In facilitating cross-border distributions in multiple currencies, Hyperwallet offers to serve as a one-stop-shop for organizations that are looking to make payouts. The company enables foreign currency transactions, keeps a check on payee registration and support, complying with KYC and AML documentation, establishing relationships with local banks, and offers multiple payment methods to payees.
|Early Termination Fee||Variable|
|Contract Terms||1 Year|
Established in February 2000, the San Francisco based Hyperwallet allows businesses to quickly and seamlessly transfer payouts worldwide to their contractors, employees, and suppliers. The company uses SaaS and API integration technology to offer its solutions to organizations. Companies like PayPal, Stripe, and Venmo have long offered users ways to transfer funds among each other. Hyperwallet makes this possible globally, without businesses having to deal with the headaches of currency exchange rates, setting up relationships with foreign banks, payee documentation, and compliance with international financial transaction regulations.
The tailwinds for payout platforms have been forming for well over a decade. Innovative technologies and infrastructure such as smartphones and app platforms offered novel ways to address old problems such as prohibitively expensive cross-border payments or quickly and easily splitting a dinner bill and paying your share of it among friends. Technology has also pioneered the rise of global eCommerce, the gig-economy, and lately, “touchless” and “cashless” interactions. Technology has also enabled individuals and companies to have face-to-face conversations to procure goods and services without a hitch. However, businesses were often perplexed on efficiently managing payouts and all the myriad of red-tape involved with it.
Hyperwallet doesn’t execute payment processing and has no offering of point of sale terminals or merchant services. The company does offer B2B and B2C payment channels that include local bank transfers, wire transfers, prepaid cards, and loyalty programs. Visa partnered with Hyperlink along with other Fintech platforms in 2016 as a means to integrate itself into the fast-growing payout sector. PayPal bought the company in 2018 for $400 million.
Hyperwallet Pros & Cons
Payout method optionality.
Faster fund delivery.
Local currency payout preferences.
Dedicated customer support.
Hyperwallet Products & Services
Hyperwallet is a payout platform that distributes funds to payees worldwide on behalf of its customers. The company’s clientele is mainly large enterprise customers, and marketplaces and Hyperwallet allows them to payout their suppliers, contractors, freelancers, and staff. It will enable transactions to be conducted via a SaaS platform or API integrations. Businesses can complete payout transactions via
Local Bank Wire Transfer – Local bank partnerships allow Hyperwallet to transfer funds directly into payees’ bank account in their local currency.
Wire Transfer (SWIFT) – Hyperwallet offers the typical way of transferring funds globally with banks that use the SWIFT banking network.
Paylution – Payers can transfer funds directly into prepaid cards.
Cash Pickup – Payees can pick up cash from either a MoneyGram or Western Union branch worldwide
Check Delivery – a USD check delivered to a US address or a CAD check delivered to a Canadian address.
Hyperwallet Advertising & Sales
Hyperwallet does not offer traditional merchant services but rather targets enterprise-level clients or marketplaces. There is no mention of the company employing independent sales teams to market their SaaS solution. Only seven complaints have been filed against Hyperwallet in the last three years with the Better Business Bureau, none pertained to false or deceptive advertising.
Payees that are impacted by its fees and the exchange rate at which funds paid out to them in their home currency have mentioned on online forums that they are better than many competitors.
As the firm does not offer merchant account services, it does not have any POS terminal pricing.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
Hyperwallet Pricing, Rates & Fees
There is a lack of details available about Hyperwallet’s pricing plans and fees. However, based on a bit of research, we were able to find disclosure of pricing and fee options from marketplaces and payers, which have partnered with the company.
Local Bank Transfer Fee – $3.00/ Transfer
Direct To Card Transfer Fee – $1.75/Credit card $2.50/Debit card
Cash Pickup Fee – This depends on the pickup partner; for Western Union its $20.00/Cash Pickup, while for MoneyGram, it’s $8.00/Cash Pickup
Service Fee – You pay $3.00/month if you leave your funds in your Hyperwallet for more than 90 days.
One cost that is not disclosed by Hyperwallet, but it is a cost payees are generally universally cognizant of; the foreign currency exchange rate at which funds are transferred. The exchange rate is lower than the open market exchange rate but better than banks and some other payout platforms based on various online forums.
Pricing At A Glance
|Mobile Payment Rate||Variable|
|Virtual Terminal Rate||Variable|
|Payment Gateway Fee||Variable|
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
|Address Verification Service (AVS)|
|Account Setup Fee||Variable|
|Gateway Setup Fee|
Hyperwallet Contract & Terms
Unlike merchant account firms, Hyperwallet does not offer services that carry terms specific to payment processing agreements. Thereby you won’t find fees for PCI compliance, gateway fees, or language pertaining to POS terminal costs and leases. There may be termination fees, but we have not seen that this applies to a company like Hyperwallet based on our research. Nonetheless, contracts should be thoroughly reviewed for them.
There was no pricing disclosure or language about costs by Hyperwallet on its website or marketing. In our opinion this could be a result of the company usually working with large corporate clients or marketplaces. Rates for such clients are mostly tailored to specific client needs and often extensively negotiated.
Hyperwallet Setup & Support
Setup for the Hyperwallet platform is rather is easy, and it’s increasingly a choice of many marketplaces. Some payees have complained about the ability to withdraw payments from their accounts or the setup time is too long to open an account with Hyperwallet. It is important to consider Hyperwallet’s compliance needs for paying out global transactions to very strict regulations such as KYC, AML, and CFT.
We see these complaints few and far between and mainly view it as a testament to their compliance culture.
The company has the phone and live chat support to address client inquiries if their FAQ section does not answer them.
Hyperwallet Complaints, Ratings & Reviews
Hyperwallet is not an accredited entity with the Better Business Bureau (BBB), which has given Hyperwallet an A+. The firm has had seven complaints against it in the last three years and two in the last twelve months. All of the complaints were answered by the company on the BBB website.
|BBB||A+ (7 Complaints)|
|Total Online Reviews||60+|
|Total Online Complaints||<10|