Blockchain technology has enabled both employers as well as their employees access to payment options which can mitigate many of the issues found within centralized solutions.
Furthermore, with the increase in overall popularity as well as the appeal of cryptocurrencies, more people than ever before feel comfortable with using cryptocurrencies as a payment option.
Employers can gain numerous advantages when it comes to utilizing blockchain-based solutions to pay their employees, all of which can contribute to greater flexibility, speed, transparency as well as overall convenience.
However, most blockchain-based solutions can be tedious and difficult to navigate through, and this is where the Mass Payout feature by NOWPayments shines.
Today, we are going to go over everything you need to know surrounding the Mass Payout feature and how it can benefit any employer with ease.
- NOWPayments is a payment gateway that will enable employers to pay their employees with a large number of cryptocurrencies.
- Mass Payment is a feature within the offering of NOWPayments, that is aimed at automating the procedure of sending cryptocurrency transactions.
- Employers can save a lot of time, money, and resources when properly implementing this tool.
- Mass Payments stand out due to the fact that this feature lets every participant in the transaction process get the cryptocurrency that they are interested in.
Advantages of using mass payments
There are numerous advantages when it comes to using the Mass Payments feature from NOWPayments, and today, we are going to go over each one of these advantages.
Advantage #1: Quick transaction settlement speed
When using cryptocurrency payments as an option traditionally, each employer has to essentially write down the wallet address of the recipient, which in this case would be their employee, individually, and send an individual payment to each one of them.
However, putting multiple transactions within a single batch can result in a lot of time saved from the perspective of the employer. NOWPayments automated this entire process, which means that employers will not need to spend time individually managing each employee.
All employers have to do in this case is to specify the crypto addresses, put them on the NOWPayments list, and NOWPayments will handle all of the future payments automatically for the employers. This also lowers transaction fees when compared to centralized solutions such as Swift.
Advantage #2: Large selection of cryptocurrencies
There are numerous cryptocurrencies available, and the employer in question might not always have the exact cryptocurrency that their employees want to receive. The Mass Payment tool features a large availability of cryptocurrencies, and anyone can deposit more than 100 different cryptocurrencies and choose different cryptocurrencies which can be sent to employees. This can aid employers when it comes to the hassle of converting their cryptocurrencies to other ones. If employers have employed freelancers, they can, essentially, easily give them the crypto they want.
Advantage #3: user-privacy
None of the users involved with the usage of crypto with NOWPayments have to go through the Know-Your-Customer (KYC) procedure, which means that they can be fully anonymous if they want to, without disclosing their private information to any third party. This can aid employers, as they can protect the identity of all of their employees.
Advantage #4: flexibility and scalability
There are no restrictions found on NOWPayments when it comes to the number of recipients an employer can add to their list. What this means is that they can essentially add any number of deposit addresses to which they want to send cryptocurrency, after which NOWPayments will conduct all transactions as quickly as possible. This enables employers to essentially scale their businesses on a higher level, as they have no limit to the number of employees that can be paid through this payment solution, motivating them to expand further.
How to set up mass payments
The merchant, which in this case would be the employer in question, would essentially deposit funds into their account first. Once the employer does so, they need to specify the addresses as well as the amount of cryptocurrency that they are interested in sending to those specific addresses, all of which get added to the NOWPayments Liquidity Wallet and distributed across each recipient.
Afterward, NOWPayments takes care of the other work and can even conduct the transactions automatically.
In order for employers to leverage the full power of Mass Payments, this is what they need to do:
- Navigate to the Official NOWPayments website and create an account.
- Go to settings and Generate an API Key.
- Fill out a Survey for the Mass Payouts Requests feature.
- The employer will now need to send a written request in order to activate the Mass Payments feature from the registered email to the [email protected] email address. NOWPayments will only accept requests from the email that the employer used to sign up for the platform as a means of maintaining a high level of security.
- Now the employer can deposit cryptocurrencies into the account.
- Once the previous step has been completed, now the employer needs to get to the Balances tab, after which they can click on “Create Mass Payout.”
- Then they can upload the .csv file, which is filled with the wallet addresses, as well as the amount of money that they want them to receive.
- They can then click on “Proceed” and let NOWPayments do the rest of the work for them, streamlining the entire procedure.
That is everything employers need to know when it comes to how they can utilize the Mass Payments feature and how it can benefit them both in the short term and in the long term.