BitPay introduces BitPay Send, enabling businesses to pay out with Crypto
By Pavithra R
Blockchain payment technology provider BitPay has announced the launch of BitPay Send, a mass payout service that enables organizations of all sizes to pay customers, employees, affiliates, vendors, contractors and others with cryptocurrency.
The new solution is considered ideal for companies looking for a fast, efficient and secure way to send mass payouts. BitPay Send enables companies to make payroll payments, pay independent contractors or affiliates, issue rewards or rebates, financially settle with marketplace sellers, and facilitate customer cashout requests. The company funds payments in fiat and leverages the blockchain to send pre-tax payments without having to own or handle digital currency, thereby eliminating inherent exposure to its volatility or risk.
“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,” said Stephen Pair, CEO with BitPay.
Recipients do not need to have a bank account but will need to have a BitPay ID and a crypto wallet. Payments arrive securely to the recipient’s digital wallet. BitPay also offers a non-custodial wallet for those who need one. The solution is expected to save time and money, reduce risk, simplify payout process, provide quick access to funds and organizes financials.
AdGate Media is one of the first companies to use BitPay Send to efficiently and cost-effectively pay its affiliates all over the world.
“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,” said AdGate’s President, Dan Sapozhnikov.
The firm charges a 1% fee to enable companies to make domestic and cross-border payments and takes no foreign exchange fees. Payments are registered on the blockchain and is considered more transparent than most mass payment methods. Customers have to provide necessary details for Know-Your-Customer (KYC) regulations.
Founded in 2011, BitPay builds powerful, enterprise-grade tools for crypto acceptance and spending. The FinTech is developing blockchain payment technology to transform how businesses and people send, receive, and store money around the world.
IBSi Daily News Analysis
June 09, 2023
There is no ESG strategy in place for almost half of the European SMEs, study revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage