Streamlining Enterprise Payments with Dwolla: A Modern Solution

What is the biggest threat to innovation today? Outdated technology.

For businesses, the cost of maintaining legacy technology extends beyond budgets. Supporting aging technology systems diverts an organization’s valuable time and resources away from innovation and toward resolving issues. While this form of technical debt impacts up to 40% of IT balance sheets, the consequences extend beyond finances and into security.

Unfortunately, outdated technology creates vulnerabilities that compromise sensitive consumer data and erode brand trust.

Innovation requires more than simply adopting the latest trends. Enterprises must modernize their technology to accept and improve electronic payments, reduce risks and errors, increase security, and improve customer retention, experience and acquisition.

While enterprises know the benefits of digital transformation, overhauling tech systems company-wide can quickly become a time-consuming, costly process. This challenge can be particularly difficult for larger companies with more data to work through.

Although initiating a digital transformation process may seem overwhelming, enterprises can break up the work, tackling one area at a time to reduce risks and errors. Digitizing payment processes to improve payment operations and increase payment speed is a great place to start. This practice leads to higher customer satisfaction rates, improved security and enhanced data visibility.

Digital Payment Overhaul

Enterprises face several challenges in managing payments, including slow processing times, limited payment options and complex reconciliation processes. In addition to tackling outdated payment systems, enterprises must overcome fragmented banking integrations, each with its own API and unique requirements.

Dwolla simplifies and streamlines payments, empowering enterprises to update payment methods and eliminate manual processes throughout their digital transformation journey. With Dwolla’s developer-friendly solution and elevated client experience, enterprises can avoid lengthy integration processes and resource-intensive implementations.

Dwolla: The Enterprise Payment Solution

By embedding Dwolla’s single API into its application, enterprises can avoid dealing with multiple bank integrations and simplify their treasury management by consolidating all payments into one cohesive view. This ultimately leads to substantial time and cost savings, addressing the challenges of lengthy integrations, limited payment options and complex reconciliation processes.

Dwolla not only provides a simplified path to replacing legacy technology but also enables enterprises to enhance the management and reconciliation of payments across multiple financial institutions. Let’s explore additional ways Dwolla can simplify and streamline enterprise payments.

Reduced Costs: Not only can Dwolla’s payment solution enhance the customer experience, resulting in increased retention and customer acquisition, but it can also cut costs by reducing errors, labor expenses and fraud risks. We provide faster processing times, improve accuracy, and enhance security and compliance measures. With Dwolla’s solution, electronic transfers between bank accounts happen through account-to-account (A2A) payment rails (also known as pay by bank), such as the ACH Network and RTP® Network. With lower processing fees, these A2A transactions provide more cost-effective solutions than credit card fees and paper checks.

Enhanced Security: Encryption, tokenization and various additional payment authorization and security measures help Dwolla protect sensitive information Maintaining security throughout the payments process is critical to business operations. Manual processes associated with paper checks increase the likelihood of human error and theft, and credit cards have higher rates of fraud.

Faster Payments: In modern business, providing instant payment collection or distribution is a requirement for success. Dwolla’s payment technology enables faster payments that clear and settle almost immediately, saving customers up to 3 business days compared to traditional ACH network processing times.

Seamless bank integrations allow organizations to send funds from their existing banks in real-time via RTP or FedNow and improve payment transparency.

Streamlined Operations: As a single API solution, Dwolla reduces complexities by simplifying initial integration, ongoing maintenance and future development. It also enhances visibility into financial activity, leading to improved overall operational efficiency.

Dwolla replaces outdated payment methods and manual processes with streamlined pay by bank payments and automation, drastically reducing payment processing times, costs and human error.

Flexibility and Control: Enterprises must be flexible enough to meet modern business needs. When combined with Dwolla’s single API solution, automated A2A payments create flexibility and ease for enterprises, requiring minimal intervention from an organization’s engineers.

Legacy payment systems often force enterprises to choose between outdated technology and a fragmented user experience. Dwolla’s modern white-label solution integrates seamlessly with a single API, eliminating the need to manage multiple banking connections and complex integrations. This helps free-up IT resources and lets enterprises focus on what matters most - the customer and the brand.  

Dwolla operates behind the scenes, enabling secure and efficient payments, while businesses control the look and feel of the customer experience. End users experience a smooth, branded payments journey, fostering trust and loyalty.  

With Dwolla, enterprises get the best of both worlds: cutting-edge payment technology and the power to deliver a branded user experience that reflects a unique identity.

Dwolla’s Impact Across Industries

With its API-first approach, Dwolla addresses enterprise payment issues head-on through a range of features. It enables businesses to effortlessly integrate A2A payments into their apps or connect with existing ERP/cash management systems, offering a centralized location for payment information.

Dwolla’s sophisticated payments infrastructure and modern approach provide enterprises with a solution that simplifies and streamlines payments for various industries, including insurance, lending, healthcare, manufacturing and real estate.

Insurance

By implementing Dwolla’s single solution, insurance companies eliminate legacy payment systems and manual processes. Benefits include faster payment processing speeds, real-time visibility into payment data and processes, increased payment predictability and enhanced security.

Policyholders benefit from a simplified insurance payment processing solution. After policyholders enter information into their insurer's claims management software, Dwolla’s single API enables fast and secure payouts for a smooth claims process. With digital transformation, insurers can save time and money while improving the overall policyholder experience, leading to policyholder acquisition and retention.

Lending

Dwolla provides lenders with the tools required to overhaul their legacy payments systems. It can enhance the borrower experience with modern processes and payment methods, including instant, automatic payments.

Sensitive borrower data is stored in Dwolla’s tokenized solution, limiting access to information, increasing payment security and decreasing the risk of sensitive data leaks. Dwolla’s automation and A2A payments replace the time-consuming, error-prone issues created by returns handling with automation and real-time status updates that make it easier to identify and solve payment problems. This also paves the way for automated reconciliation and simple and easy data transmission between data systems.

Healthcare

Healthcare companies can remain competitive by using Dwolla’s solution to address manual processes, legacy payment systems, slow payment speed, negative patient experiences and poor security. Dwolla enables healthcare organizations to control branding and the patient experience. Streamlined payment processes and seamless integration into an organization’s current systems and flows enhance the customer experience.

Automation and digitized payments result in faster service, reduced manual errors, time and cost benefits, improved cash flow and increased payment predictability. When a patient initiates a payment through Dwolla’s API, sensitive data is replaced with tokens, thwarting bad actors and protecting patient information.

Manufacturing

Maintaining buyer-supplier relationships is critical in manufacturing. Dwolla addresses industry pain points caused by manual processes and legacy payment systems and provides a faster, more efficient solution that can foster a sense of loyalty between suppliers and distributors.

With Dwolla’s automated end-to-end payments process, payments become more predictable. Increased payment predictability improves cash flow, helps grow supplier and distributor networks, and provides quick access to capital for a variety of business needs.

Correlation IDs and webhooks help with payment tracking and status updates. Dwolla offers automatic reconciliation, and enterprises gain access to important information required to easily identify and focus on payments that need manual intervention.

Real Estate

For real estate companies, legacy technology that slows down payments costs enterprises valuable time and money, impacts vendor and supplier relationships and creates vulnerabilities that may sever trust or damage an organization’s reputation.

Dwolla's payment platform provides a reliable solution with pay by bank payment methods as well as developer resources, an elevated client experience and a consultative approach. Digital and streamlined A2A payments replace checks and legacy payment technology, providing greater payment security, faster payment processing and quicker access to funds. 

Property management platforms can even use Dwolla for embedded payments, creating and managing seamless user experiences within branded apps. 

Dwolla enables enterprises to digitally transform their payments through a single, unified and streamlined solution. As a payment service provider, Dwolla offers a replacement for legacy technology and improved payment security, data visibility and the customer experience across industries, building a strong foundation for company-wide modernization.

Interested in learning more? Schedule a payments consultation today.