lammergeiernet
Joined: 01 Feb 2005
Posts: 1007
Location: Canada
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| Posted: Thu Mar 22, 2007 7:41 pm Post subject: Review of Hyperwallet , venerable Canadian Online Payment |
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Hyperwallet & its Paypal Connector
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Hyperwallet has a few things going for it that 98% of other payment systems wish they had it. Its reputable with a long track record and is approved to be used on eBay ,but its does not seem hugely popular at least in my knowledge and Certapay is certainly more popular in Canada.
Hyperwallet? Hyperwallet is a Canadian online payment system much like Paypal. Hyperwallet predates Paypal being owned by eBay so at one time it was the eBay sanctioned payment service for eBay Canada. (of course when eBay rolled out its safe payments policy hyperwallet was banned for a few weeks ,go figure) It is once again an accepted payment system for eBay.
Hyperwallet claims you can "CASHOUT" to any bank in North America ,while funding can only be done in Canada
Hyperwallet has links to the Canadian banking system ,a couple credit unions you can load your Hyperwallet directly while with branches like RBC & TD you can include Hyperwallet as one of the companies you bill in online banking.
When paying Hyperwallet via online bill payment the typical time is 1 Biz day ,although 2 is possible
Hyperwallet allows you to send invoices ,hold funds in US or CAD funds , as well as deposit to US and CAD fund Canadian bank accounts.Also may transfer between US and CAD funds within your account.
You can also make Web Cheque forms to include on your websites but I've not tested this yet. (will update this thread if I do)
Hyperwallet has an interesting feature called "Paypal Connector" which allows a Canadian to fund their Paypal account faster then the 6 to 8 Biz days that Paypal allows and also is a way around having to link your bank account to Paypal. You can only fund Paypal in US funds which includes $1 fee + the hyperwallet transaction fee , that I tested today.(this will also give you an idea of currency transactions in general)
Hyperwallet Rate
Selling $160.00 Canadian Dollars
Yields $133.68 United States Dollars
(Same days XE Rate 160.00 CAD=138.210 USD)
(Same days RBC rate 160.00 CAD = 135.82)
Hyperwallet has a good reputation , long relationship with Canadian banks ,Paypal and eBay although it still seems to be a secret to alot of people.
In using Hyperwallet on my auctions for years and website I've not had alot of people choose to use Hyperwallet , while Canadian Certapay has been of great use.
Talking to Hyperwallet staff about eBay few years ago , I got the impression Canadians prefer to use Hyperwallet to use the Paypal connector service.
Hyperwallet was promoted visibly for years on homepage of eBay.ca and its Hyperwallet "H" logo can be found on many Canadian sites so my brand recognition of Hyperwallet was fairly high.Still Hyperwallet seems like one of the best "secrets" in Canada... :?:
Hyperwallet is a reputable fast Canadian service thats been around for a very long time , which makes it uncommon in the online payment world and worth trying.
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Some site faqs
CashOut to Canadian Financial Institution CAN$ account $0.75
CashOut to US Financial Institution US$ account $0.75
Beam Cash $0.25
Receive Cash Payment for an Auction Sale 2.9 %, $5.00 max
Receive Cash Payment with Web Cheque 2.9 %, $5.00 max
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hyperWALLET uses the existing banking systems in Canada and the United States to provide members with greater flexibility to move funds from one institution to another, or from one person to another.
Transferring funds from your financial institution to hyperWALLET results in a credit to your Wallet balance. You can transfer all or part of that amount to another financial institution by using the "CashOut" function and telling us to which account you would like to transfer your funds. hyperWALLET will deposit those funds into the specified account.
To transfer funds to another person, you can use the CashOut function (if you know that person's bank account information) or the Beam Cash function to send the funds to that person's email address. hyperWALLET will email the recipient to advise them that you have sent funds. The recipient can then create a Wallet (if they don't already have a Wallet registered with that email address), accept the funds, and then perform a CashOut to their bank account.
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The PayPal Connectoris a function in hyperWALLET that will transfer funds from your Wallet to a PayPal account. All PayPal Connector payments must be in US dollars and must be sent to an email address associated with a PayPal acount.
You will need to AddCash from your bank account into your Wallet, convert the funds to US$, then transfer the funds from your Wallet to your PayPal email address or directly to the recipient's PayPal email address.
Our suggestion is to transfer the funds from your WALLET to your PayPal account and then send the funds from your PayPal account to the company/individual you would like to pay.
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You can CashOut to any Credit Union in North America.
Through it's lead banking relationship, hyperWALLET can service any credit union in Canada! If your credit union does not include hyperWALLET in its list of companies that can be added as a payee, please contact your credit union and ask them to add hyperWALLET to the list of eligible payees. |
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