By
Godfrey Benjamin
January 9th, 2024
BitPay CEO Stephen Pair stated that the company considers this new platform as an ideal payment solution for international companies engaged in the gig economy.
Crypto payment service provider has unveiled its new payment service BitPay Send to enable all business sizes to make payments via crypto.
In its official press release, the company explained that the new payment platform would facilitate large and small businesses to use cryptocurrency in delivering payments to contractors, vendors, affiliates, employees, customers, among others. Businesses can use it to complete payroll payments, process customer cash back or even facilitate reward programs.
Efficiency in Mass Payments for Businesses
BitPay Send is a mass payout platform that utilizes blockchain to deliver various services to businesses. The service is targeted to organizations that need to process crypto payments en masse but have no capacity to handle or all cryptocurrencies themselves.
Crypto payments would be made at any time, on any day of the week, in any part of the world. Therefore, the platform is advantageous since it cuts processing times from days to just minutes, according to BitPay.
Since it’s available in 225 countries, most companies would have a secure environment to make but local and cross border payments. With BitPay‘s blockchain service, No hidden foreign charges will be levied against companies except for the normal 1% fee required for each transaction.
BitPay Send: Mass Payments Now Easy and Quick
Registration for the service occurs in seconds while confirmation within minutes and it is more transparent easier and quicker to make payments in this platform compared two other mass payment methods.
Owning a bank account for recipients is not necessary, but just BitPay ID and a crypto wallet – or, a non-custodial wallet – will be adequate for the service. Customers will have to provide all useful information as required by the KYC regulations.
BitPay CEO Stephen Pair stated that the company considers this new platform as an ideal payment solution for international companies engaged in the gig economy. He specifically said the following in a statement:
“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.”
AdGate, First to Use the Service
BitPay also mentioned that AdGate Media, a New York-based advertising company, was amongst the first companies to adopt and use BitPay Send in order to make payments to its affiliates around the globe. Dan Sapozhnikov, President AdGate, explained that a large number of the affiliates find it difficult to access bank accounts since they are located outside North America and Europe. Hence, the biggest challenge is they will want to be paid in Bitcoin, but on the other side, the company doesn’t want to buy or hold crypto.
Therefore, he added that:
“Having BitPay manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days.”
Launched in 2011, the US-based company Bitpay is anticipated to process monthly transactions amounting to nearly 100,000, most of which are in the form of Bitcoin. Multiple investment firms including, Virgin Group, Aquiline Technology Growth, Index Ventures, and Founders Fund, have in the past backed the company when in raising funding worth over $70 million. Earlier in the year, BitPay had unveiled BitPay Card to enable its US customers to spend their crypto holdings as fiat currency in various online stores.