Hyphen Wallet Competitor Comparison
If you’re in the market for a payment management system, like any other fundamental product you’re considering buying (e.g., cement and drywall), it pays to do some research. In this article, we’ve done some of the legwork for you with a comparative analysis between Hyphen Wallet and competing systems that manage payments. This is broken down into several categories to simplify the comparison and help you decide which solution best meets your needs and provides the greatest ROI.
When they were introduced more than 20 years ago, virtual cards offered a payment solution for those who didn’t have corporate cards, while helping to reduce fraud and time spent filing expenses and reconciling transactions. Virtual cards allow electronic payment to Suppliers by generating a one-time use, 16-digit card number. Virtual cards offer a unique combination of control and flexibility and the ability to set a specific purchase amount, Supplier and time period. Benefits include cost savings, strengthened Supplier relationships, enhanced control and simplified reconciliation. With Hyphen Wallet, virtual cards are one of many payment methods, while some competitors only offer virtual cards.
Integration with Existing Builder/Supplier Platforms
Unlike competitor online payment management systems, Hyphen Wallet is built specifically for the residential construction sector. It's the only construction payment management software that integrates with the Builder-specific cloud-based ERP platforms, BRIX and Hyphen HomeFront. Hyphen Wallet also provides open APIs for all outside ERPs for integration, as well as, integrating with world class Construction Management Solution, BuildPro. A single solution allows Builders to automate workflow for Supplier payments.
Flexibility to Choose From Multiple Payment Options
Hyphen Wallet offers Suppliers the ability to select from a wide variety of payment options, including Real-Time Payments (“RTP”), Virtual Cards, Wire transfers, ACH (Standard, Next Day, and Same-Day), and checks. Direct Banking relationships offer only Virtual Cards and / or ACH. Key competitor offers three types of online payment methods: Mastercard, ACH or checks. Other vendor payment software providers require Buyers to dictate the payment method, whether checks, ACH or a credit card. Hyphen Wallet provides Suppliers with the freedom to choose, and in real-time, the payment method that best suits their needs, which enhances the Builder & Supplier relationship.
Competitors’ enhanced direct-deposit option enables Suppliers to receive payments within three business days of payment approval. Hyphen Wallet is a free solution to the Supplier with varying percentage fees for the convenience of receiving expedited payments instantly to within 24 hours.
Increased Security and Reduced Fraud Risk
Hyphen Wallet provides 24/7 visibility into all Builder, Supplier, Trade and Contractor transactions so payments can be verified and tracked throughout the payment process. While most electronic payment software solutions reduce the possibility of error by fraud and eliminate checks getting lost or stolen in the mail, Hyphen Wallet offers enhanced features, including a highly secure platform/infrastructure in which all data is tokenized and safe. With banks, the risk still exists with the Builder as they are storing and sending bank information to process ACH payments. This puts the Builder at risk for being hacked, which compromises security and can even lead to identity theft.
Additional Comparative Pros and Cons
Competitors charge significantly more and charge a monthly subscription fee. Hyphen Wallet fees are strictly transactional and go towards securing, transacting and supporting a wide range of payments based on Supplier choice. A few competitors currently offer the ability to scan invoices (Non-PO related expenses). Although Hyphen Wallet doesn’t currently offer this feature, Hyphen Wallet will deliver similar and robust solutions in 2023.
To learn more about the value added features that make Hyphen Wallet stand out from competitors, schedule a demo today!