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BizReport : Ecommerce : March 13, 2014

How Dwolla is helping SMBs control retailer fees

Bitcoin offers low or no fees and it's really trendy--all of which are attractive to small businesses. Implementing and marketing a new payment solution--particularly one that is unregulated, not ubiquitous and prone to scrutiny--requires development and operational resources that many small businesses cannot expend.

by Kristina Knight

Kristina: How does Dwolla answer the problems surrounding the Bitcoin buzz?

Charise Flynn, Chief Operating Officer, Dwolla: [Dwolla's] payment network modernizes the movement of currencies. These improved efficiencies drastically increase the accessibility, security and affordability of the U.S. dollar inside the existing financial systems. Our backend innovations allow the U.S. dollar to compete with nearly every value proposition purportedly offered by BTC (cost, access, security, privacy, etc.).

Kristina: how can SMBs better control retail costs - like swipe fees?

Charise: Dwolla is a great starting point. SMBs can better control retail costs by using Dwolla which charges merchants 25 cents for transactions over $10 (free under $10). Dwolla offers a long term solution to move money in a modern way whereas Bitcoin is still developing as a currency. Dwolla is modernizing the way money moves by returning to the core, creating new rails (i.e. a protocol) to move trusted, pure currency, and it works with established U.S. currency, which is the standard for businesses of any size.

Kristina: How does Dwolla answer the problem facing small retailers?

Charise: Dwolla allows businesses (and consumers) to use a currency--the dollar--that is vetted, stable and regulated, and not have to deal with the fees and time lags associated with traditional payment methods such as checks and credit cards. It offers flexibility, it works in an open way with regulators that reduces the risks of operating completely outside the system, and by design doesn't burden merchants with consumer data.

Image via Shutterstock

Tags: Bitcoin, Dwolla, ecommerce, retailer fees, retailer payment options, retailer tools, swipe fees

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