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Online Payment System That Sidesteps Credit Cards

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  • Description

    Dwolla Founder Ben Milne weighs in on his online cash payment system.

  • Duration 3:02
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-- Well new startup is taken -- so white that credit and debit card fees literally.

With an online payment system that sidesteps credit.

Cards completely it's called the -- up and the company just released a new feature called instant joining us now.

The founder of the Wallace and milk hey there -- all right reading about -- wallet.

This is miles -- a whole lot like PayPal haven't been to compared contrasts.

Yes so one of the big things about PayPal is -- kind of angry it's different payment forms so different type of credit cars and so on and so forth so.

-- costs when he presents a transaction regardless of the size except for transactions under ten dollars -- are free -- the way we pull that off as by building our own network essentially self.

We kind of rebuild our version of -- -- not necessarily a new version of PayPal.

So this is is have to love this because you really eliminate -- -- fees as you know to come under harsh criticism with these new regulations.

The Dodd-Frank regulations out of Washington so -- signing up on the business side.

We're seeing a lot of smaller businesses are right now you know we're going to talks with larger merchants and things like that but.

You know people that are finding major benefit in the company's services -- in our small and medium sized businesses so a lot of people latter coaching probably one million and you know five million in sales it's really easy for them to sign up against our didn't.

They understand the pain when -- what credit cards cost him.

And washed by the buyer or the consumer.

Used to wallet to pay for my efforts this.

Vs credit card IR contact us.

What evidence OK -- the don't have the -- for the consumers actually incredibly safe so.

Can kind of a credit -- environment when it's -- -- leaving behind kind of a did exhaustive assistant -- account number and in -- and expiration date with.

But what transaction ever really leaving on information behind so there's an authorization -- all the time and the receiver of the payment is never getting access your personal information.

You still have a long way to go to get more businesses full participation in -- Wallace -- challenge for you getting these businesses.

You -- a lot of small businesses -- about what about the big name brands.

Yes of the big name brands are definitely a more complicated simply because you have you know integration with -- -- PO last systems and things like that but.

You know we're discussions right now some larger our company is about how that would all work -- one of the benefits at all as -- as the software solution so you don't need things like -- -- and kind of -- FC devices and ordered to recognize that the payments have been made it's all software systems are just.

More about this new up program your instituting called in state that you mentioned also dropped 25 cent transaction -- on.

Purchases under ten dollar -- that's -- strategy is working here.

Yes Soviet -- future is really just something we develop some people get it -- instant access to tax so if you think about it the benefit of a credit card is really get.

Access to cash whenever you needed to acquire the things you want.

On the things people don't like about credit cards and things like you know the lack of transparency in the misunderstanding about fees so.

You know -- -- we concentrated on was we added a button inside of the application allows you to simply click on it popped into the program.

And -- get access to money so deposits up to 500 dollars instantly without utilizing a credit card at all.

Alright Dan thanks so much sharing of business on -- with us.

Good -- Think they --

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