Dwolla is different from most other merchant accounts and payment systems because it allows money to transfer between people and businesses at a fraction of what other merchant services companies charge. They operate their own payment network, and offer user-friendly features like peer-to-peer transfers and instant cash transfers. For merchants they offer website integration and face-to-face payment acceptance, just as most other payment service companies would. Dwolla currently moves nearly $50 million a month in transactions and charges a fraction of what typical payment processing companies do.
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Marketing and Sales – Dwolla received an A+ in this category because there was no evidence of unethical or misleading tactics. They appear to have a solid social following, and word of mouth is assisting in their marketing efforts.
Costs – Dwolla is on the verge of revolutionizing payment processing due in large part to their fee structure. Unlike typical credit card processors, there are no hidden fees or high percentages paid when money is transferred. If a transaction is under $10 the transfer (or payment) is free. If it is over $10, there is a $0.25 fee regardless of amount. They received an A+ in this category.
Contracts – There are no contracts with Dwolla and no minimum cost. Whether dealing in low dollars or high, there is no contract commitment whatsoever.
Complaints – There are minimal complaints available online so the company earned an A+ in this category.
“With payment processing competition heating up, merchants are being presented with a larger selection of options than were available previously.”
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CardPaymentOptions.com is a credit card processing review site that helps business owners find reputable merchant service organizations to do business with. Their in-depth reviews provide information about marketing techniques, sales processes, costs and fees, as well as contract requirements for each individual processor.
In addition to merchant service company reviews, CardPaymentOptions.com offers a list of recommended processors depending on type of business, as well as a guide for negotiating the best contract. For businesses that wish to have a credit card processing contract reviewed, they may do so through the website as well.