Appropriate payment channels are crucial for the success of any eCommerce portal. It is why most Shopify Store owners hire Shopify custom payment gateway services. 

Recently Shopify has announced a new payment method called Hyperwallet for Shopify partners. Now any Shopify store can use this Shopify custom payment method to send commissions, rewards, and rebates to both banked and unbanked payees.

You might be wondering whether this Shopify custom payment gateway is trustworthy or not. To remove the doubt, you must know that Hyperwallet is an enhancement on PayPal to improve its capabilities of handling payments by Shopify store owners.

Hyperwallet uses robust online and mobile payment technologies to become a global payout platform. Today we will try to understand the features and relevance of Hyperwallet because you need to go through it for a better payout option in your stores.

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Features of Hyperwallet Shopify Custom Payment Gateway

If you are already using PayPal, you must be aware of various shortcomings of this payment method. Store owners often scratch their heads for a better solution because of excessive transfer fees and payment delays. 

By introducing Hyperwallet as a payment solution, Shopify wishes to provide a frictionless and transparent way of distributing payments to contractors, suppliers, and resellers. 

Hyperwallet comes with three different payout configurations namely Small & Medium-sized businesses, Payouts for Large Enterprise, and Payouts for Marketplaces & Platforms. We will try to explore features for all these configurations below:-

• Options for Payout Method

If you want to integrate the Hyperwallet with small and medium-size configurations, you can use PayPal and Venmo for making payments. On the other hand, if you wish to integrate the large enterprise and Marketplace configuration, you can enjoy payment options like PayPal, Venmo, bank account, gift cards, and even cash pickup.

• Configuration Abilities

The small and medium-size configuration plan allows you to manage a single payout plan on Shopify stores. However, Hyperwallet allows multiple payout programs with single integration for large enterprise and marketplace plans. Now your Shopify business is not limited to a single payout method.

• Complexity of Onboarding

If you wish to use the small and medium business payout plan, you can integrate the Hyperwallet without any complexities. However, for a large business and marketplace plan, you may need to hire a Shopify developer for onboarding and configurations of this payment solution.

• Payout Funding

For a small business plan, you can use your PayPal business account as fund payments in 24 currencies. The currency limit for the large enterprise plan is 28 currencies. However, you get integration for multi-currency funding with direct payment from other service providers in the marketplace plan.

• Integration Methods

At last, there is something common in all the plans for Hyperwallet integration. If you wish to integrate this payment method into your Shopify store, you can use API, web upload, or file transfer. It will be wise to hire a Shopify development company because it helps in flawless integration.

• Payout Experience for Payees

PayPal will manage payout experience on small and medium enterprise plans. On the other hand, it will be a Pay portal or embedded payout experience for the other Hyperwallet plans. Embedded payout uses drop-in user interface components and API to integrate payment technology in existing environments. The Pay Portal experience helps to accommodate the need for branding and gives self-serve access to the managed funds of Payees.

• Additional Features

In addition to the above features, Hyperwallet also comes with features like detailed payout history in small and medium business plans. If you are willing for the Large Business and marketplace plan, you can avail of features like detailed reporting, integrated payee verification, multilingual payee support, and Payment Tracker Technology.

The benefit of new payment options with Hyperwallet

• Payout methods with enhanced flexibility

Handling payments for store partners using the existing solutions was a little challenging before the introduction of Hyperwallet. Bringing flexibility in payout methods was a challenge for the Shopify universe, thus Hyperwallet is indeed a great solution. 

Hyperwallet allows you to explore new ways based on the local regions to smoothen and fasten the process of sending payouts. The methods like wire transfer and local bank transfers in addition to PayPal provide ease for the payout processes.

• Nominal pricing and fees

The high fee charged by PayPal for sending and receiving money was a big reason for the grief of store owners. Hyperwallet eases the payout processes and financial record keeping while charging nominal fees much lower than PayPal.

• Expanding regional coverage

Paypal was not available in all regions. Merchants had to rely on third-party solutions or intermediaries for sending payout to partners in those regions. It made the merchants pay additional charges for the services. Hyperwallet allows you to send the payout to many more regions compared to PayPal, thus eliminating the need for intermediaries.

Conclusion

We hope that this article will help you understand the significance and benefits of Hyperwallet. You should hire Shopify custom payment gateway experts because they help to integrate Hyperwallet into your stores. This Shopify custom payment method is going to ease the pain of sending payout to partners like vendors, affiliates, and suppliers.