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 in a secure environment. BitPay added that there are no hidden foreign exchange charges and the payments are registered on the blockchain.
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.
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“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.
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.