Payment Portal - Frequently Asked Questions
What's the advantages of unifying all my payment methods under a single platform?
There are many benefits to both you the organization, and your beneficiaries.
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Centralized payments management
It starts with our central payments platform -- you can still make payments on a regional basis using regional staff, but if they all use the same system, you have a central point of control, audit and reporting.
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Flexible payment options
Giving beneficiaries the payment options they want is also very important. Using our branded ‘Pay Portal’, they can feel safe they are dealing with you directly, and not a scam.
Additionally, the Pay Portal enables them to control and select how they wish to get paid, and interact with the system.
Your beneficiaries can choose to interact with the Pay Portal via:
IVR |
SMS |
iPhone |
Web |
Agent (call center) |
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Direct deposit payments
Your beneficiaries can call in to our call center and provide their preferred settlement choice, and then have payment notifications setup by e-mail or SMS, alleviating them from having to login into the pay portal going forward (ie, hands-off direct deposit payments).
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Prepaid Cards
It is becoming very popular for many companies to issue prepaid cards to beneficiaries, to build brand loyalty.
hyperWALLET offers prepaid card management as an option within the Pay Portal; this enables beneficiaries to move money onto the card, remove funds and query any card-based transactions, thereby encouraging them to use the card everyday.
The fact our prepaid cards can settle in local currency yet are controlled and program-managed centrally, is unheard of in many industries.
What kind of support do you provide to help drive adoption of the service?
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Implementation & Communications
hyperWALLET has a very formal process whereby we will work with you to implement the solution, develop the tools and materials to drive communication to your beneficiaries, and encourage them to adopt the service.
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Adoption
Our experience with your peers shows that if you focus on the agent or beneficiary, you can very quickly drive adoption.
Example communications materials developed for branded Pay Portal service rollout:
Can I start with only a small pilot group initially to test the waters?
Absolutely! In fact, this is often the recommended approach.
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Pilot
We often recommend you start with the "hard countries" first, because they are exactly that -- you don’t have a bank account there, it’s a new country, you don’t want to upset or anger beneficiaries with checks when you’re trying to recruit or pay them, etc.
Starting with a pilot also provides you the time necessary to streamline your own payment administration processes and understand the true power of the hyperWALLET platform, and the resultant positive impacts of central payments administration.
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Case Study - MonaVie
As an example, our early clients (like MonaVie) have since expanded and simplified their payment operations via hyperWALLET.
In MonaVie's case, they started with 5 countries and 16 payment systems.
3 years later they have evolved to 13 countries and 1 payment system, leveraging our brandable Pay Portal and prepaid cards across their biggest markets.
MonaVie now truly has the best of both worlds:
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Branding on a domestic settling card which their distributors use everyday, vs a foreign card
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MonaVie can offer their agents/distributors bank deposit capabilities, without wire fees or the admin overhead associated with ACH payments in each country.
Are there special requirements for payments into Japan, Malaysia, Taiwan & Brazil?
Yes.
hyperWALLET operates its own bank accounts in numerous countries around the world. These accounts are ‘Nostro’ settlement accounts for the purpose of money transfer, meaning they are not used for hyperWALLET’s corporate bank needs.
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Hybrid model
hyperWALLET’s accounts can be used to settle domestic payments in all countries except Japan, Malaysia, Taiwan and Brazil. In order for you to make domestic payments in these countries, hyperWALLET would implement a hybid model.
The hybid model uses your own accounts, whereby hyperWALLET will submit the payment files and reconcile the accounts, but the funds must reside in bank accounts owned by you.
View hyperWALLET Payment Processing Model >
I need to make payments into South Korea. Do I need to setup a bank account there?
No, but you do need to have an "on the ground" business entity in South Korea.
We can point you in the right direction, and help you learn what you need to do in order to set this up.
What payment methods do beneficiaries around the world prefer?
It depends on where they live, and the maturity of the banking system.
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Direct Deposit
Most banked beneficiaries prefer bank deposit (90%), and they want to receive and access their payments quickly, without wire fees. The fact hyperWALLET can direct deposit locally into their bank account and notify them along the way, is a much more sophisticated service than even their own bank can provide.
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Mobile
The remaining 10% tend to reside in countries where the percentage of unbanked citizens is very high. Even though they are unbanked, they still have a mobile phone -- a payment channel which hyperWALLET supports, via mobile Pay Portal account & funds access.
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Cash
Providing a readily available "cash" option (ie., cash pickup via Western Union or a domestic settling prepaid card) provides beneficiaries with plenty of choice as to how they wish to receive their funds. Again, hyperWALLET offers both of these payment options.
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Airtime
Additionally, new forms of currency are also possible such as airtime credits for mobile phones, enabling beneficiaries to use their payments to top-up their prepaid airtime -- another payment feature which hyperWALLET supports. This is particularly attractive to beneficiaries in unbanked markets.
If my beneficiaries don't like using the web to manage their payments, are there any alternative solutions?
Yes!
Your beneficiaries can always use either of the following options to manage their payments, as an alternative to online access:
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Agent/Call Centre
Beneficiaries can contact hyperWALLET’s call centre and one of our agents will help them configure their local bank account, enable their payment notifications and setup their automated cash-out options for them.
Once these preferences have been set, it removes the need for the beneficiary to ever interact with the Pay Portal again, if they so choose. In this regard, the Pay Portal becomes a truly hands-off direct deposit service -- just set it once, and forget it!
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Mobile
Alternatively, beneficiaries can choose to use the mobile version of the Pay Portal to access and manage their funds while on the go, without ever having to touch a computer!
The additional convenience of having mobile funds access via WAP, iPhone app, or smartphone websites provides the ultimate in payments convenience and flexibility.
