise, they would have to pay me to use their mediocre trash payment method!
But yes, it will take years for any newcomers to gain the customer confidence that PayPal currently has, not an easy market to break into. My bet is that Amazon payments is the most likely to succeede because of their highly respected brand recognition, consumer confidence & excellent business practice! Someone like Microsoft may also be able to make a dent if they go about it the right way, regardless of who attempts to crack this market, brand recognition coming in will be critical to the success.
Magento…one step ahead of you guys…[url]http://www.dwolla.org/blog/dwolla-for-magento-now-online/[/url]
Still not sure if Dwolla is the real deal? Retail stores can now accept Dwolla payments: [url]- YouTube
Here is Dwolla’s developers page: [url]http://www.dwolla.org/dev/[/url]
Remember only a $.25 transaction fee.
I will admit that you have spurred my interest & Dwolla is starting to catch my attention, after watching several videos I find it this new payment method quite intriguing!
I still have some concerns that they may not be generating enough revenues to actually continue to support their financial needs down the road, and continue to remain in business, time will tell. I would actually feel more comfortable if they charged say a 1% transaction fee along with the .25 cent per transaction fee rather than only a flat rate of .25 cents!
You could actually offer a substantial discount to all shoppers which choose to setup a Dwolla account and use their payment method to build up your Dwolla payment users base, that would be an interesting way to test the waters, then of course over the long haul the merchants would greatly benefit in the form of serious merchant account fee savings…
It also pleases me to realize this is a US based firm out of Des Moines, IA.
I believe the best way to become familiarized with Dwolla is to start by creating your own personal account and trying it out, which is what I am about to do.
I am going to do a bit of research on payment integration with CS-Cart & will let you know if I discover anything. Just the cost savings in payment processing alone may easily justify the cost of paying to have this payment method added as a custom integration if needed!
Here is some interesting read for businesses considering Dwolla as a payment option:
Do you have any personal experience with Dwolla yet?
If need be, we could contact Alt-Team to have this integration made, although, if they are smart perhaps they will read this thread and create the Dwolla payment integration as a standard add-on.
You could actually offer a substantial discount to all shoppers which choose to setup a Dwolla account and use their payment method to build up your Dwolla payment users base, that would be an interesting way to test the waters, then of course over the long haul the merchants would greatly benefit in the form of serious merchant account fee savings…[/QUOTE]
That’s exactly what I was thinking. No personal experience yet but I plan to very soon. Have you got a quotes yet?
waiting to hear back from alt team.
cs team said “The modification of such complexity will cost from USD 450, price is aprox.” and they can get started in 5 weeks from now. Said they are too busy right now. :roll:
[QUOTE]That’s exactly what I was thinking. No personal experience yet but I plan to very soon. Have you got a quotes yet?[/QUOTE]
No, haven’t had much spare time lately!
There is a very good chance that I would consider sharing the cost with you on this payment mod, so post back when you have more details.
Sounds good Struck. Anyone else want in on this too?
YES YES YES!!! Please add Dwolla; just read this on the news and found this thread.
This is going to realllly make our transaction with our customers and vendor quicker :mrgreen:
I’m in, PM me with deets
Well, Dwolla is moving around $1 million a day now. So it looks like they are going to give it a good run. You can read the article at…
Seems like it would be nice to have integrated.
In regards to some who have compared Google crappy payment system to this…well, the difference is Google still does not understand “support” and the fact that not every one has the killer server that responds in 2 seconds like they do! I think Google just started their payment system so they had a hefty tax deduction.
I'd go in on this too. Dwolla has huge potential!
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Sounds good Struck. Anyone else want in on this too?
I'm down for this as well.
I just noticed I pay $500-700 a month in credit card fee’s… I really want this now