Cash Pickup as a Transfer Method
Marketplaces and enterprises with freelancers and on-demand workers are seeing an increase in the underbanked and unbanked payee population, along with an increase in the need for a seamless payout solution. Hyperwallet has partnered with global money services provider, MoneyGram, to offer payees the option to collect their funds in the form of cash. Transactions are processed securely and made available for pick up within 30 minutes to 1 hour¹ in any one of the providers 350,000 agent locations worldwide.
How Cash Pickup Works
Within the Pay Portal Payout Experience, payees can select MoneyGram as the transfer method from the Transfer Center. Once MoneyGram has been selected, payees can initiate a cash pickup by entering the amount of funds they wish to collect. When the transfer request is confirmed, payees will see details of the transfer, including the processing time and fees¹ (which vary by country). They will also receive an email confirmation of the transfer, which will contain a reference number. This reference number must be presented by the payee at the MoneyGram agent location (along with a piece of government-issued ID) in order to collect their funds.
The minimum and maximum dollar limit per transaction are $10 USD and $9,100 USD (or equivalent) respectively. That being said, there are no daily, weekly, or monthly limits on the number of cash pickup transactions that a payee can make from within their Transfer Center. Payees are responsible for picking up their funds at an agent location within 30 days. Funds are returned to the payee after the 30 day collection period expires, less any associated processing fees.²
Offer Cash Pickup As a Transfer Method to Your Payees
If your Hyperwallet payout solution features a Pay Portal Payout Experience, cash pickup will appear as a payout option, under the MoneyGram logo, on the Transfer Method screen.
Cash pickup is currently not supported in an Embedded Payout Experience. Check out Hyperwallet’s Cash Pickup transfer method documentation to learn more about this payout option.
If you’re a global enterprise or marketplace that recruits unbanked or underbanked workers, cash pickup is definitely a transfer method worth considering. Contact a Hyperwallet Payout Solution Expert today for more information and pricing details.
¹ Subject to MoneyGram; payment availability may vary by location.
² Depending on the Payout Model implemented, uncollected funds may be returned directly to the merchant.