Hyperwallet’s New Line of ‘Mass Payments’ Services Touts Control for Global Payers and Payees (March 19, 2015)
Following its February Pay World Best-in-Category win for its Paylution Prepaid Card, Vancouver, B.C.-based Hyperwallet yesterday unveiled a new brand identity and revamped product line of Mass Payments Solutions. The goal: Focus on sender- and receiver-directed options to provide more control and lower costs for global payers and payees, according to the company.
For its clients—companies that typically send more than 2,000 payments per month—Hyperwallet offers two categories of services: sender-directed, in which the corporate client determines how funds will be sent to payees—and receiver-directed, in which payment recipients are able to decide how they receive their money. The sender-directed Pay to Bank option relies on Hyperwallet’s global payments networks and eliminates a company’s bank wire and forex fees. Pay to Card enables business to load funds to a company-branded prepaid card using the Paylution platform. The receiver-directed category offers Pay by InBox, designed for infrequent or one-time payments in which the payee receives an email about payment, then chooses his payment preference (electronic or non-electronic); and Pay by Portal, a company-branded, multicurrency, self-service portal where payees can manage the preferred payment methods for recurring payments.
“Corporations have large volumes of payments to make domestically and internationally, and taking the pain and the cost out of that is a big part of the options we’ve provided,” Peter Burridge, Hyperwallet president and chief commercial officer, tells Paybefore. “Being able to do millions of [payments] at a time efficiently and cost-effectively is the problem that has to be solved and that’s what we’re doing.”
See related stories: