Do Obvious Things.

Businesses want to get paid faster and they don’t want to pay a fortune to do it. That is not complicated.

Most payments on the Dwolla network happen in real-time but that doesn’t mean at some point the money doesn’t go in or out of accounts that don’t have real-time available. Every time that happens there is/was this nasty 3-5 day wait.

Now, it’s just a day for certain businesses. No preloading. No shenanigans. All withdraws got significantly faster as well.

  • Most of our business customers know when they charge a card they get that money 3-7 days later a lot of the time. Some get it sooner, but most don’t and they give up ~3% of their hard earned money.
  • Most of our businesses customers know that when they get a check. It takes forever. Some folks feel like those checks are free, but they’re not. It turns out the average cost of a check is $7.15 for SMBs.
  • Most of our business customers know that when they send a check keeping track of those checks and what has/has not been cashed causes everyone headaches.

The feature we opened up to people last week was initially built at an internal hackathon. Given, it was fine tuned, tested, and put through legal but it was essentially built in an afternoon by a engineer who saw something obvious, built a solution, and explained it.

Our last internal hackathon had a theme:

What would we be stupid not to do in the next 30 days?

This was the winner. It was built, fine tuned, and shipped.

Now thousands of businesses get the benefit. 10s of millions of dollars move more quickly and a whole lot of lives get easier.

The team did a really nice job recognizing where we can create obvious value and making it happen. We’ll keep working on making real-time for banks a reality but whenever we can get you closer to it, we will.