We are excited to announce that Heart4Children is now accepting Dwolla payments! For those of you who do not know what Dwolla is, let me give you a little run down.
Dwolla is essentially on online payment platform very similar to PayPal, but way better! It is essentially like setting up a wire from account to account, but without the hassle, limitations and outrageous amount of time involved.
Remember the old donation process? Everything was done through Paypal. Don't get me wrong, Paypal is wonderful if you don't mind that every single time you donate, they steal 3% of what you are giving + a .30 cent transaction fee for every donation. Yeah! Bet you missed that in the fine print!
So, the Heart4Children team started researching how we could eliminate transaction fees. We pride ourselves on operating with only 2.8% expenses for the year, and we want to keep it that way! Dwolla has received recognition from some of the most notable names in the financial industry including: Forbes, BusinessWeek, and the New York Times. After hearing about them several times, we decided that it was worth investigation. This is what we found:
Cost to send money: $0.00
Cost to receive money in amounts greater than $10.00: flat rate of $0.25
Cost to receive micro payments (amounts less than $10.00): $0.00
Cost for auto withdrawal: $0.00
Cost for manual withdrawal: $0.00
Cost to open Dwolla account: $0.00
Okay! So they had us at $0.25 for any donation over $10.00. That may not mean a thing to you, but let me take a minute to explain to you what that means for us as an organization:
Lets just say that in 2012 we had 100 online donations of $1000.00 each, totally $100,000.00. With our old online donation system, the total in fees alone would be (hold your breath!) $3,030.00!!! I'm not kidding! With Dwolla, the fees for the exact same transactions is $25.00! Phewww that sounds much better!
I know what you are thinking, What's the catch?
I know it is hard to beleive, but there really isn't one. The only hassle is that you have to set up an account. You had to do the exact same thing with PayPal, but trust me, this one is much more simple and much more user friendly.
How do I get started?
The most difficult part of the process is setting up your account, which takes all of 5 mintues. You can do this one of two ways:
1. See that icon to your left? Yes, the one that say "We accept Dwolla!", Click on it. It will take you to a HUB page, which is a fancy tech term for an online payment page. It looks a little something like this:
Once you have filled out the information, you can choose to Create and Account and it will walk you through the step by step process of how to get set up. Once you are set up, you can manage your transactions online at any time. You have the option of setting up multiple donations that will automatically transfer once a month, or you can manually send donations.
2. Go online to www.dwolla.com and sign up through their website.
Once you have set up an account, there will be a couple of days down time in order to verify your bank account. Dwolla will deposit 2 transactions into your account and you will be required to verify the amount deposited. After verification you are good to go! You will be able to login from any computer, or download the app to your smartphone and make donations from anywhere!
They asked me for my bank info? Isn't that dangerous?
We asked the exact same question. If we are going to ask you to trust an online payment system, we have to trust them too! Here is what Dwolla had to say when asked about safety:
Yes, that was a bit long-winded, but we want you to have all of the information at your fingertips!
We are excited about this step forward. We like to think of it as - we are WAY ahead of the curve! Ideally we would like to see every single one of you start using Dwolla! So, what are you waiting for?!
If you have questions about how to use Dwolla, or would like assistance setting up an account, contact us at: email@example.com