If a payment services company wants to have global reach and provide great customer service, they better provide their clients with many options, Hyperwallet global financial network head Derrick Walton said.
In our global economy, payment services companies have to be adaptable, because things change fast. Recipients want to have options when receiving money, whether that be cash, check, PayPal or a bank account. In countries with established infrastructure, that is one matter, but in countries where that infrastructure is fragile, you have to work a bit harder.
Part of that work is in identifying both trends and the forces behind them, Mr. Walton said. For example, Hyperwallet commissions studies on the habits of freelancers and trends in the gig economy so they can design options that meet their needs. Many hail from Eastern Europe and Southeast Asia and often work remotely. Due to their volume, previously “exotic” regions like Pakistan and Bangladesh are now must-serve locations in need of a good provider.
“There’s still a need for cost-effective labour in an intelligent way,” Mr. Walton said. “The world’s going to adapt to that and I think that is what you’re seeing.”
“People are becoming their own corporations and you need to pay them. They can be anywhere, they don’t have to be in an office.”
While some trends are global, each market has their own unique traits, Mr. Walton added. That means a unique format for each payment rail that accounts for all local compliance issues.
Looking ahead, don’t be surprised if we see growth in prepaid cards, Mr. Walton suggested. They provide great corporate control yet few offer them and even fewer do a good job. Some come with fees and other inconveniences that have caught the eye of regulators and special interest groups.
“That’s where you have to educate the client and talk them through,” Mr. Walton explained. “Don’t just get the shiniest thing in the box. Make sure it works for your payees and your employees.”
Hyperwallet must balance the customer’s desire with being quick to market with the ability to properly deliver a customized solution, Mr. Walton said.
The extra time and effort are well worth it in the end.
“Once you get it right the attrition is low,” Mr. Walton said. “Once you’re built into a client’s specifications you’re built into their process, they know exactly how it wants to work because you’re working in it. They don’t have to adapt to us, we’re adapting to them.
“One of the things I like about Hyperwallet is after we bring a client on, the amount of time we spend with them. the salesperson, the implementation team, even a few of my team from a financial network get involved just to make sure we understand exactly what they need.”