Bitpay Launches New Payroll Service for Companies That Opt to Pay Employees in Crypto
The Atlanta-based cryptocurrency payment processing company Bitpay is now getting involved with payroll services. The firm announced the launch of Bitpay Send, a mass payout service that enables organizations of all sizes to pay employees, affiliates, and freelance contractors.
Bitcoin and cryptocurrency payment services provider Bitpay has announced the launch of a new product called Bitpay Send. The new platform is called a mass payout service and it aims to help employers and other types of organizations pay workers in crypto.
In addition to the Bitpay Send launch, the firm also detailed that the company Adgate Media now leverages the mass payout system. Adgate connects with digital advertiser affiliates that reward users for engagement.
“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,” said Dan Sapozhnikov Adgate‘s President. “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,” he added.
Sapozhnikov further said:
With Bitpay Send, we are able to get our affiliates paid in a matter of minutes and not days.
Bitpay’s service will compete with companies like Bitwage, a firm that also offers infrastructure to pay a company’s employees with digital assets like BTC, and BCH. In order to leverage the new Bitpay Send, users don’t need a bank account to leverage the platform.
However, Bitpay Send users will need access to a crypto asset wallet and have a Bitpay ID. The company announcement says the firm will charge a 1% fee for processing cross-border payments.
“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said Stephen Pair, CEO of 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,” the executive added.
Bitpay’s system allows for payments in BTC, BCH, ETH, XRP, and a few stablecoin assets as well. The Bitpay Send announcement also states that “Customers provide all necessary background details for Know-Your-Customer regulations.”
“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 firm’s product launch statements conclude. “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.”
What do you think about Bitpay offering payroll services for companies who want to pay in crypto assets? Let us know what you think about this subject in the comments section below.
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