• Blog
  • News
  • Introduction of Hyperwallet implementation as a payout method for our sellers
10 Jan 2024

Introduction of Hyperwallet implementation as a payout method for our sellers

Featured post

CGTrader is thrilled to introduce Hyperwallet, a leading payment solution by PayPal, to our sellers' community. This upgrade is designed to streamline your payment process, reducing fees, speeding up transactions, and offering you greater control over your funds. We're eager to enhance your experience with these advancements.

As we transition to this payment method, please be aware that previous payout options will be phased out in January 2024. This transition will happen in batches for our sellers. To ensure a smooth and seamless shift to Hyperwallet, we've detailed the key benefits and provided a simple onboarding guide below.

Benefits for our sellers community

1. Weekly payouts

You will be paid weekly by CGTrader to your Hyperwallet account! Royalties become payable after 20 days following the sale or successful completion of a 3D project. Fees for Wildcat projects become payable on approval of the delivery. Once you set up your Hyperwallet account, payable royalties and fees will be paid weekly on every Wednesday or the next business day if Wednesday happens not to be a business day.

2. Flexible withdrawal scheduling

You now have the flexibility to choose their withdrawal frequency from Hyperwallet to your PayPal (where its services are available), bank or other account, whether it be weekly, monthly, or as preferred. Automatic transfers can be set up, with a minimum amount threshold for convenience.

3. Various local payout methods

Hyperwallet supports different transfer methods, including direct bank transfers, PayPal (where available), Venmo, and others, varying by country.

4. Clear fee structure and lower fees for most

The fee structure with Hyperwallet is transparent, with different charges for various transfer methods. It's designed to provide clarity and help optimize costs based on the seller’s preferences. Also transfer fees now will be lower for the majority of our sellers.

Fee Summary:

  • PayPal/Venmo: $0.3 / €0.25
  • Local Bank: Basic $0.8 / €0.7 / International $4.1 / €3.75
  • Wire Transfer: 2% (min $7.7 / €7 / max $23 / €21)
  • Foreign Exchange Fees: 1.9%-3.75%

Note: these fees are charged by Hyperwallet, not CGTrader, and may change at any time. Fees will be converted from Euro to the currency of your transfer.

5. Multi-Currency Options

Payments are made in USD, with the option for sellers to convert funds to a local or preferred currency before transferring to their destination account. Currency availability depends on the seller's country.

Not supported countries

In some countries unfortunately PayPal services are not available, hence Hyperwallet is not either. This is a very small percentage of our community members, and only sellers that reside in said countries will be excluded from this change.

Activating Hyperwallet for your account

These are the steps you need to take to onboard to the new payout method:

  1. Log in to your CGTrader account.
  2. Go to the “Settings” tab.
  3. Select “Payment Agreement” to set up your Hyperwallet account.

Here is the process outlined with screenshots.

Once you receive your first payout, Hyperwallet will provide instructions for activation and verification via email. You can then select a transfer method available in your country, such as PayPal or bank transfer.

As we integrate Hyperwallet as our main payment system, we're excited about the positive impact it will bring to our sellers' experience. This upgrade promises to enhance your payment flexibility, reduce fees, and offer various other improvements. We anticipate that you'll appreciate these advancements, embrace this change with us and enjoy a more efficient, rewarding experience on CGTrader.

Frequently Asked Questions (FAQ)

Is it mandatory to switch to Hyperwallet?

Yes, it is mandatory to transition to Hyperwallet. This transition is part of our updated payment process to provide better service and more options to our users.

When will my next payout be after switching to Hyperwallet?

Payments will be processed every Wednesday for sales that happened 20 days before.

Hyperwallet is not available in my country (Turkey, Afghanistan, Iraq). What will happen?

Users in countries where Hyperwallet is not available (Turkey, Afghanistan, Iraq) will be contacted and offered another payment solution that fits their regional limitations.

I cannot use Paypal in my country. Can I still use Hyperwallet?

Yes, if Paypal is not available in your country, you can still use Hyperwallet. Hyperwallet allows users to receive payments directly to their bank accounts and offers various withdrawal options, depending on your country. Please create a Hyperwallet account to explore the payment options available to you.