Hyperwallet business payouts in Australia. How does it work

Making mass payments across the globe for small and medium-sized businesses in Australia is more commonplace than you’d think.

It’s possible to do this in one transaction, and many online fintech companies are ready to facilitate this task for you. Hyperwallet is one. We’ll look at how it works and the different transfer methods.

Then we’ll take a brief look at what Wise can offer as an alternative.

Discover the Wise
Business account

What is Hyperwallet in Australia?

Hyperwallet is another member of the PayPal family and offers 9 different ways to make payments to staff, suppliers, or contractors, in bulk, in one transaction.

Although a US-based company, It’s registered with the Australian Securities and Investments Commission and holds an Australian Financial Service Licence No. 499092.¹

Hyperwallet mass payments and the main features

The main features of Hyperwallet for Australian small and medium-sized businesses are¹:

• One payout - multiple payees (up to 5,000 per transaction); there are 2 options here, via its payout web, or integrate with your PayPal business account

• Fast implementation - it’s done in 3 steps

• Upload a file of the payment details

• Review it to confirm it’s correct

• Click ‘send payout’

• Integration via API, file transfer, or web upload

• Detailed payout history from your PayPal business account

What are the transfer methods with Hyperwallet

Hyperwallet offers the following 9 transfer methods²:

PayPal

As part of the PayPal group of companies, this is the default option for payouts. The benefit of this option is that the payout is almost instant, and funds can be used wherever PayPal is accepted.

Venmo

US customers can select Venmo as a payout option. The benefit is that it can be branded to reflect your business name and logo.

Bank account

Have the funds paid directly into a local bank account via wire or bank transfer. Payout coverage is in over 200 countries. It’s one of the slower options, though, as it can take up to 5 days for the funds to arrive.

Direct to debit

Visa or Mastercard debit card holders can receive payouts directly to their cards and then transfer them to the linked account. US customers only.

Prepaid card

The Hyperwallet prepaid card gets loaded with funds, which can be accessed and spent immediately wherever Visa or Mastercard is accepted.

Virtual card

Hyperwallet’s prepaid card is also available in a digital format for those who make online purchases only.

eGift cards

An alternate for US customers is to have the funds loaded to a prepaid gift card for use via a catalogue from over 30 stores.

Cash pickup

Run via the MoneyGram network; cash can be collected in local currency in over 200 countries.

Paper cheque

A final alternative for US customers is a paper cheque which USPS delivers; this is one of the slowest forms of receiving a payout as delays can happen due to the distribution network.

Which currencies are supported?

There are several ways to conduct payouts; the one that offers the most currencies is PayPal. Its payouts are available to 115 countries in these 24 currencies³:

What are the Hyperwallet fees

Hyperwallet fees are complicated to understand as they vary based on the payout method and the countries of origin and receipt. Fees may apply to both the payer and the payee⁴.

If there are fees for the recipient, you can choose to pay those as part of the transaction by ticking a box.

How to add Payouts to your PayPal business account

The Payouts facility isn’t automatically available to every PayPal account holder. There are some steps to take to set the process up.

First, a personal PayPal account isn’t enough. Australian business holders can apply for a PayPal business account.

The next step is to request access to PayPal payouts. Once again, it’s not automatic or guaranteed. PayPal will ask you some questions about your business needs to ensure payouts is the right fit.

While waiting for the decision — delivered via email —you can test and set up the integration with your sandbox accounts.

Once approved, you need to choose which of the three methods you’ll use for uploads from Hyperwallet:

• API integration
• Large Batch
• Payouts Web

Payouts can only be actioned if there are enough funds in the PayPal business account to cover the complete transaction including all fees.⁵

Contacting Hyperwallet business

There are 4 ways to contact Hyperwallet customer service.

• Live chat with a representative
• Chat with its AI for straightforward questions and answers
• Submit a request via an online form
• Call in Australia 1 800 952 928

Wise Business account

Do you operate a business in Australia and wish to make international payments or provide customers with a local account number? Wise may be able to help.

The Wise Business account lets you make international transfers in over 40 currencies to 80 countries. Each transfer has a small upfront fee and is made using the transparent mid-market rate as you’d see on Google.

You also get local account details in 10 major currencies, including AUD.

Find out if Wise can help your business save money today.

Register for a Wise business account
in minutes 🚀

Sources: