Product: Hyperwallet Pay Portal
Company: Hyperwallet Systems Inc.
Hyperwallet Systems Inc. is a global technology company headquartered in San Francisco. The company developed its enhanced Hyperwallet Pay Portal to include a range of self-service, responsive tools designed to enable ecommerce marketplaces to provide frictionless, transparent payouts to billions of independent sellers. The solution enables marketplace sellers to verify their identities, use preferred payment methods and track transactions on the payout portal, the company stated.
"The pinnacle of [an ecommerce merchant's] experience is getting paid, and each time they sell an item they could gain or lose trust in an online marketplace," said Michael Ting, Senior Vice President of Digital Markets at Hyperwallet. "Reliability and transparency are the value hooks that keep sellers loyal to a platform."
Providing reliable payments on the payout side is a different paradigm than how payments are accepted, Ting added. "Trust spans the entire lifecycle of a transaction," he said. "Sellers expect a marketplace platform to insulate them from anonymous parties on the other side of the world, answer their questions and provide accurate payouts, without unexpected fees."
The company noted that the Hyperwallet Pay Portal provides sellers with comprehensive tools and features designed to create a secure, compliant, end-to-end payout experience, including the following:
Hyperwallet also noted that software developers can choose from the following three options for integrating payout functionality into enterprise-scale software platforms:
Global ecommerce marketplaces can expand independent sellers' reach beyond their geographic footprints, but not all sellers are fully leveraging remote market opportunities, Ting noted. He believes access to user-friendly financial management tools, integrated payment tracking technology, and advanced compliance and identity verification capabilities will help to drive adoption and scale this growing market segment.
Hyperwallet published The State of Ecommerce Marketplace Selling in 2017: A study on the behaviors and preferences of ecommerce marketplace sellers, a report based on a survey of 1,500 marketplace sellers. The study found 53 percent of respondents want to receive payment for every sales transaction; 79 percent surveyed would switch payout platforms due to excessive fees.
The report also noted that many Americans use ecommerce marketplace selling as part-time employment to supplement their income. "Ecommerce marketplace selling is only a side gig for most sellers, in part, due to difficulty with payments and, in some cases, a lack of trust in the ecommerce marketplace," the authors wrote. "By making continued efforts to improve the payment process and increase seller trust, marketplaces will have the opportunity to process more transactions. In turn, this will help sellers reach their goal of turning this side gig into a full-time career."
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