DES MOINES, Iowa (6/8/15)--Payments provider Dwolla is dropping the transaction fees it charges on transfers of more than $10 as it focuses on bigger markets.
On Thursday, Dwolla announced it would eliminate the flat 25-cent fee on transactions of $10 or more.
Dwolla hopes the move will help it gain traction in the payments marketplace as it seeks additional business agreements, Ben Milne, Dwolla founder/CEO, told The Des Moines Register (June 5).
Dwolla is shifting its focus from person-to-person payments to the business market in which larger transactions dominate.
In February, the U.S. Treasury announced it had selected Dwolla and PayPal to process payments made to federal agencies.
Dwolla is placing its focus on similar ventures, Milne told The Des Moines Register.
Because it uses its own network for transfers, Dwolla bypasses the Automated Clearing House system, which allows the company to transfer funds at a substantially lower cost.