Business Insider interviews Ben Milne, founder of an online payment system called Dwolla that charges a flat fee of $0.25 per transaction (unlike Paypal, Square, credit card companies, which charge a percentage).
We hear you're making credit card companies angry. How are you doing that?
Ben Milne: Ultimately we're trying to build the next Visa, not the next PayPal. We're building a human network based on how we think the future of payments will work. The current model needs to be blown up.
Dwolla started out of my old company. I owned a speaker manufacturing company and we sold everything directly through a website. I got really obsessed with interchange fees and how not to pay them. Every time a merchant gets paid with a credit card they have to give up a percentage. In my case, I was losing $55,000 a year to credit card companies. I felt like they were stealing from me -- I was getting paid and somebody was taking money out of my pocket.
So I thought, how do I get paid through a website without paying credit card fees? We pitched a bank, and amazingly enough they said, "We'll give it a shot."
That was three years ago, so we've been working on the project for a really long time. In December of last year we figured out how to legally do what we do.
How many transactions are you doing?
The average transaction volume for Dwolla is right around $500 dollars. We move between $30 and $50 million per month.
This 28-year-old's startup is moving $350 million and wants to completely kill credit cards (Via @shiralazar)
• Amazon’s new Chinese thermal spycam vendor was blacklisted by U.S. over allegations it helped China detain and monitor Uighurs and other Muslim minorities
Mark Di Stefano of the Financial Times is accused by The Independent of accessing private Zoom meetings held by The Independent and The Evening Standard as journalists were learning how coronavirus restrictions would affect them.
Hackers tried to break into the World Health Organization earlier in March, as the COVID-19 pandemic spread, Reuters reports. Security experts blame an advanced cyber-espionage hacker group known as DarkHotel. A senior agency official says the WHO has been facing a more than two-fold increase in cyberattacks since the coronavirus pandemic began.
“I probably use my chef’s knives more than any other tool in the kitchen.” – Bobby Flay, celebrity chef Cooking at home has taken on a whole new life in the wake of COVID-19, and even with restaurants slowly reopening across the US, there’s heavy reason to suspect that more of us preparing more meals […]
More than half of you think the best way to manage your passwords is to just keep ‘em safely stashed away in your own noggin. Meanwhile, there are also bunches of you that favor saving passwords in your browser, putting them in a spreadsheet or just writing them down on a piece of paper or […]
With all the website builders on the market, it can feel overwhelming to choose the best one for your needs. The most important things to look for are usability, flexibility and a professional look and feel. That’s why over 180 million people use Wix to create the website of their dreams. Here are the top […]