A financial technology company with roots in Vancouver, British Columbia is trying to transform the way companies handle payments to freelance workers.

Hyperwallet, which also has offices in San Francisco and Austin, thinks its flexible payment options is an ideal fit for the growing elastic workforce – defined as a mix of permanent and contract or freelance workers.

At DeveloperWeek 2016 in San Francisco last week, Chief Product Officer Bill Crowley told CMSWire about the 10-year-old company's global payouts process for businesses around the world.

Expanding Choice, Flexibility

The company addresses several realities of the digital workplace, including global workforces and a need to pay them as efficiently as possible.

Many companies are expanding into new markets, both domestically and abroad, and need to pay an increasing number of dispersed workers. In addition, those contract and freelance workers — wherever they are located — want to be paid quickly and easily, especially since many juggle more than one job. 

Hyperwallet focuses on peer-to-peer transfers and a flexible choice of payouts, from cash delivery to prepaid cards and checks.

“One of our principles is payee choice,” Crowley said. “Not everyone has a bank account [or wants to] receive in a bank account.”

It also offers a host of integrated support features, including payment tracing, expense management and deduction tracking to simplify reporting and speed resolution of issues.

Global Markets

bill crowley
“From day one, we were multi-currency,” Crowley said. “There just isn’t that global rail. [With us] integrating all these different domestic networks through our platform, we effectively become our own rail and move money from one country to another.”

The company operates in 170 countries and 150 currencies. A team of six business development staffers maintain relationships with multiple banks, which is how Crowley said Hyperwallet keeps international and transaction fees down.

Payout as an Afterthought

Even large companies are still managing payouts manually, but Crowley said the industry is ripe for change. Building applications before figuring out payouts means businesses have to deal with expensive wires and multiple processes, which results in inefficiencies and loss of time and money.

Technology companies should provide convenient, frictionless customer experience, he added.

To that end, Hyperwallet has been focusing on APIs (or application programming interfaces), which Crowley said have the power to "facilitate beautifully symbiotic relationships" ... when integrated properly.

The idea is to give developers the ability to integrate the Hyperwallet API directly in their applications so users aren’t bounced around to external sites to complete transactions, as they are, for example, with PayPal. The company's public API release is just around the corner.

In a recent blog post, Crowley noted that Hyperwallet’s original software as a service payment solution was designed to take "all the hard stuff — administrative hassle, compliance risk, distribution issues, and so on — off of our clients’ hands."

Now, through the use of Hyperwallet's payout APIs, the company said it can offer this same payment technology "through a simple, streamlined integration. Once hooked in, our platform requires three basic instructions to execute a payment:

  1. Who: the person you want to pay
  2. How: the transfer method the payee wishes to use
  3. What: the amount of funds to transfer

This information can be collected in a seamless manner through the client’s native application, ensuring a consistent user experience. Everything else (i.e. the hard stuff) is handled behind the scenes on our platform."