Press
Dwolla Waives 25-Cent Fee for Transactions under $10
(Des Moines, Iowa – Dec. 1, 2011) – Dwolla, the online, location-based, social, and mobile payment platform supported by The Members Group (TMG), announced today that it will no longer charge its 25-cent transaction fee for payments of $10 and below.
Removal of the fee is predicted to be particularly popular among merchants that deal in small-ticket transactions, as well as in-app purchases found in many mobile applications.
“To-date, Dwolla merchants have been willing to pay the quarter, even on micropayments, because they recognized the unique value,” said Brian Day, Dwolla product leader for TMG. “Not only are retailers attracted to the ‘wow’ factor of mobile payments acceptance; they see the buzz-generating potential of Dwolla’s social media interaction. A customer buys a coffee with Dwolla and instantly 150 of his Facebook friends are exposed to the name of the coffee shop.”
No changes in product or service accompany Dwolla’s drop of the fee, so merchants will continue to receive the same benefits – now at no cost on small transactions.
“Financial institutions are adding Dwolla to their product mix to attract young, tech-savvy customers who want to make everyday financial transactions quickly and inexpensively,” said Day. “Waiving the fee on micropayments will ultimately attract more merchants to Dwolla. When that happens, more customers will be looking for a simple way to become Dwolla users. We want community financial institutions to be ‘that simple way.’”
Dwolla is celebrating the one-year anniversary of its national rollout today.
About Dwolla
Dwolla is the nation’s only online, mobile, social and location-based cash platform that connects to your social community and location to share and spend money. Using proprietary technology and business partnerships with The Veridian Group and The Members Group, Dwolla allows consumers and organizations to send and receive money from their bank accounts for only 25 cents per transaction, no matter the transfer amount. Unlike traditional payment platforms, Dwolla takes the industry in a new direction by allowing people for the first time to share money with their social networking contacts. Founded in 2009, Dwolla is based in the heart of Silicon Prairie, Des Moines, Iowa. For information about Dwolla and its unique cash platform, please visit www.Dwolla.com.
About TMG
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG’s core products include credit, debit, ATM and a variety of ATIRA-branded prepaid solutions, as well as online reporting, ACH and ALM services. For more information, visit www.TheMembersGroup.com.