App Stores

 

The App Developer Payment Challenge

 

	Payment challenges for App Stores & Developers >

Overview

 

The App Store market is undergoing explosive growth. Analysts estimate that there are currently 19M developers around the world, and predict 50 billion app downloads by 2012. 

 

App Stores paying developers and suppliers around the globe often struggle to make payments that are cost-effective and operationally efficient:

 

• Developers want timely payments, without restrictions on monetary value, regardless of location
  
  
• Traditional payment methods often incur high distribution costs
  
  
• Payment processes can be resource-intensive, administratively
  burdensome, as well as inconvenient for the payment recipient.

 

 

Example payment challenge:

 

A developer in Romania will very likely register their App on many different stores, and those stores will sell the App in different currencies. This creates a massive administration burden on the Apps store, which before hyperWALLET had limited payment options:   Checks and Prepaid Cards: as the only products that do not require the App Store to manage developer bank details, these tend to be preferred, yet neither are suitable for the developer (high fees and time delays make them unattractive to the developer).   Wires: Banks and FX companies offer wires and whilst faster, the fees are prohibitively high, and place the administration burden of the developer bank account on the App store.    Domestic Bank Accounts: The only conceivable solution prior to hyperWALLET was for the App Store to setup bank accounts around the world in order to make the payments domestically. This is unsuitable as foreign accounts are expensive to administer.

 

 

Realize Significant Cost and Time-Savings

 

 

hyperWALLET's platform and network are the solution

 

	Benefits for App Stores Deliver payments worldwide quickly, securely and cost- effectively Eliminate expensive wire transfers and check payments Provide clients with immediate online access to royalty funds in their native currency Detailed online reporting for easy reconciliation Secure and highly configurable administrative access to process payments
	Benefits for Developers Receive payments directly into a secure online account Easily transfer funds to personal bank accounts Receive email & SMS alerts when royaly funds are deposited Easily track transaction history

hyperWALLET gives App Stores the ability to pay App developers worldwide via a self-service pay portal, bypassing the traditional problems and costs of
international micro payments.

 

As a 100% electronic, multi-currency and global payment solution, hyperWALLET's payment platform and global payment network provide a significant reduction in costs, time and overhead compared to expensive wire transfer payments, paper-based payment methods, and the management of international banking relationships.

 

 

Save time and money on app developer payments

 

Sending paper checks worldwide costs time and money -- typical check production and distribution costs range from $10.00+, and take on average 10-15 business days for funds to clear domestically, or 20-30 business days for international recipients. Wire transfers are generally prohibitively expensive, averaging $30.00 - $50.00 per transfer.

 

hyperWALLET's payment solution provides significant cost savings in the range of 75% compared to wire transfers, and massive time savings compared to checks by reducing payment distribution and clearing times to
same day or next day, at an average total cost of only $3.00.

 

 

Make quick and low-cost royalty payments

 

With hyperWALLET, sending developer royalties anywhere can now be quick, easy and cost-effective while providing your payments administration staff with a suite of powerful tools that make it easy to manage all outbound payments.

 

 

Maintain Developer Loyalty

 

Offer flexible payment services

Developers rely on income generated from App Stores to run their business. With over 100 App stores on the market today, that’s a lot of options! hyperWALLET's payment platform supports numerous delivery options to provide the ultimate in corporate and recipient payments flexibility.

 

For example, once a payment has been credited to the developer’s account, the developer can sweep their earnings to their local bank account in their native currency, or simply choose to receive their earnings in the form of a cash pickup at retail agent network locations, such as any Western Union worldwide.

 

 

Gain competitive advantage

 

hyperWALLET's payment platform gives your App store the opportunity to pay developers faster and decrease the minimum payment threshold, thereby increasing developer loyalty to your App store and giving you a significant competitive advantage in the marketplace.

 

If multiple stores are using hyperWALLET, a developer will receive all payments into the same portal.  This enables them to receive royalties in different currencies, and sweep their payments into their local bank account.