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.
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.