Surfing for Answers to Outbound Payments
Transfers. Batches. Compliance. Platforms, processes, and portals.
I don’t know about you, but all of this payments jargon used to make my eyes glaze over. When I first started at Hyperwallet, I often lamented the absence of a resource that discusses the industry—especially the outbound side of things—in an accessible way. “No, I don’t know what ACH means; let’s quit pretending that I do.”
On the bright side, I became a master Googler. But in this complex and fast-changing industry, that’s often not enough.
Personally? I think that resource ought to exist. There should be a place where newcomers can find information on the payouts industry that doesn’t feel like it’s written in another language; a place where individuals can ask simple questions without fear of embarrassment; a payments promised land.
Alright, so that’s an overstatement. But I’m going to try to make an accessible outbounds payments resource a reality—right here on the Hyperwallet website.An accessible outbounds payments resource is being built—right here. Click To Tweet
First, let me tell you a little bit about myself. My name is Garrett, and I’m fresh out of university with a BA in Communications. I also have a diploma in screenwriting, but we can discuss regrettable life choices another time. Following my graduation, I was lucky enough to be offered a spot on the Hyperwallet team in marketing. (Hold for applause.)
At the time, I didn’t have any experience in payments. Actually, I didn’t have any experience in any industry—unless we count waiting tables and mixing drinks, in which case I’m a bitter veteran. For weeks, I struggled to follow the conversations that were happening around me. Fortunately, I was working under the guidance of some of the brightest minds in the business—but even with all of that help, it was a bumpy start.
I know firsthand how unapproachable the payouts and outbound payments industries can be, and I want to help others cut through the complexities that keep them on the outside. Sure, I’m still fairly new to all of this, and I don’t have all the answers. If you’ll indulge me, though, I’d like to make the case for a fresh set of eyes.
We’ve all seen those travel shows on TV: someone travels to an exotic place with a camera crew and only a basic knowledge of the history, culture, landscape, and so on. As they explore the location and learn more about it, they convey that information to their audience in an accessible way.
For me, outbound payments are still that exotic place. I’ve been here awhile, but I can still have trouble with the local language.
So, yeah, I might not know everything there is to know about sending commission payments or processing earnings for workers in the on-demand economy. However, I do have access to a valuable resource: the payout experts here at Hyperwallet. With their help (and occasionally with the help of one of our many clients) I’m going to use this space to explore the complexities of the industry—and, if you’re willing, I’m going to take you with me.
Technology and Its Impact on Outbound Payments
Over the coming months, I’m going to spend a lot of time writing about something that I do understand: technology. I’m no developer, but I am a digital native, and I recognize as well as anyone the dramatic effects that recent technological innovations have had on businesses. In our mobile-ready, cloud-based, wearable world, that oft-repeated prophesy has become increasingly menacing: “Adapt or die.”I'm a digital native and I recognize the dramatic effects that technology has had on businesses. Click To Tweet
And it’s true; there’s no stopping this technological tidal wave. It’s here, whether we like it or not. Fortunately, companies still have an opportunity to harness this digital revolution and make it work for them. Some businesses might see technology as a harbinger of death—I see it as a harbinger of opportunity. Here on Voices, I’m going to be outlining the ways that organizations can utilize modern technologies as part of their payments approach in order to make both their business, and their workforce, more successful.
Companies have a decision to make: grab a surfboard, or be swept away. Perhaps the Ninja Turtles said it best: “Cowabunga, dude!”