BitPay Introduces BitPay Send, a New Mass Payout Service

BitPay, a crypto payment service provider, announced the launch of BitPay Send which is a new payment service that enables small and large businesses to pay employees, contractors, vendors, customers, affiliates and others with crypto.

In the official press release shared with Finance Magnates, the company said that it is charging just 1% fee to allow organizations to make local and cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in a secure environment. BitPay added that there are no hidden foreign exchange charges and the payments are registered on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

According to the announcement, payment recipients are not required to have a bank account but just a BitPay ID and a crypto wallet. Customers are required to provide all the necessary information related to KYC regulations. The company termed this new service as an ideal solution for international and gig economy companies.

“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,” Stephen Pair, CEO at BitPay, said in a statement.

AdGate Media

The crypto payment provider mentioned that the New York-based advertising company, AdGate Media became one of the first companies to use BitPay Send to effectively pay its global affiliates. “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,” Dan Sapozhnikov, President at AdGate Media, said.