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Dwolla Launches Next Day Transfers for Small Businesses

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For alternative payments network Dwolla, life is about finding ways around the traditional, slow ACH system. In a new development today, the company announced that it is launching Next Day Transfers.

The new service aims to help SMBs replace paper checks, mitigating the estimated $13 billion spent annually on paper check operations. The Next Day Transfer service will reduce bank transfers in and out of the Dwolla network to as little as two business days.

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Here are the highlights:

    • Deposits to Dwolla are three times faster
      Qualifying business, nonprofit, and government accounts can receive transfers from a bank account to their Dwolla account three times faster than a typical ACH transfer.
    • Next-day bank withdrawals
      For all users, transfers from a Dwolla account to their financial institution may be transacted as soon as the next day.
    • Dwolla-to-Dwolla transfers are still instant.

To facilitate SMB’s conversion to digital money transfers, the Iowa-based payments startup is also providing a Business Payments Toolkit, which aims to offer a turnkey solution to help companies switch from paper checks to Dwolla’s API.

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To learn more about Dwolla, check out their latest live demo from FinovateSpring 2012.

If you’re interested in seeing more payment APIs, check out FinDEVr this fall.
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