Bitcoin Payment Processor BitPay has rolled out a new blockchain-powered mass payout service called BitPay Send. This service will enable organizations of all sizes to pay employees, affiliates, customers, vendors, contractors and others with cryptocurrency.
BitPay Send allows making mass payouts in cyptocurrencies anywhere in the world, on any day of the week, and at any time. It does not require the sender 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. Recipients do not need to have a bank account, but do need to have a BitPay ID and a crypto wallet.
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 service charges a 1 percent fee from 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. Every transaction is verified, recorded and stored on the blockchain.
BitPay supports settlement in 8 currencies in 225 supported countries and direct bank deposit in 38 countries. It was granted BitLicense, the license of virtual currency activities, by the New York State Department of Financial Services (NYDFS) in July 2018 to facilitate payment in Bitcoin between merchants and consumers in the State of New York.
BitPay is the first blockchain payment processor and the first non-exchange to secure a virtual currency license from the NYDFS.
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