All transactions under $10 are now free. +1 for small business.

I’m pleased to announce that as of today transactions under $10 carry no fee.

I know there has been speculation lately about that fee going up, but the rumor mill can be a dangerous thing :)

Dwolla is hell bent on a core vision and value set:  moving money safely, quickly, easily and as cheaply as possible. It’s what has fueled our growth over the last year since going national, and to commemorate the anniversary we’re saying thanks in the only way we know how… by making your life better.

Why are we doing this?

Three reasons.

  1. Small businesses are something we genuinely care about. In our heads, the idea of Dwolla getting 25 cents for a 2 dollar coffee just sounds silly… It’s like using an AmEx card to buy a banana.
  2. There are a lot of costs besides the $50 billion interchange fees incurred by businesses when they take credit cards (e.g. a “short” list we found). Let’s talk about that, too.
  3. Micro transactions have never had a payment platform that allowed them to be valuable. Our API now allows anyone selling goods for $1 to actually keep its $1. Money should not depreciate in value as it changes hands.
We have a soft spot for all these reasons and we want to put a good foot forward to support them in a way that proves we’re not trying to hammer people on little transactions.
Dwolla was started because a pain point (the high costs associated with ‘getting paid’) and I refuse to be a standard for a new one emerging. So, lets change that a little and make life easier on the little guy for once, shall we?

Who do we think this is going to help?

  • Coffee Shops – Getting that $2.15 coffee or cookie will actually fetch you $2.15 now :)
  • Food Trucks. Lets get the first ones on board!
  • Micropayment platforms – Want to get paid $1 for an upgrade or virtual good inside your app? Just build the Dwolla into your code.
  • Paywalls – Hey, they’re working for New York Times, Wall Street Journal, and Newsday. Why can’t you get compensated fairly for your content? (Hint: Checkout our express payment method to make it easy for your readers)
  • Developers – If you’re building something awesome and want that 5 cents via facilitator for your services, have at it.

How do I get started with this?

Sign-up or sign-in!  This new fee structure has been automatically applied to all Dwolla accounts starting today. It affects everyone in the system and it’s active now.

How can we do this?

I think this will become apparent come December 15, so we don’t want to spill the beans yet.

Does this have anything to do with December 15?

Bigger things to come.

  • http://www.facebook.com/people/Maurice-Brown/668529154 Maurice Brown

    Hmmmm…. that’s a lot better deal than an app store!

  • Adien

    send to me much money,,,heheheheh