Bank Account as a Transfer Method
Traditional banking methods have been slow to catch up in the digital age, where users are coming to expect almost-instantaneous delivery of funds. Still, most third-party payout providers offer wire transfer as their only bank account transfer method – a notoriously slow and expensive process.
PayPal’s payout capabilities, powered by Hyperwallet, allow you to send and disperse funds globally and securely with local-to-local direct deposit technology. Available in 90 countries, this payout method is not only faster and more transparent than traditional wires, but it also helps payees avoid costly bank lifting fees and foreign exchange flips. This local rail deposit alternative ensures convenience, speed, and – most importantly – happy payees.
Bank Account allows payees in 200+ countries and regions to transfer their funds directly into their bank accounts using their local currency.
How The Bank Account Transfer Method Works
Bank Account is available to payees as a local direct deposit where available. In areas where local-to-local bank transfer technology is not available, payees will be able to transfer funds to their bank account using traditional wires.
In both the direct deposit and wire transfer options, payees are required to enter their account number, account type, and bank details, as required by their financial institutions. Once requested, funds are transferred to the payee’s bank account for use within 2 business days with direct local deposits, and up to 5 business days with wire transfers.
Offer Bank Account as a Transfer Method to Your Payees
As a merchant, you have two options for enabling Bank Account for your payees. If your Hyperwallet payout solution features a Pay Portal Payout Experience, Bank Account will appear as a payout option on the Transfer Method screen. View the explainer video below for more details.
The Bank Account transfer method can also be offered as part of an Embedded Payout Experience using Hyperwallet’s Transfer Method Drop-in UI or through the REST API.
Hyperwallet’s robust banking network is constantly growing in order to serve payees around the world with more local bank transfer capabilities. Check out Hyperwallet’s Bank Account transfer method documentation to learn more about integration. Provide your payees with fast, local, direct deposit payment functionality.
Contact a Hyperwallet Payout Solution Expert today for more information and pricing details.
