We had a big year here at Trolley, full of new product launches and tons of feature additions and improvements to workflows. We even placed #23 in Canada and #153 across North America on the Deloitte Technology Fast 50 and Fast 500 lists—an accomplishment we could never have achieved without our customers.
To wrap up the year, we’re taking a moment to look back at what we were up to in 2023, and the ways we’ve made making payouts faster, smoother, and more efficient than ever before. 🚀
Table of contents
- For developers
- Migration tools
Support for Venmo payouts in the US
Venmo is one of the most popular payment methods in the US. So, we added the ability for users to make Venmo payments in USD directly to recipients in the United States, Puerto Rico, Guam, and the US Virgin Islands.
Expanded payment routes across the globe
Throughout the year, we made significant updates to our global and local routes enabling merchants in every country to send faster, cheaper, and trustworthy payouts across the world. Here are just a few of them:
- We enabled PayPal payouts to Bahrain, Ivory Coast, and Turkey
- Canadian- and UK-based merchants can send to Bolivia, Paraguay, and Uruguay, using local routes and the respective local currencies
- Merchants based in Europe can make payouts to Bulgaria via wire transfer
DAC7 product launch
As the EU launches its tax compliance framework for online marketplaces, we want to ensure your payouts within the EU are tax compliant. We launched our DAC7 compliance product so you can send payouts to 27 EU Member States without worrying about the regulation hurdles and save time for your finance and tax teams.
It features robust support for all four activities reportable under DAC7 and comprehensive EOY reports in XML format to ensure smooth reporting to EU tax authorities.
Added support for Form 1099-K
While the implementation of the $600 threshold for reporting has been delayed (again), it’s still on its way. When the reporting threshold for Form 1099-K is reduced to $600, most US-based marketplaces that haven’t needed to file 1099-Ks will have significantly increased demands.
Form 1099-K has been added to our existing IRS Tax product, allowing you to:
- Collect Forms W-8 & W-9 electronically
- Map all relevant payments to 1099-K categories
- Review recipient earnings at the end of the year
- Send PDFs of Form 1099-K to recipients electronically or via postal mail
- E-file Forms 1099-K directly with the IRS through the Trolley Dashboard
Read our detailed blog post to learn more.
New ERP integrations
Trolley Sync launched at the beginning of the year with the ability to pull bills and vendors from Xero and QuickBooks Online into Trolley, and it’s seen some huge improvements throughout 2023.
Major mid-year updates
Around the mid-year mark, we made Sync a truly bi-directional product. Trolley Sync users can have their bills marked as paid in their ERP or accounting software as payments are sent, automating both bill and recipient creation and then marking them as paid.
Then, we added a highly requested ERP integration: Oracle NetSuite.
Adding journal entries and general ledger reconciliation
In November, Sync got its biggest expansion yet—journal entry workflow capabilities. The journal entries flow lets you make payments in Trolley, then automatically pushes those transactions to your ERP system as both general ledger items and journal entries once the payments are successful.
Sync is now equipped to help automate your finance or accounts payable team’s payouts and reconciliation processes regardless of what your workflow looks like.
New KYC & IDV tools
As KYC compliance rules are tightened up and more countries require you to verify recipient identities before sending payouts, we built a native ID verification tool directly into Trolley. Now you can digitally verify the identity of your recipients using AI and collect ID documents from 200+ countries.
Trolley IDV uses live, multi-step ID verification technology to validate the identity of your users, offering you the data and validation you need to fully trust new signups and move forward with your growth.
Trolley IDV includes:
- Identity & document verification: Collect and validate IDs versus 11,000 official government ID templates from over 200 countries.
- Live photo validation: Use the power of image recognition to ensure the uploaded ID is from the actual person submitting it.
- Proof of address and age comparisons: Verify details provided during onboarding, such as address and DOB, with the ID document.
- Monitoring dashboards: Manage the KYC and IDV process from a single screen where you are alerted to actions you may need to take.
Updated SDKs now available for all languages
Postman collection launch
As of May, developers can easily evaluate and use Trolley APIs without writing a single line of code.
We added a collection of all Trolley APIs to a public Postman collection, enabling you to generate code samples of successful API calls and start playing with our APIs.
We added new low-friction ways for you to import recipient and payout history into Trolley. Everything from recipient data to validated bank information, W-8/W-9s, and KYC details can be imported via CSV or our powerful API.
- Import W-8/W-9 information
- Validate recipient data
- Import payment data
- Import KYC or identity verification data (coming soon)
Aside from these big updates, we also added a ton of minor features as well as workflow improvements to make your payout processes more efficient. Read our product newsletters from February, May, July, and November to learn more.
Happy holidays from the Trolley team, and here’s to another successful year! ❄️