Victor Ugochukwu · Dec 14, 2020 . 5min read
BitPay introduces BitPay Send, a new mass payout service
BitPay launches BitPay Send, a new mass payout service allowing organizations to pay employees, affiliates, customers, etc with crypto.
By Komal Joshi · Nov 13, 2020 . 5min read
A crypto payment service provider, BitPay launches BitPay Send. It is a new payment service that allows small and large businesses to reimburse employees, vendors, contractors, consumers, associates, and others with crypto. BitPay Send is a payout service that concentrates on international and gig-economy companies aiming to pay various recipients online concurrently. It allows firms to facilitate client cashout requests, offer payroll payments, provided rebates or rewards, pay freelancers or affiliates, and resolve with marketplace sellers.
BitPay Send charges 1% fee for local and cross border payments.
The company states that it is charging just 1% fee to enable organizations to deliver local and cross-border payments safely and securely. BitPay adds that there are no concealed foreign exchange charges and the payments are listed on the blockchain. Moreover, the company funds amount in fiat and leverages the blockchain to transfer pre-tax payments without holding or managing digital currency.
BitPay offers a non-custodial wallet.
According to the announcement, it does not obligate payment recipients to possess a bank account, however just a BitPay ID and a crypto wallet. BitPay also provides a non-custodial wallet. BitPay Send preserves its user’s time and money. It also decreases risk, clarifies the payout process, grants quick access to funds, and organizes financials. However, consumers should present all the essential information related to KYC regulations.
BitPay Send is available in 225 countries. It elucidates that the New York-based advertising company, AdGate Media became one of the first companies to utilize BitPay Send. Moreover, it operated the service to pay its global affiliates adequately. BitPay is a U.S.-based company. Various investment firms involving, Index Ventures, Founders Fund, Virgin Group, and Aquiline Technology Growth, back the firm.
Crypto service provider’s business solutions eradicate fraud chargebacks, decrease the cost of payment processing, and allow borderless payments in cryptocurrency with ease. BitPay gives customers a complete digital asset management solution that incorporates the BitPay Wallet and BitPay Prepaid Card. Thus, allowing them to convert digital assets into dollars for spending purposes.
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