Took me a while but here it is, step by step:
1) Create a Merge Text or Merge HTML variable, it does not matter.
2) In Send Email component, click on Html Content
3) Using the drop down menu under Data tab, select "Variable Web Link"
4) Then drag and drop your variable, where ever you need.
5) Click and highlight this variable
6) Under configuration (shows up on bottom left side), enter what ever "Link text" you want for your hyperlink
Click ok and close, then run it