BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced BitPay Send, a new mass payout service that enables organizations of all sizes to pay employees, affiliates, customers, vendors, contractors and others with cryptocurrency. Ideal for international and gig economy companies looking for a fast, efficient and secure way to send mass payouts, BitPay Send allows for crypto payments anywhere in the world, on any day of the week, and at any time.
“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said Stephen Pair, CEO with BitPay. “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 enables companies to make payroll payments, facilitate customer cashout requests, pay independent contractors or affiliates, issue rewards or rebates and financially settle with marketplace sellers. The company funds 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.
One of the first companies to use BitPay Send is AdGate Media which can now efficiently and cost effectively pay its affiliates all over the world. The company connects digital advertisers with users of popular apps and websites that reward users for engagement. AdGate’s President, Dan Sapozhnikov, shared, “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.”
Recipients do not need to have a bank account, but do need to have a BitPay ID and a crypto wallet. BitPay offers a non-custodial wallet for those who need one. BitPay Send saves time and money, reduces risk, simplifies payout process, provides quick access to funds and organizes financials. Payments arrive securely to the recipient’s digital wallet.
A 1% fee allows companies to make domestic and cross-border payments quicker, easier and more transparent than most mass payment methods. There are no foreign exchange fees and payments are registered on the blockchain in seconds and confirmed within minutes. Crypto provides transactional transparency as every transaction is verified, recorded and stored on the blockchain. Customers provide all necessary background details for Know-Your-Customer regulations.