By a News Reporter-Staff News Editor at Information Technology Newsweekly -- Dwolla, a payment network used by thousands of businesses and consumers to move millions of dollars each day, and Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, announced they have signed a new, multi-year agreement for Alliance Data's Retail Services business to provide a cardless private label credit product for the Dwolla payment network. Dwolla uses the Internet to create its cardless network of mobile phones, computers, and even physical locations to bypass traditional card systems, allowing transactions inside its network to take place instantly and at a cost of 25 cents per transaction, or at no cost for transactions of $10 or less.
Within the Dwolla payment network, Alliance Data will provide the newly launched credit program, called Dwolla Credit. Once approved, consumers can use Dwolla Credit immediately and for future purchases at participating businesses found in Dwolla's new Storefront directory (www.dwolla.com/storefront). Businesses that accept Dwolla Credit will continue to enjoy the same low $0.25 transaction fee on payments over $10, with payments of $10 or less being completely free. Interested consumers and businesses can register for access at realtime.dwolla.com.
"Credit is not new--but providing it on a real-time network that removes interchange fees, supports the evolution of credit, and provides a means of cardless payment--is, and that's what Dwolla Credit does," said Ben Milne, chief executive officer and founder of Dwolla. "Alliance Data's deep experience and the true interest they have in our company will not only lend a new level of convenience to our community of users, but will also give them front-row seats to what we believe will be some really great innovations to credit."
"We're thrilled to partner with Dwolla, a nimble and forward-thinking company, to offer a convenient credit solution through the Dwolla network, for today's mobile, time-starved consumer," added Melisa Miller, president of Alliance Data Retail Services. "The relationship between Dwolla and Alliance Data further expands our reach into the evolving payments industry, to leverage our customer marketing and analytics, as well as our digital expertise. This reinforces our pursuit to bring innovative payment solutions to businesses and consumers--wherever and whenever they need them."
Keywords for this news article include: Marketing, Advertising, Information Technology, Information and Data Systems, Alliance Data Systems Corporation.
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