A digital wallet (also known as an e-wallet) allows users to make electronic commerce transactions quickly and securely. A digital wallet functions much like a physical wallet.
The digital wallet was first conceived as a method of storing various forms of electronic money (e-cash), but with little popularity of such e-cash services, the digital wallet has evolved into a service that provides internet users with a convenient way to store and use online shopping information. The best known example of the e-wallet is PayPal.
The issue in the market is the e-wallet paradigm has largely been applied to e-commerce and merchant payments; however, over the last 10 years, hyperWALLET has built a business solving the micro-payment challenge for outgoing payments.
For a lot of industries, the issue is outgoing cross-border micro-payments.
Lets look at the following dilemma, using a direct sales company with the following payment profile:
What payment options are typically available for this company in the market?
The cost control route often taken by companies with these challenges is also one that introduces a lot of hidden cost and complexity.
Often, the chosen route is to invest considerable effort in setting up foreign bank accounts in each country so they can make a series of domestic payments. This is not a practical solution when dealing with multiple countries.
The requirement to administer, fund these accounts and most significant of all, maintain the agent bank details make this a very complex offering for any company not dedicated to cross-border payments.
hyperWALLET’s business is about solving this situation. Much like PayPal for merchant payments, hyperWALLET has innovated by evolving the e-wallet into a set of services that companies can utilize without the burden of managing beneficiary bank accounts.
Because the company making the payments usually brands the service, the agent facing functions are better framed under the term Pay Portal. It is best thought of as an extension to their payroll or accounts payable process.
The self-service element drives down costs for both the company and its employees whilst providing a range of additional services:
The hyperWALLET Pay Portal supports both the business account management used by the company, and a personal account management component used by the beneficiary.
The benefit to the company is simplified payment, administration and operational cost and time savings. Integrated account management, reporting, tracking and reconciliation of payment data across multiple international jurisdictions is simplified.
Our payment platformt easily integrates with existing back office financial systems and is available as a hosted turnkey service or as a licensed solution. This makes on-demand, global payment scenarios supportable out of the box, without the need for additional technology infrastructure.
The hyperWALLET platform provides a centralized database for payments, improving risk management for all transactions. It also includes an extensive set of fraud detection processes and 3rd party risk management services.
From your employee's perspective, the platform provides a secure and private pay portal account that features multi-currency balances, detailed transactional history and receipting, email notifications, and a suite of easy-to-use payment options.