What is Payments powered by Dwolla?
Payments powered by Dwolla is a bank transfer functionality. Dwolla is a powerful payments platform that securely connects to bank or credit union accounts to enable the ACH payments for any individual or organization in the U.S.
By leveraging Dwolla’s API, the software is able to provide an integrated ACH payments experience for seamless funds transfers for our customers, while reducing the headaches associated with fraud, exposure of sensitive financial data, and complications of using third-party processors.
- No convenience fee for payer/payee
- Unlimited Transactions
- Unlimited payments from/to tenants, owners, and service pros
- Up to 2 bank accounts & Dwolla Balance
Is Dwolla a bank?
No. Money held in a Dwolla account is housed by Dwolla’s partner financial institutions, Veridian Credit Union and Compass Bank. Neither Dwolla or its holding partners collect interest on funds held in Dwolla account balances.
Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.
Mar. 28, 2022