Provider of Bitcoin and cryptocurrency payment services BitPay announced BitPay Send, new mass payout service allowing organizations of all sizes to pay employees, affiliates, customers, vendors, contractors and others with cryptocurrency. The new solution can benefit international and gig economy companies looking for a fast, efficient and secure way to send mass payouts.
Stephen Pair, CEO with BitPay, commented:
Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale. Traditional international payment methods are cumbersome, costly and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.
BitPay Send allows companies to make payroll payments, facilitate customer cashout requests, pay independent contractors or affiliates, issue rewards or rebates and financially settle with marketplace sellers. With the new service, companies can fund payments in fiat and leverages the blockchain to send pre-tax payments without having to own or handle digital currency, eliminating inherent exposure to its volatility or risk.
AdGate Media is one of the first companies to use BitPay Send. The company can now efficiently and cost effectively pay its affiliates all over the world. AdGate Media connects digital advertisers with users of popular apps and websites that reward users for engagement.
We have lots of affiliates who wanted to be paid in Bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult. One of our biggest challenges is that we did not want to buy and hold crypto and having BitPay manage that risk was an important factor in choosing BitPay Send. The BitPay team worked with us on integration and there was minimal training since pushing a button is all we need to do when we are ready to pay. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days.
Having a bank account is not necessary for users, but they do need to have a BitPay ID and a crypto wallet. BitPay also offers a non-custodial wallet. BitPay Send saves its users time and money, reduces risk, simplifies payout process, provides quick access to funds and organizes financials.
Companies can make domestic and cross-border payments quicker with 1% fee. No foreign exchange fees are required and payments are registered on the blockchain in seconds and confirmed within minutes. Crypto provides transactional transparency with every transaction verified, recorded and stored on the blockchain. Customers are required to provide the necessary information for KYC regulations.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.