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Dwolla Founder Ben Milne on how the company helps consumers and businesses transfer money without the need for a credit card or debit card.
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The idea is catch up with consumers and the company now moves over one million dollars a day in transactions.
Betting now is founder and CEO of the walloped by dollar you got it.
-- good to see you thanks for coming yet.
-- thank you it's great to see as well so how does -- work how does your system work.
And basically we allow people to transfer money without utilizing credit and debit -- so.
Basically just imagine one person tranche is money directly out of their bank account to another person so.
Any device that's connected to the Internet basically can transfer money for -- very low cost very quickly.
So that the cost by the -- to 25 cent transaction -- that sit right just the 25 cents.
-- Tony Parsons a transaction regardless of the size he got it and how much can it be I mean you got you have to have some limit on how much money to move right.
-- you know consumer transactions -- eliminate 5000 dollars a transaction and business transactions -- eliminate 101000.
That's not necessarily -- technological problem it's more of a risk issue that good judgment.
Okay where is the money actually kept I mean -- a lot of people wonder whether you are to our are actually -- bank itself.
They'll actually now we are we are not a bank all of the money is actually held in -- -- in credit union an -- wants.
So you use a credit union.
Now because you only have this 25 cent transaction -- means and all those -- that's companies have to pay to credit cards are eliminated if they use your system.
You -- completely eliminated and this is a significant thing because of all we had the Dodd-Frank bill and -- an amendment specifically devoted.
-- -- cutting some of those fees which led to the -- debit card.
Transaction fee debacle -- -- this would totally bypass that problem.
Entirely that's exactly it.
I mean this is a free market solution to something that politicians have been racking their brains trying to effect with -- -- new regulations of course.
They just been making it worse.
Yes you know I agree I do think that the world's -- needs another you know.
Network so to speak and you can't really just continue to sliced networks -- and in some monastic kind of low an all concern -- the only way out.
A million dollars is what your businesses is handling today that seems a miniscule compared to what it to become.
What kind of growth plans do you have.
Big big Clinton's.
You know just like you said a million dollars and is pretty miniscule in the size of the market.
-- right now we're concentrating really hard and how we kind of cross over our first you know billion in transactions.
I mean there are hundreds of billions probably trillions that transact every day in business around the world.
How do you grow to that size what kind of regulatory -- -- barriers to your face for example.
In other regulation conversation is -- -- when the last more than thirty seconds.
You know and I think that we can definitely dive in there but you know let's be -- from a growth perspective our company's been growing very actively.
So far so there has -- -- the grand master plan about how we're growing.
We kind of just hire people win the phones and suffering and we need for people.
And from here on out I think that'll change a lot of an -- -- -- -- new products.
-- got to -- but I have to ask you very quickly and I have to ask you real quickly are are the credit card companies.
How to get -- they must do you was a big -- No you know the court system that we are fix overtimes in the company's CH which critical companies utilizes well and if we can fix that and as volume of them as well Ben mill -- called the -- what he is the founder and CEO by the ways and other college drop out.
Don't tell my daughter in college -- -- all you adventures are.
Dropped out of college maybe a little there is good to see -- -- best elective.
They thank you very much I appreciate it.
