Dwolla - Paypal alternative

[gtmtnbiker]

I came across this article about a company named Dwolla who is out to replace credit cards & paypal. The article is an interesting read.

They charge the same fee ($.25) to the receiver of the money no matter how much money you move whether it's $1 or $1000.

I haven't tried it yet but it might be a good alternative to PayPal for some people.

[gtmtnbiker]

Just got an email from them that transactions under $10 are free. Cool. Paypal charges $.27 + some % of the transaction.

Another PayPal alternative is to use your checking account "send money" feature which is free. One of my banks (ING Direct, Evergreen) offers this. The person who you're sending money to needs to provide your bank routing & account number. You input this into a form which sends an email to your contact asking to verify the info is correct. Once they accept, the money is transferred into their account.

If you're concerned about giving your routing/account number, keep in mind that anyone who has ever cashed a check from has this info since it's on the bottom of every check.

[sunflakes]

i think paypal is more reliable than dwolla, just my 2 cents.

[harper]

i think paypal is more reliable than dwolla, just my 2 cents.

It may be more accredited but that doesn't mean that there can't be newer, more effective and maybe even cheaper ways of doing things. The bad news for this dwolla is that they will have to build up a reputation before people (such as yourself) just up and make the switch. Or it could be a huge scam. Who knows. haha

[gtmtnbiker]

i think paypal is more reliable than dwolla, just my 2 cents.

Have you actually used Dwolla?

I read somewhere that American Express is trying to get into the paypal type of payment as well. More competition can only mean lower prices.

[sunflakes]

Haven't tried yet. :

[Jontendo]

Once they go international, then PayPal can start worrying.