Other Alternatives and Competitors to Hyperwallet
Remitly is a popular mobile banking solution that allows users to make global money transfers quickly and securely. The platform is faster and cheaper than most payment tools catering to different countries. Send money directly to a bank account or mobile device, or deliver it straight to the recipient’s home within minutes.
Remitly has partnered with Visa to enhance cross-border payments and improve the financial and social inclusion of immigrants and their families.
- Thousands of cash pickup locations across the globe.
- Choose how and when you send, with competitive exchange rates and low fees.
- Mobile accounts and home delivery to the recipient’s address.
Remitly is a digital service without any physical locations. This enables the brand to keep costs low, making it a great solution for SMBs on a budget.
- Easy-to-use customer dashboard allows for a higher rate of transparency.
- Highly competitive and market-leading transfer rates.
- Swift and secure currency conversion.
The fees for Remitly depend on the amount of money you’re sending, the transfer speed, and the recipient’s country.
If you choose the Economy plan, fees are lower and delivery is in 3-5 business days. The Express plan offers higher fees, which can increase depending on how much you send. In this case, delivery is instantaneous.
Paysera is a simple payment platform that makes it easy to send and receive money online. With a Paysera IBAN account, a business can transfer money in a variety of currencies around the world.
The platform includes a multi-currency account with transfer services and a branded debit card. You can manage payments through the mobile app, check your balance, transfer funds, and even receive PIN code reminders.
- Paysera Tickets for selling and publicizing events.
- Contactless debit card with a separate account for tracking and controlling spending and expenses.
- Paysera Checkout integrates with SMS, QR codes, and other payment options.
Paysera is specifically designed for the European market, with support for about 70% of the EU. Paysera’s simple feature-set is mainly intended for SMBs looking to expand their business internationally from within the EU.
- No maximum transfer limit (after identity verification).
- Separate account for savings with a split bill feature.
- No fees when transferring funds between Paysera accounts.
Pricing varies depending on the currency type and transfer speeds. Transfers through SEPA are always free of charge. The exchange rate will affect what you pay, but Paysera offers competitive rates, usually within a 1% margin.
PayOp is an online payment platform that enables businesses to accept global payments in over 170 countries. The system can process transactions in hundreds of currencies, allowing you to optimize payment rates, lower processing costs, and eliminate related conversion fees.
PayOp offers support for more than 300 alternative payment methods. The brand provides a convenient API that can be launched within a few hours via a hosted page or server-to-server. Verification of your project happens within one business day.
- PCI DSS Service Provider Level 1 for encrypting, processing, and storing card data.
- Provides a complete payment solution with API-based integrated payments to merchants.
- Make hundreds of payments at once, with only a few clicks.
PayOp is the prime tool for SMBs looking to expand their business into new regions. Whether you’re looking to grow internationally or focus on a specific market, PayOp supports all major payment methods.
- Fast withdrawals (1-2 business days for funds), including mass payments via API
- In-depth analytics and real-time reporting on all payment methods and transactions
- Suitable for high-risk industries with attentive customer support through Skype
Rates start from a 2.4% + 2-cent fixed fee. Since there are over 300 methods for online processing, your price will vary. The Local Acquiring features enable businesses to bill customers in their local currency with a local bank.
NETELLER (owned by Skrill) is a digital wallet that makes managing your money fast, easy, and secure. The platform is free to join and allows online users to shop safely anywhere in the US. Businesses can access funds instantly, with over 100 payment options and multi-currency accounts.
Businesses can also take advantage of some of the highest deposit acceptance rates on the market. Withdraw funds instantly using the Net+ debit card or transfer the balance to a connected bank account.
- Multicurrency app to track your balance anywhere, in whatever currency you’re using
- Omnichannel payment processing (ACH, e-commerce, mobile) with top-level security
- Opt-in for a Net+ prepaid or virtual card that can be used at ATMs around the world
NETELLER was created for businesses looking for an online transfer and payment service capable of offering agility and security for high-risk transactions.
- Send money to overseas bank accounts with zero fees on international money transfers
- Pre-built and custom reporting in real-time with tailored dashboards
- NETELLER Knect loyalty program that allows you to exchange points for cash rewards
NETELLER offers low-cost options with a wide variety of integrations for funding your account. Fees vary depending on the third-party payment option. The average processing cost is 2.5% per transaction. Withdrawal fees start at 0% and go up to 3.49% per transaction.
Tipalti provides an end-to-end mass payment solution that allows businesses to quickly and efficiently process payments via bank wires, credit cards, ACH, and much more.
Tipalti’s automation tools help organizations scale and reduce manual workloads by up to 80%. Every creator, streamer, developer, affiliate, or publisher on your platform can rely on having a best-in-class partner payment experience.
Manage your entire mass payment operation in a single, intuitive dashboard. Tipalti’s holistic cloud solution features supplier onboarding, tax validation, a wide range of payment methods, currency selection, cross-border remittance, early payments, reconciliation, ERP integration, and so much more.
The system prioritizes efficiency, streamlines cash flow management, and delivers a global white-label payment experience.
- Built-in tax compliance and self-service supplier onboarding.
- Effective mass payments and fraud risk reduction.
- A broad range of international payment methods and currencies to improve payment accuracy and timeliness, give early payment discounts, and provide proactive partner visibility.
Tipalti is an excellent solution for businesses looking to make their mass payments process faster, safer, and more efficient through automation. Whether your business is a startup or a large enterprise, Tipalti’s solutions are designed for all company sizes and industries.
- Streamline global workflows, unify operations, consolidate entities, and ensure regulatory compliance.
- Reduce workload and eliminates inaccuracies with a white-labeled multi-lingual self-service portal delivering a customized experience.
- Provides complete partner visibility, choice of payment methods, and automatic payment status emails to reduce inquiries.
Tipalti offers two separate plans for businesses: Tipalti Express and Tipalti Pro.
Tipalti Express is designed with smaller companies in mind. Tipalti Pro is for medium and enterprise-sized companies requiring features like tax forms, multi-subsidiary payables, and international tax IDs.
Pricing is always custom and varies based on factors like business needs, amount of users, and processing requirements.
Power your entire partner payouts operations
Hyperwallet vs Tipalti
What Does Tipalti Do?
Tipalti’s comprehensive approach to payables automation streamlines the entire cycle from partner onboarding and global payments to reconciliation.
The platform manages all interactions between your business and your partners to provide end-to-end control and optimizes the entire payables workflow, future-proofing your operations for scale.
Every creator, streamer, developer, affiliate, or publisher on your platform can rely on Tipalti’s best-in-class partner experience to provide them with flexibility, visibility, and timely payments.
Tipalti Product Capabilities Overview
Tipalti’s fully brandable and secure mass payment automation solution for digital-first business models helps minimize manual effort, maximize self-service, and dramatically increase scalability and auditability.
Tipalti addresses everything from partner onboarding and vetting to tax and regulatory compliance, payments to partners in various payment methods with support for 196 countries and 120 currencies, partner payment status communications, payment reconciliation, and reporting.
Tipalti also offers advanced capabilities, including fraud detection, early payments, multi-subsidiary, and FX solutions. Tipalti integrates with performance marketing platforms to determine how much and when to pay partners plus all major ERPs and accounting systems for faster reconciliation and accelerated financial close.
What Does Hyperwallet Do?
Hyperwallet is part of the PayPal Group. The company provides organizations with a way to distribute funds to payees globally. Hyperwallet’s payout capabilities help organizations send mass payments to contract workers, claimants, freelancers, and sellers with payment methods that accommodate both banked and unbanked payees.
Features of Tipalti vs. Hyperwallet
Hyperwallet and Tipalti both help companies automate their mass payments processes. However, each platform is designed with different features and solutions. Here’s a comparison of the differences between Tipalti and Hyperwallet.
Pay to 196 countries in 120 currencies with partner choice of payment methods: ACH, wire transfer, eCheck, PayPal, and more.
Comparable country reach but support for only 38 currencies. Comparable payment methods.
Effortlessly onboard partners with a secure, client-branded portal, preferred payment method, currency, and payment thresholds. 26,000+ rules validate payments, screen against OFAC/SDN lists during onboarding and prior to each payment.
White label embedded or “Pay Portal” payout experience options with choices of preferred payment methods. No robust banking rules and screening is only done at the onboarding phase.
KPMG approved tax engine, collect W-9, W-8BEN, W-8BEN-E, W-8EXP, W-8IMY, W-8ECI, W-4, Form 8233. Collect and validate IRS and VAT tax ID (49 countries), 1099 and 1042 prep reports, and withholdings. Validates against 3,000+ rules.
Digital W-9 collection with validation and TIN matching, but W-8 is only an upload/download with no verification. No withholdings. No international tax ID collection.
FX conversion visibility for partners with advanced FX solutions, including intercompany transfers and hedging to reduce FX volatility risk.
FX conversion rate visibility for partners only with no other advanced FX capabilities.
Multi-subsidiary capabilities allow for customized payments and tax workflows per subsidiary.
Gaps in multi-subsidiary architecture: no options for tax workflows by subsidiary.
|Performance Marketing Integrations
Integrate with leading performance marketing platforms, including Affise, Cake, Everflow, HiPath, LinkTrust, Paladin, HasOffers, and Vidooly.
No packaged integrations with performance marketing systems are available.
Easily generate self-bill invoices as required by government or tax processes and execute payments upon approval.
No self-billing capabilities.
Pre-built integrations with NetSuite, Sage Intacct, Quickbooks, and Xero. File-based integration with all other ERPs via pre-built connectors using a no-code approach.
No packaged integrations with ERPs.
Enterprise-grade financial controls and audit logs on all payments.
No audit log visibility or history view on who changed information, when it was changed, etc.
Tipalti Detect prevents fraud with detailed payee monitoring.
No fraud prevention available.
Frictionless accelerated payment options to save you money and satisfy your partners.
No early payment options.
REST APIs accompanied by world-class documentation and a developer hub for creating automated processes to quickly and efficiently handle payments around the world.
Knowing Which Solution is Best for Your Business
Selecting the best mass payments provider is essential, especially for growing companies requiring a scalable solution. Some businesses require specific features such as multi-subsidiary capabilities, early payment options, and fraud prevention. Consider these feature differences to help guide your decision-making process.
When to Choose Tipalti?
Why does a best-in-class partner experience matter?
- Your partners are customer-facing and can positively or negatively affect your brand. Digital-first companies like online marketplaces live and die by their brand names.
- The industry is highly competitive, and you need to attract and retain the best partners for your business. If you disappoint your partners, your competition is eagerly awaiting your misstep.
- Partner churn is costly.
Digital industry players must have a leading partner experience to inspire loyalty. According to a Tipalti survey, 74% of partners say they have or would leave the companies they work with because of payment issues. With Tipalti, it’s easy to achieve an exceptional partner experience.
You can quickly onboard new, eager partners with self-service partner management. You can easily white-label the Partner Portal, which puts your brand front and center, not some payables or payment solution they may not recognize. That way, they feel comfortable dealing with someone they know and trust; you.
You can collect all partner contact information to ensure a clean file and verify all their payment information and banking details, reducing payment errors down the line. Tipalti automatically validates supplier payment data in real-time using 26,000+ global banking rules to eliminate payment errors proactively.
With a self-service portal, your partners can check their payment status whenever they want.
“Where’s my payment?” is the most common inquiry businesses get from partners. With a custom portal linked to relevant payment data, your staff no longer needs to answer phone inquiries or respond to emails and Twitter DMs. Partners also receive proactive, white-labeled payment status updates via email to minimize any further inquiries. Portals can be localized so that language barriers can be overcome as well.
- Lastly, Tipalti’s end-to-end payables platform makes offering early payments easy and frictionless. With early payments built right into the payments process, partners can opt in with just a few clicks, giving them faster access to cash to grow their business while earning you payment discounts for early remittance. Hyperwallet does not have early payment capabilities.
One of the key pillars of any growing organization is ensuring there is no fraud while maintaining tax and regulatory compliance. Since mass payments involve direct access to cash reserves, it’s important to institute proper controls and governance. Tax compliance is another crucial aspect, as manually collecting and validating tax forms from partners is fraught with legal and financial risk.
With Tipalti, companies strengthen their compliance controls and reduce tax, regulatory, fraud, and audit risk with built-in compliance and advanced financial controls. Tipalti has role-based security, audit logs, SOC compliance, GDPR compliance, “Do Not Pay” blocklists and OFAC screening, VAT and tax ID document collection with a KPMG-approved tax engine, and more.
Because Tipalti manages the end-to-end partner payments operation, companies can track a wide variety of relevant data points—contact details, account numbers, emails, and payments—to proactively uncover patterns to pinpoint and identify potential fraudsters in your network.
Leveraging the power of AI, Tipalti Detect has blocked more than 7,400 payees, resulting in $4 million in potential savings, meaning you can cut down payment risk without any additional work on your end. Hyperwallet currently does not have fraud management capabilities as part of its solution.
Tipalti solves the complex and manual process of collecting tax information via digital capture technology during the onboarding flow, ensuring information is validated before a payment is processed. Tipalti helps ensure IRS tax compliance with KPMG-approved tax form data validation and withholding calculations.
Tipalti also collects W-9 and W-8 tax forms, validates IRS and VAT tax IDs, automatically calculates withholdings, and generates 1099 / 1042-S tax prep reports with automated filing. Hyperwallet’s tax capability is not KPMG reviewed or approved for IRS use and may expose you to more errors and added time from collection through to filing.
You need a payable solution with built-in scalability to help future-proof your payable operations.
As your company grows, your partner payment workflow becomes more complex. This includes paying global partners, handling multi-subsidiary payables, and processing mass payouts. You also need to offer a vast range of localized payment methods to pay both domestic and international partners in their preferred payment methods and local currencies.
Tipalti’s end-to-end mass payments platform future-proofs your operations, so you don’t have to keep allocating more resources to your company’s payables as you grow. Tipalti’s multi-subsidiary capability enables payers to manage a large number of entities within the same instance, allowing for subsidiary-level workflows with centralized controls and financial reporting.
Tipalti allows you to seamlessly trigger payments to your entire partner base with performance analytics from your performance marketing systems while integrating detailed, accurate transaction and reconciliation reports with your ERP system. Hyperwallet does not offer performance marketing and ERP/accounting systems integrations.
Tipalti supports local and VAT tax ID collection in 49 countries with a built-in tax engine that validates against over 3,000 rules to prevent ID errors and issues for non-US businesses. Hyperwallet only supports foreign TIN numbers for US businesses.
Additionally, for European countries, Tipalti supports document collection so partners can provide additional information when needed and self-billing invoices where partners must approve invoices before payments are processed.
When to Choose Hyperwallet?
Hyperwallet’s solutions are suitable for small businesses with lower payment volumes. However, they are relatively unproven at scale with prominent digital industry players who have high volume mass payment workflows. The company does not provide customer references or case studies and relies heavily on the PayPal brand for credibility. Hyperwallet is a small business with less than 100 employees, so it may have difficulty supporting your needs as you grow.
Companies can quickly outgrow Hyperwallet as it has some limitations that can lead to more manual effort and time spent on the financial close and payment reconciliation processes.
Hyperwallet does not offer integrations with performance marketing systems to tie performance analytics and data to partner payments, gain visibility into the complete publisher performance-to-pay lifecycle, and easily sync onboarding data from publishers, affiliates, influencers, content creators, or other marketplace partners. Hyperwallet also does not offer any ERP/accounting system integrations.
Hyperwallet offers nine payment method options: PayPal, Venmo, ACH, check, direct to debit, prepaid card, virtual card, eGift card, and cash pickup. This compares to Tipalti’s six payment methods: PayPal, ACH, check, global ACH (eCheck), wire transfer, and prepaid debit.
Hyperwallet does a good job of providing payments to banked and unbanked payees with its supported payment options. Tipalti also services unbanked and underbanked payees with its prepaid debit card payment option.
However, Hyperwallet restricts payment methods to PayPal and Venmo only for SMBs. Other payment methods are reserved exclusively for enterprises, marketplaces, and platform customers. SMBs are limited to using a PayPal business account with payment volume thresholds, PayPal branded self-service onboarding (Tipalti offers a white-labeled onboarding experience), and some currency restrictions. With Tipalti, all payment types, features, and functionalities are available, regardless of your business’s size. Additionally, while Hyperwallet and Tipalti are comparable regarding region support, Tipalti supports close to three times the number of currencies for payouts, in addition to other services like FX hedging.
Hyperwallet is a solution with a low barrier to entry and limited implementation costs, designed for simple setups. There are no volume or term commitments, and getting started is very easy. However, more complex options require IT resources to configure it to your current system accordingly.
Comparatively, Tipalti has a proven track record of getting its customers live in just a few weeks and some cases, even in as little as a few days. Tipalti provides a “white glove” service that offers dedicated implementation, customer success, and partner enablement experts. Tipalti’s solutions do not require any IT resources unless advanced API integration is needed.
Hyperwallet is more affordable as they do not offer the same level of capabilities as Tipalti.
Tipalti accommodates the needs of growing and scaling companies from end to end, starting with partner onboarding and tax compliance, through to reconciliation and reporting. There’s no need to switch out Tipalti for another solution or purchase additional add-ons to gain functionalities beyond global remittance as your business becomes more complex.
“We can process hundreds of payments weekly in a matter of minutes. This enables our controller to do more high-value work. And as we add new cities and photographers globally, we don’t have to worry about compliance or tax issues. It’s built into Tipalti,”
Nicole Smith | CEO and Founder, Flytographer
“With Tipalti, we have the solution to send money out every day, at any amount, and our base is growing infinitely,”
Kristin Epstein | Operations Director, Screenwave Media
“We were spending 2.5 days each month on payments and onboarding work, which is now automated. We’re back to doing more business development, which is our goal.”
Sasha Dobrolioubov | Business Development, Fundbox