Hey everyone, I’m the head of product at FastSpring and want to clarify a few things and get you all the support you need. Please know that we hold you, the seller, at the center of every decision we make. To the extent this transition is causing issues or confusion, I sincerely apologize and commit to getting it fixed.
First, our decision to transition to HyperWallet was not made lightly. It was driven by the increasingly global and complex requests from our sellers on how they want to be paid out. All MOR providers use intermediaries/ banking networks to administer payouts, historically we primarily used Wells Fargo, AFX, and Payoneer. Our sellers have increasingly requested new payout methods in more countries, and we needed a more scalable solution. We know getting you paid quickly with no/ low fees is critical, so we did a comprehensive buy vs build analysis and subsequent vendor search to best meet the growing needs of our sellers, arriving at HW.
We recognize the transition is not necessarily a fun one, especially if you don’t benefit from the lower fx rates or additional payout methods. We are actively working through a few, and I can promise you nothing is more important to me and my team than getting this fixed quickly. One issue we’ve uncovered is a bug on the HyperWallet side that is obscuring the beneficiary bank information for some wire transfers. As of 5 minutes ago HW has confirmed that this issues has been resolved. I’ve also escalated the concerns mentioned here about @hyperwallet emails bouncing. No excuse for these mistakes.
We’ve also learned that some beneficiary banks need more information because in some circumstances the funding entity has changed. The details vary based on your country and bank (as it would with any other MOR). We have a pre-drafted letter you can provide to your bank to eliminate any confusion… please reach out support@fastspring or you can find it in our docs (I can’t post the link here as a new member 
).
In regards to income/ payout tax withholding (ie 30% mentioned in the original post). You will not be subject to this withholding just by migrating to HW. All non US vendors selling into the US, including companies selling through an MOR, are potentially required to file a 1042s depending on their home country and type of product they sell. The vast majority of FastSpring sellers are not required to file a 1042s or have income tax withheld from their payout. If your situation changes based on evolving tax rules, we will notify you in advance. Again, payout tax withholding will not be triggered by your activation through HW.
Lastly, we are indeed activating sellers in waves, so that we can properly support you through the process. If you haven’t received an email don’t panic.
If you have further concerns please let me know (ksmith@fastspring), and I will try my best to get you pointed in the right direction.
